The magazine of the actuarial profession

Risk & ERM

Volatility control: taming the beastDan Mikulskis provides an introduction to volatility control and explains how it might fit into a pension fund setting 29 November 2012
Local solution to a national problemDisillusioned by bankers' bonuses? Dr William Scott and Ruth Penny take a closer look at the UK's only independent savings bank and find a model that the rest of the banking system would do well to learn from 29 November 2012
President's comment: Investing in the futureWidening the scope of actuarial influence in non-traditional areas will provide better solutions for the public, says Philip Scott 29 November 2012
Singapore's solution to longevity riskXi Kun Phua demystifies the new pension system in Singapore in particular the Central Provident Fund, the Lifelong Income Scheme For The Elderly, the non guaranteed annuity payouts and the bequest option. 28 November 2012
Solvency II: rainmakers and the elements of riskThe forecast for actuaries could be gloomy, seeing them lose out to other risk professionals, if they fail to maintain a wider influence in managing risk under Solvency II. Scott Robinson reports 02 November 2012
President's comment: A question of expectationsPhilip Scott looks at practical ways in which the Profession is working to remove the tarnish of mis-sold financial products 01 November 2012
An appetite for riskCobus Fourie and James Latto examine risk appetite frameworks as part of the regulatory push for improved risk management standards 24 October 2012
EIOPA begins assessing impact of pension reform plansThe European pensions regulator has launched a study to assess the potential impact on the industry of changes to European legislation. 17 October 2012
Embryonic marketJohn Kiff of the International Monetary Fund discusses longevity risk transfers and what the seemingly never-ending increase in the human lifespan means for market development 01 October 2012
Crash courseNeil Cantle and David Ingram highlight the perils of modelling outcomes and show how to avert danger with systems thinking 01 October 2012

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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