The International Organisation of Pension Supervisors (IOPS) and the National Pension Commission of Nigeria, co-hosted the IOPS Regional Workshop on Supervisory Reform, which was held in Abuja, Nigeria on 5-6 May 2011. This IOPS workshop was organised within the framework of the IOPS global outreach activities, and in line with the Organisation’s objective to promote the development of efficient national pension supervisory systems throughout the world. This workshop was hosted by the National Pension Commission of Nigeria.
The IOPS has been undertaking a major project on the topic of risk-based supervision, including the recent launch of the IOPS Toolkit for Risk-based Supervision to help authorities prepare for such a transition and presenting the risk-based models already developed by some IOPS members. This workshop aimed to present the work of the IOPS in this field and provided an opportunity to learn about IOPS members’ risk-based approaches in more detail.
The workshop addressed specifically the topic of reform towards risk-based supervision. The first session of this meeting introduced the IOPS Principles of Private Pension Superivison and Self Assessment Methodology. The following sessions each dealt with one or two modules of the IOPS Toolkit for Risk-based Supervision, discussing the subject of the module and presenting the experiences of countries such as Kenya, South Africa and Australia and Chile.
The workshop was targeted at government officials involved in pension supervision and private pension reforms from the sub-Saharan Africa region as well as a selected number of IOPS member countries. Attendance at the Workshop is by invitation only.
Session I: IOPS Principles
Introduction to IOPS Principles + Self-assessment methodology - Ross Jones, President, IOPS
National Pension Commission Self-assessment results and Nigeria’s Risk-Based Supervision System - Musa Ibrahim, National Pension Commission, Nigeria
Session II: Introduction to and Preparation for Risk-based Supervision
RBA Kenya Preparing Supervisory Authority & Pension Industry for RBS - Nzomo Mutuku, RBA, Kenya
Challenges to introducing RBS - Solange Berstein, Superintendent Pensions, Chile
Session III: Risk Identification and Focus
IOPS Toolkit Modules 3 - Taliya Cikoja, IOPS Secretariat
Risk Identification in practice - Solange Berstein, Superintendent Pensions, Chile
Risk Identification in practice - Jurgen Boyd, FSB, South Africa
Session IV: Information Sources and Risk Indicators
IOPS Toolkit Modules 2&3 - Taliya Cikoja, IOPS Secretariat
Information Sources and Building Risk Indicators - Nzomo Mutuku, RBA, Kenya
Information Sources and Building Risk Indicators - Jurgen Boyd, FSB, South Africa
Session V: Risk Scoring
Overview IOPS Toolkit Module 4 (Risk Weighting, Probability, Impact, Consistency Scores) - Taliya Cikoja, IOPS Secretariat
APRA PAIRS Model - Ross Jones, President, IOPS
Session VI: Supervisory Response
Overview IOPS Toolkit Module 5 (Supervisory Response Matrix, Communicating Scores, Escalation Pyramid) - Taliya Cikoja, IOPS Secretariat
APRA SOARS Model / Supervisory Strategies for APRA Regulated Institutions - Ross Jones, President, IOPS
Choosing Supervisory Tools - Solange Berstein, Superintendent Pensions, Chile