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Risks (Performance (Financials (Cashflow, Liquidity, Solvency, Earnings),…

- - - - Strength
    - - Capital allocation
      - Risk adjusted performance
    - - Accumulation management
        
        Model risk & change risk
        
        Unmodelled risk
        
        Risk selection
      - OWRI
        
        Credit risk
  - - - Opex
        
        Understanding what we spend on
        
        Deciding whether to continue
        
        IT
        
        Consultants
        
        Projects
        
        Infrastructure
        
        Data management
      - Capex
        
        What do we invest in?
        
        Getting the balance right
        
        Holding ourselves to account
  - - - PSM letter
      - Lack of investment in underlying business
      - Lack of clear communication to staff
    - - IFRS17
      - CMS
      - Change overload
- - - - Competitive package; benchmarking; staff engagement monitoring
    - - Succession planning
  - - - Clear communication of any appraisal changes
      - Ensuring alignment of objectives to strategy
    - - Rewarding entrepreneurial behaviours
  - - - Do we already know about frictional points? Can we head these off somehow?
        
        Incentivisation?
    - - Currently measured through the Collaboration award. Is there a way of making this more frequent? More visible?
  - - - Tone from the top; incentivisation; alignment of objectives
  - - - Understanding our Target Operating Model and the changes in resource this implies
    - - Skill review
- - - - Blockchain example
        
        Actively investigate and seek to understand opportunities. Have capital available to take advantage of opportunities when they arise
      - Ability to monitor risks with devices
  - - - Rating pressures
        
        Ongoing soft market
        
        Identification of new products where margins are likely to be better
        
        ILS fund growth
        
        Continue to use ILS growth as an opportunity and look for further opportunities
      - Unanticipated losses
    - - Lack of diversification
        
        Investigate insurance penetration in developing economies
      - Cat focus
        
        Further diversify product offering e.g. more non-cat exposed property business and growth of other divisions (A&H, etc.)
      - Potential of protectionism
        
        Investigate how current US group firms / WNC could be used to overcome protectionist laws
        
        For all... OPPORTUNITIES FOR DIVERSIFICATION MUST BE IDENTIFIED
      - Potential of Gov pools
    - - Mismanagement of coverholders
        
        Improvement of operations around delegated underwriting
      - ILS Use
        
        Regulatory focus on ILS funds
      - Lloyd's focus
        
        Tied to Lloyd's relevance
        
        Investigate further use of TMKI as an opportunity e.g. through additional conversations with brokers
    - - New product launch
        
        Innovation team driven
        
        Lack of resource and empowerment of the Innovation team
        
        Broker relationship management
        
        Underwriting team driven
        
        Underwriting teams incentivised by short term profit commission rather than attempting to develop products that may fail 9 times out of 10
        
        Incentivisation of staff should be considered if a culture of developing products is to be instilled at TMK
      - Flexible policies
    - - Capital allocation
        
        Restriction on movement of capital
        
        Explore opportunities to nimbly move capital across classes of business
      - Decile 10
        
        Management of relationship with Lloyd's and continue to actively monitor and consider profitability within TMK classes of business