Industry Healthcheck: Current Landscape

Introduction

Insurers in Canada are required to implement a system of enterprise-wide risk management that identifies the inherent risks in their activities and manages those risks to appropriately defined levels. Regulatory reforms that address risk management of insurers and other financial institutions have dominated the landscape in Canada over the past few years. Recent initiatives put into place by Canada's federal insurance regulator include:

• a revised guideline on corporate governance;
• a revised guideline on regulatory compliance management;
• a new guideline on own risk and solvency assessment;
• and a new guideline on operational risk management.

Revised guideline on corporate governance