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

  • shutterstock_614402417 Driving change with telematicsAdvances in telematics are transforming the insurance industry. Andy Goldby looks at the benefits this technology can bring 10 May 2018
  • p23-25-Maturity--illustration-of-man-with-savings--Istock--541153308 The challenge of maturityCostas Yiasoumi and John McAleer discuss the challenges faced by mature defined benefit pension schemes and present a framework for managing their run-off 10 May 2018
  • shutterstock_666230269 The case for consolidationJohn Herbert discusses the merits of consolidating defined benefit pension plans using a sectionalised master trust approach 10 May 2018
  • Web_DSC_0504_AkinFalope.jpg No ivory towerIFoA Regulation Board chairman Desmond Hudson and the IFoA's general counsel, Ben Kemp, talk to Chris Seekings about the profession's evolving regulatory landscape 10 May 2018
  • Sustainability A question of sustainabilityA panel of experts from the investment community discuss the latest developments in sustainable investments 10 May 2018
  • Doors-iStock-506181864 How's your risk appetite?Chris Makomereh outlines principles for a practical approach to setting risk appetite statements 10 May 2018
  • © iStock A watching briefMark Azzopardi, managing director and head of insurance client strategy at BlackRock, has had a varied career in investments, pension consulting, general insurance and banking. 10 May 2018
  • p23-25-SuperStock_1589R-13417235-new Borderland controlsThe implications of Brexit for UK insurers go beyond passporting rights and access to the single market. Jennifer Strickland and Kyle Audley look at some likely regulatory developments 12 April 2018
  • p18-19-Ethical-Save-the-tree,-save-the-world-iStock-514079035.jpg Why clean money mattersQuintin Rayer explores why ethical and sustainable investing matters, the approaches used and how trustees can include it as part of meeting their fiduciary responsibilities 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
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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