Identify the risk drivers

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Reference no: EM134039169

Assignment:

I work for Assupol Life Ltd A registered life-insurer and authorised financial services provider, Assupol Life provides affordable funeral, life, savings, investments and retirement products, to the South African market.

Questions

Consider the context of the organisation where the organisation is based, the industry it is in, the size, products and services, frameworks, culture, and regulations that would impact the operations of the organisation.
Identify relevant legislative acts: Conduct your own research and identify one or two acts or regulations that are relevant to the industry and nature of services of the organisation.
Decide on relevant chapters or extracts from the chosen legislation: Legislation is separated into chapters, and each chapter is often divided according to the theme it attempts to address. Long-term Insurance Act 52 of 1998. For this ongoing project, you are required to identify at least 12 extracts from the chosen legislation, but you may include more. Add the extracts or chapters from these acts to the Compliance risk management plan "Regulatory provision"
Highlight areas of concern or compliance obligations: Provide an interpretation of each extract in the "Interpretation of section. To do this, find phrases or statements that you think could be classified as compliance obligations. Remember that all stakeholders will understand law text. Therefore, you should provide a simple interpretation of the text, and this interpretation can also be seen as the compliance obligation that needs to be fulfilled.
Identify the risk drivers: Remember that risks and risk drivers are a pivotal part of your risk management plan, as they will inform the nature of your risk rating scales. Therefore, it is advised that you populate this section of your compliance risk management plan with as much detail as possible.
Create impact and likelihood scales: Navigate Risk rating scales" This contains generic risk impact and risk likelihood scales. Alter the scales there is a generic risk matrix called "Risk matrix" that you should use when editing the scales.
Assign risk ratings: Navigate back to the "Compliance risk management plan", and assign an impact and likelihood (rating for each extract.

Reference no: EM134039169

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