In this section:
Risk Assessment
To ensure that insured institutions effectively manage their principal business risks, DICO has developed a comprehensive risk assessment program for enterprise risk management. This program is utilized to determine whether all principal risks have been identified, assessed and adequately managed.
DICO's Risk Assessment Program consists of three main components:
- Collection and analysis of financial and non financial data
- Conducting examinations to confirm the level of risk determined from information reported and to confirm compliance to the Act ↗, Regulations etc.
- Developing risk profiles for each institution based on its principal risks and the quality of risk management practices (Risk Assessment Framework ↗)