The magazine of the actuarial profession

Risk & ERM

A one-year view of longevity trend riskStephen J Richards outlines how a long-term longevity liability might change over the course of a year - a key consideration under the new Solvency II regime. 19 June 2013
Risk management: priceless possessionsUnderestimating the value of intangible assets is a costly route to irreversible reputational damage, warns Jackie Maguire 06 June 2013
The art of VaR optimisationMark Sinclair-McGarvie discusses how to simplify complex VaR optimisation problems 06 June 2013
Dust in a drawer?Jean-Pierre Charmaille and Rachel Elwell look at the importance of keeping your pension scheme risk register alive 06 June 2013
Bridging the gapAlex Ntelekos calls for closer ties between actuaries and catastrophe modelling 04 June 2013
Risk to multinationals from natural hazards 'is increasing'Large multinationals' increasing reliance on international supply chains, infrastructure and markets pose a major risk to 'business as usual', a report published by the United Nations International Strategy for Disaster Reduction and PricewaterhouseCoopers today has warned. 20 May 2013
Global risk readiness has fallen since 2011, Aon survey findsThe proportion of organisations worldwide that feel fully prepared to deal with the main risks they face has fallen over the past two years, according to research published by Aon Risk Solutions today. 22 April 2013
Insurers are holding back on risk-adjusted pay, says Towers WatsonAlmost one-third of insurance companies have no plans to increase the link between their executive pay and risk, despite the importance they attach to risk management, Towers Watson has found. 18 April 2013
Financial crisis 'has changed SMEs' approach to risk'Five years of economic stagnation and volatility have forced UK small- and medium-sized enterprises to significantly change their approach and attitude to risk management, according to research published by insurer Zurich yesterday. 16 April 2013
Europe's severe winter weather in March 'cost €1.8bn'Winter weather last month affected much of Europe, causing economic losses worth an estimated €1.8bn, Impact Forecasting said yesterday. 05 April 2013

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Enterprise risk management

Enterprise risk management (ERM) is generally accepted to be a wider subject than traditional risk management.

While traditional risk management focuses on identifying, measuring and monitoring risks to limit a company's losses, ERM recognises that businesses take risks to make a profit for their owners. It therefore attempts to strike a balance between too much risk and not enough risk in light of a business's strategy - making sure the risk-taking activities of the company are aligned with its objectives and its willingness, or otherwise, to take losses.

An ERM process will incorporate risk information into strategic planning, management decision making, product design and more.

Find out more