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External Environment Factors
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Commercial issues such as competition and the underwriting cycle
Regulation and legislation
Environmental issues
Accounting standards
Tax
Economic issues such as interest rates, inflation, growth and exchange rates
Governance
Risk management requirements
Experience from overseas
Adequacy of capital
Trends – demographic
Lifestyle considerations
Institutional structure (eg mutual or proprietary)
Social trends
Technology
State benefits
To remember all this you've got to...
What does a simple approach to problem solving involve?
AQua MInCe
Analyse situations, products and projects to determine the risks to which they are fully exposed.
Quantify the financial consequences of risk events occurring
Monitor the situation and the risk management procedures implemented as time develops
In the light of experience, modify or change the risk management approaches adopted
Consider and quantify appropriate methods of managing, mitigating or transferring risks
Mushy, processed soft tissue of animals
Types of advice
FIR
Factual advice
Indicative advice
Recommendations
A type of tree or something mammals use to keep warm.
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