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The Actuary The magazine of the Institute & Faculty of Actuaries
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Risk & ERM

  • ¬©Paddy Mills Tom Wilson: the value creatorJoanne Joseph talks to Tom Wilson about major impending risks, the benefits of big data, how regulation can spur innovation and how actuaries can broaden their horizons. 09 August 2018
  • ¬©Ikon The long viewHoward Kearns introduces LE01: a measure of longevity risk that puts it in context with other risks and mitigating factors over time. 09 August 2018
  • p32-33-Meeting-in-Watercolour--Istock--855195688 The art of quantum negotiationKaren Walch, Stephan Mardyks and Joerg Schmitz describe predictive intelligence and the art of quantum negotiation 12 April 2018
  • p20-21-Lawyer-promoting-business-iStock-454379811 Defining your dutyImran Benson looks at the risks of professional negligence liability for actuaries 12 April 2018
  • p23-25-Liquid-Bubbles--Istock--173194733 Funding Liquidity RiskIain Ritchie outlines his work on funding liquidity risk at the Actuarial Research Centre 08 June 2017
  • p26-27-Assesstment-risk--Feet-balancing-on-pie-charts-Ikon--11800321.png A valuation methodology for M&A transactionsEd Morgan and Jeremy Kent describe a valuation methodology for insurance merger and acquisition transactions, the 'Solvency II Appraisal Value, or SII-AV 13 April 2017
  • p25-Mystery--Sherlock-Holmes-illustration--Alamy--bxxbxd.jpg The mystery of risk measurementHow can managers best understand their firm's prevailing level of risk? The conventional answer is by tracking good indicators. But choosing these is not straightforward, says Paul Harwood 09 March 2017
  • Marcus Bowser, Kirsty Leece and Keith Jennings The risk connectionMarcus Bowser, Kirsty Leece and Keith Jennings discuss the work of the IFoA's Risk Management Board with Stephen Hyams and Gemma Gregson 09 March 2017
  • p24-Systems-Thinking--Tree-headshaped-jigsaw-root-illustration--Istock--505649964 Systems thinking at Staple InnNico Aspinall introduces 'systems thinking' and explains why it is important to increase its use in actuarial work 03 November 2016
  • China flood defences work China suffers extreme floods but improved defences mean less damageChina has experienced its worst floods since the supposedly 'one in 100 years' flooding of 1998, but damage to crops has reduced, Aon Benfield has said. 14 October 2016
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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