Tag Archives: ERM

Guide to ERM: Policies and Standards

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Risk management policies are nothing more and nothing less than a clear statement of what the insurer intends to do within its ERM program. The entire set of risk policies can be all included in one consolidated corporate risk policy … Continue reading →

Guide to ERM: Risk Organization

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Some say that in a perfect world, there is no need for a separate risk organization. But that is probably not true.  Besides, we do not live in a perfect world anyway. There are four common organizational steps that insurers … Continue reading →

Guide to ERM: Risk Limits and Controls

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At the most fundamental level, enterprise risk management can be understood as a control cycle. In an insurance company’s risk control cycle, management needs to first identify the key risks. Continue reading →

New Actuarial Standards Adopted for ERM

Earlier this year, the Actuarial Standards Board adopted  two new Actuarial Standards of Practice , ASOP 46  and ASOP 47 , likely to affect Enterprise Risk Management (ERM) practice worldwide. Continue reading →

Risk Management: Adaptability is Key to Success

There is no single approach to risk management that will work for all risks nor, for any one risk, is there any one approach to risk management that will work for all times. Rational adaptability is the strategy of altering … Continue reading →

Company Culture is the Key to Resilience

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I would like to focus here on a key cultural element that underpins resilience, and that is the bond of trust that exists in resilient companies among leaders, managers, employees, the Board, financiers, partners suppliers and indeed all stakeholders. Continue reading →

Podcast: Is ERM a Failure?

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During the recent financial turmoil many of the worst-affected companies had developed what they believed were robust and sophisticated ERM capabilities, so why were they not prepared to cope with the crisis? Podcast: Play in new window | Download (3.9MB) Continue reading →

Overwhelming Majority of Risk Managers do not Believe ERM can Change Organisational Behaviour

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91% of the risk managers who attended a workshop hosted by Willis at this year’s Airmic conference do not see ERM as a vehicle that can change organisational behaviour. Continue reading →

Panel at ERM Symposium: ERM for Financial Intermediaries

Insurance company risk managers need to recognize that traditional activities like underwriting, pricing and reserving are vitally important parts of managing the risks of their firm. Enterprise risk management (ERM) tends to focus upon only two or three of the … Continue reading →

ERM Symposium Panel: Actuarial Professional Risk Management

In just a few days, actuaries will be the first group of Enterprise Risk Management (ERM) professionals to make a commitment to specific ERM standards for their work. In 2012, the Actuarial Standards Board passed two new Actuarial Standards of … Continue reading →