Risk Management Training Paves Way for Hong Kong Insurers to Meet Government Standards
New York (October 21, 2020) – RIMS, the risk management society®, and the Hong Kong Federation of Insurers (HKFI) have agreed on a multi-year program to design and deliver advanced risk management training for the Hong Kong market.
The two entities will collaborate on the development of education modules, and RIMS risk management experts will teach the online courses. Aligned with guidelines set forth by the Insurance Authority of Hong Kong, the three courses will focus on enterprise risk management (GL21-ERM), ORSA guidelines for insurers (GL10-ORSA) and the risk management domains covered by RIMS-Certified Risk Management Professional certification (RIMS-CRMP).
HKFI was established in 1988 to advance and promote the development of the insurance industry in Hong Kong. Today, HKFI enjoys full recognition by the Government of the Hong Kong Special Administrative Region as the representative body of an important industry.
“One of our key missions is to strengthen professional training across the insurance sector,” said HKFI CE - Selina Lau. “We are proud to partner with RIMS and introduce such a high quality programme to Hong Kong when we are transitioning into the RBC regime. We are confident that the programme will help equip our member insurers with the requisite knowledge of performing the own risk and solvency assessment.”
“Globally, more and more organizations and government authorities recognize the value of strong risk management and are adopting guidelines, standards and best practices to ensure economic resiliency,” said RIMS CEO Mary Roth. “The risk management profession thrives on collaboration and we are proud to work with HKFI to share our community’s collective knowledge and advance this profession together.”
The RIMS-CRMP Certification is the only risk management certification in the world to hold an accredited status. It received official accreditation by the American National Standards Institute (ANSI) under ISO/IEC 17024:2012 in 2017. The certification explores the following five risk management tenants: analyzing business models; designing organizational risk strategies; implementing the risk process; developing organizational risk competency; and supporting decision-making.
For additional information about RIMS global initiatives, resources and educational programming, visit www.RIMS.org. For information about the products and support HKFI offers the insurance community in Hong Kong, visit www.hkfi.org.hk.
The Hong Kong Federation of Insurers (HKFI) was established on 8 August 1988 to advance and promote the development of the insurance business in Hong Kong. Following its conversion to a limited company on 29 December 1994, the HKFI became a consolidated and streamlined organization that enjoys full recognition by the Government of the Hong Kong Special Administrative Region as the representative body of an increasingly important industry.
While maintaining a frequent dialogue with the Insurance Authority on legislative issues affecting the industry, the HKFI actively promotes best market practices with an aim of improving the professionalism of and strengthening public confidence in the insurance industry. For more information on HKFI, please visit www.hkfi.org.hk.
As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of approximately 10,000 risk management professionals who are located in more than 60 countries. Founded in 1950, the Society represents more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. For more information on RIMS, visit www.RIMS.org.