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The guidance emphasizes maintaining collaboration throughout the examination to identify solvency concerns such as cybersecurity, reserving, and pricing, and it outlines factors for selecting appropriate specialist expertise and practices for effective ongoing 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is effective coordination with specialists critical in risk-focused examinations?","Question",{"text":62,"@type":63},"It impacts the quality of financial examinations by reducing execution risk and helping ensure solvency concerns are identified during the examination, not after key work is finalized.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"What factors determine whether specialists are needed in a financial examination?",{"text":67,"@type":63},"Insurance departments consider factors such as the company’s complexity, evidence of cybersecurity breaches, complexity of investments and reinsurance contracts, and the state’s ongoing concerns about managing related programs.",{"name":69,"@type":60,"acceptedAnswer":70},"What best practices does the document recommend for the examiner-in-charge when coordinating specialists?",{"text":71,"@type":63},"The examiner-in-charge should take the initiative to communicate regularly, avoid assuming specialists follow the same timeline 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you ever been involved in a risk-focused  \nexamination (“RFE”) where the results of the Information Technology (“IT”) Review were provided AFTER fieldwork had been finalized?  \nHow about this one – have you ever been involved in an examination where the actuarial analysis was being performed only a few weeks before the 18-month deadline of June 30th?  \nAs a specialist, have you even been involved in a financial examination where the Examiner-In-Charge (“EIC”) did not communicate or share details on the expected timeline and key deadlines?  \nHopefully the answer to these questions is “no,” but it is certainly possible you have faced a situation like one of the above in the past. Most of us have likely experienced situations where coordination with our specialists was not as effective as it could have been in hindsight, thereby resulting in some concerns or even heightened levels of stress during a RFE. Sound familiar?  \nWhile there is no doubt that everyone involved in conducting exams is busy-whether it is individuals from state insurance departments, vendors, or contractors-we will probably all acknowledge that we have many important priorities on our plates at any given moment, so we might ask why we need to devote valuable attention and time to monitoring others’ work. But ineffective coordination with specialists can be a “selfinflicted wound” that should be avoided. The time you spend investing up front to avoid these issues will pay dividends in the long run!  \nEffective coordination with specialists is a critical factor impacting the quality of financial examinations. Operating asa cohesive unit also reduces execution risk and helps to ensure that all critical solvency concerns are identified. Working collaboratively is not solely about meeting deadlinesand getting work completed timely-it is about performing an effective examination that identifies any current or  \nprospective solvency concerns. As a result, examination teams should be focused on ensuring that the coordination with specialists is effective and present throughout the course of the examination. The specialists involved on RFEs are focused on some of the most critical risks that could cause solvency concerns for insurance companies (e.g. , cybersecurity, reserving, pricing, etc.) .  \nUse of Specialists  \nFirst, a decision must be made regarding what types of specialists, if any, are required for a financial examination. This is an important decision made by the insurance departments, and there are a number of factors that need tobe considered, including the following:  \n􀁸 Complexity of the Company – Does the company have a significant amount of complex systems? Has the Company experienced any cybersecurity breaches? Is the investment portfolio complex with a fair amount of “risky” holdings? Are there complicated reinsurance contracts that are difficult to understand? These are all considerations when determining the expertise required for a RFE and if any specialists are necessary.  \n􀁸 State Concerns – The overall level of concern on behalf of the state is an important factor as well. For example, if the analysts have ongoing concerns regarding the amount of internal reinsurance contracts and they feel that they do not have a complete understanding of how the Company is managing its reinsurance program, a Reinsurance Specialist may be required as part of the RFE process.  \nThe majority of examinations require Actuarial Specialists and IT Specialists, although there are a number of exceptions. Additionally, some RFEs may require the help of Investment Specialists, Reinsurance Specialists, Statutory Accounting Specialists, and others. It is also important to note that there may be a need for Cybersecurity Specialists as well. Cybersecurity is a high risk area, and if there are specific factors or concerns deeper expertise could be needed for a  \ncybersecurity","cbCaio49RJur1qGy","https://ap.wps.com/l/cbCaio49RJur1qGy","pdf",821704,"English","# Use of Specialists\n## Complexity of the Company\n## State Concerns\n# Effective Coordination with Specialists\n## Checklist and Communication Practices","[{\"question\":\"Why is effective coordination with specialists critical in risk-focused examinations?\",\"answer\":\"It impacts the quality of financial examinations by reducing execution risk and helping ensure solvency concerns are identified during the examination, not after key work is finalized.\"},{\"question\":\"What factors determine whether specialists are needed in a financial examination?\",\"answer\":\"Insurance departments consider factors such as the company’s complexity, evidence of cybersecurity breaches, complexity of investments and reinsurance contracts, and the state’s ongoing concerns about managing related programs.\"},{\"question\":\"What best practices does the document recommend for the examiner-in-charge when coordinating specialists?\",\"answer\":\"The examiner-in-charge should take the initiative to communicate regularly, avoid assuming specialists follow the same timeline without solid communication, and address challenges caused by offsite work and specialists juggling multiple engagements.\"}]","Managing Specialists on Risk-Focused Examinations | PDF",1790575339,13]