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IBM Risk Analytics for Insurance and Pensions Sales Mastery Test v1

Question No: 11

For which type of company would the Compliance amp; Reporting Edition of the IBM Algorithmics Economic Capital amp; Solvency II Solution be most suitable?

  1. A North American-based insurer seeking NAIC and SMI compliance

  2. A large global insurer interested in using Internal Models to compute Economic Capital

  3. A firm interested in upgrading to a new actuarial modeling system

  4. A multi-line insurance company interested in a complete package that supports the Standard Formula

Answer: D

Explanation: Compliance and Reporting Edition

  • Offers a pre-configured, robust and rapid implementation solution for Solvency II that focuseson a Standard Formula approach. Provides you with the capabilities of Algo Financial Modeler, a powerful actuarial and financial modeling engine, combined with a workflow, governance and reporting tool to deliver an end-to-end solution for Solvency II

  • Algo Financial Modeler can either calculate liability cashflows or act as an aggregation layer to consolidate cashflows generated by existing actuarial systems.

  • Offers the flexibility to scale up to the more advanced feature set of the Enterprise Editionto meet the challenges of changing business requirements and growth.

  • Question No: 12

    What is the appropriate Solvency II solution for a large life insurance company with a complex organizational structure which prefers to build internal models?

    1. IBM Algorithmics Actuarial amp; Financial Modeler

    2. IBM Solvency II Accelerator

    3. IBM Algorithmics Economic Capital and Solvency II: Enterprise Edition

    4. BM Algorithmics Economic Capital and Solvency II: Compliance and Reporting Edition

    Answer: C

    Question No: 13

    What is the appropriate solution for an insurer seeking a stand alone reporting system for Solvency I Compliance?

    1. IBM Algorithmics Economic Capital and Solvency II: Compliance and Reporting Edition

    2. IBM Algorithmics Economic Capital and SolvencyII: Enterprise Edition

    3. IBM Solvency II Accelerator

    4. IBM OpenPages Operational Risk Management Solution

    Answer: A

    Question No: 14

    Which is the appropriate qualifying question for a prospect for the Pillar II solution?

    1. Where do you see the challenges for risk reporting for Solvency II?

    2. What are the key risk measures you want from your risk system?

    3. How do you plan to define, monitor and report on Risk Objectives, Risk Management Principals, Risk Appetite, and Assignments of Responsibility?

    4. What risk systems are you currently using?

    Answer: A

    Question No: 15

    What are the most likely organizations to be competing for control of a Solvency II

    Compliance Initiative in a large complex insurance company#39;?

    1. Actuarial Investment, IT, Finance,and Risk

    2. Underwriting, Actuarial, Investment, Finance, and Risk

    3. European Sales, Underwriting, IT, Finance, and Risk

    4. Actuarial, HR, Investment, IT, and Risk

    Answer: B

    Question No: 16

    Which of these C-level executives would be a key decision maker for a Solvency II Compliance Solution?

    1. Chief Executive Officer

    2. Chairman of the Board

    3. Vice President of Human Resources

    4. Chief Risk Officer

    Answer: D

    Explanation: Under Solvency II, the Chief Risk Officer(CRO) will be responsible for decisions on how risks should be managed.

    Question No: 17

    What is the appropriate solution for an insurance company seeking to reduce or eliminate operational risk in its actuarial modeling?

    1. IBM Algorithmics Economic Capital and Solvency II: Enterprise Edition

    2. IBMOpenPages Operational Risk Management Solution

    3. IBM Solvency II Accelerator

    4. IBM Algorithmics Actuarial amp; Financial Modeler

    Answer: D

    Explanation: Algorithmics Actuarial and Financial Modeling offers insurance firms a comprehensive actuarial modeling solution thatprovides essential risk and value information to help meet the needs of a global client base.

    This solution supports the modeling of insurance portfolios across a spectrum of risk-based

    regulatory regimes such as Solvency II. It helps meet the businessneeds of insurers for more realistic and complex modeling to enable critical risk-informed decision support for growth.

    Algorithmics Actuarial and Financial Modeling is an advanced actuarial modeling solution that includes the following IBM products as integral components:

    • Algo Financial Modeler is an actuarial modeling system that helps insurers around the world meet regulatory compliance challenges such as Solvency II. It provides insurance companies with a holistic risk and value overview of the enterprise, enabling more effective, risk-informed decision making.

    • Algo Financial Modeler Enterprise is an advanced web-based production system that allows AFM models to be managed and run in a separate and secure control environment.

    • Algo Audit and Compliance is a data, assumptions and reporting system that integrates with AFME to provide complete workflow, transparency and control around the end-to-end actuarial modeling process.

      Question No: 18

      What solutions comprise the Algorithmics Solutions Portfolio for Insurance?

      1. IBM Algorithmics Economic Capital, Risk Management for Solvency II, and IBM Algorithmics ALM

      2. IBM Algorithmics Integrated Credit, Market Risk, and IBM OpenPages SOX Compliance

      3. IBM Algorithmics Strategic Business Planning and Cognos Business Intelligence

      4. IBM Algorithmics Economic Capital, Risk Management for Solvency II: IBM Algorithmics Actuarial amp; Financial Modeling, and IBM Algorithmics Portfolio Construction and Risk Management for Fund Managers

      Answer: D

      Explanation: * The AlgorithmicsEconomic Capital and Solvency II solution supports the development of an internal model and/or a Standard Formula approach. It is designed to meet the needs of all insurers

    • Algorithmics Actuarial and Financial Modeling include:

    Algo Financial Modeler isan actuarial modeling system that helps insurers around the world meet regulatory compliance challenges such as Solvency II. It provides insurance companies with a holistic risk and value overview of the enterprise, enabling more effective, risk-informed decision making.

    Question No: 19

    Which risk types do insurance companies need to consider in addition to Market Risk, when looking to improve their risk management processes?

    1. Interest Rate Risk and Counter Party Credit Risk

    2. Operational Risk, CreditRisk and Liquidity Risk

    3. Liquidity Risk and Interest Rate Risk

    4. Interest Rate Risk and Cross Asset Exposure Risk

    Answer: B Explanation: Note:

    Insurance Risk Management and Regulatory Compliance

    IBM OpenPages works with insurers across the globe, enabling them to eliminate risk and compliance silos, manage risk across the business, sustain compliance across multiple regulations, and embed these activities into their core business practices. OpenPages can help you:

    Meet new and evolving regulations including ModelAudit Rule, Solvency II, NAIC, GLBA, AML and SOX

    Automate compliance and supervision to help oversee business processes and employee activities, and review business processes against organizational policies and regulatory guidelines

    Proactively manage allaspects of operational risk, including risk and control self assessments, scenario analyses, loss events and key risk indicators

    Allocate capital efficiently using a risk-based understanding of profitability and performance of their operations

    Question No: 20

    What is a key aspect of Algorithmics growth strategy for the Buy Side segments of insurance companies and pension funds?

    1. Increased awareness of the value of data

    2. Differentiated customized propositions for each segment

    3. End customer buying behavior solutions

    4. Access to advanced networks and processing capability

    Answer: B

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