Tag Archives: ERM

Guide to ERM: Interdependence of Risks

newton balls

One of the reasons that so few people predicted anything like the financial crisis of 2007-2008 was the common wisdom that housing markets in different parts of the U.S. moved independently of one another, and that there was very little … Continue reading →

Guide to ERM: Risk Capital

Ben-brella

Knowing the amount of surplus an insurer needs to support risk is fundamental to enterprise risk management (ERM) and to the own risk and solvency assessment (ORSA). With the increasing focus on ERM, regulators, rating agencies, and insurance and reinsurance … Continue reading →

Guide to ERM: Policies and Standards

traffic signs

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

Org Chart

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

Traffric Cones

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

Resilient Winter Tree

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?

WillisWire Podcasts

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

ERM, risk management, risk manager, Airmic conference

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 →