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For an insurance company, ensuring the proper coordination
between assets and liabilities in order to achieve targeted
financial objectives is of paramount interest. A strategy used to
reach such objectives is "asset and liability management" (ALM in
short). ALM can therefore be viewed as any ongoing process that
defines, implements, and monitors financial strategies to manage
assets and liabilities together.
In recent years, the modelling tools used in ALM strategies have
become increasingly sophisticated and the technical aspects of
current insurance regulation have increased. As a result, some ALM
aspects have become more and more difficult to understand and
master.
The aim of this training is to
- Define what ALM is and describe the
typical missions of an ALM department in an insurance company
- Present the financial risks on which ALM
classically focus as well as the requirements of the Solvency II
regulation for insurance companies
- Describe the essential quantitative ALM
tools and methods used by insurance companies to evaluate and
mitigate the risks
- Illustrate the different concepts
through numerical examples and case studies to make it practical
and not just theoretical
This ALM training starts with a first part that is primarily an
introduction to main concepts of ALM and is therefore particularly
suited for participants coming from different departments (for
instance, people dealing with own risk solvency assessment
techniques or enterprise risk management) and wanting to develop a
broader view on what ALM is and how it works. It is also well
suited for newcomers or people wanting to refresh their mind on
these concepts. Note that the training is not limited to people
working in ALM or treasury departments but is also adapted to other
departments.
The second part is more advanced and intended for those wishing to
gain more in-depth expertise on the topics. It includes some
mathematical technicity, but nothing that goes further than a solid
high school level.
The participants can follow a single part or both.
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