The magazine of the actuarial profession

Risk & ERM

Embedding and Solvency II: know your modelRichard Schneider discusses the importance of understanding and communicating model limitations to ensure effective risk management within Solvency II and beyond 20 April 2012
Asia-Pacific insurers 'have work to do on ERM'The majority of insurance companies in Asia-Pacific are still formalising their enterprise risk management governance structures, according to Standard & Poor's. 18 April 2012
'Slight increase' in US firms using ERMThe proportion of US companies with enterprise risk management programmes in place has increased only slightly over the past year, despite worldwide attention on the subject, a survey by Towers Watson has revealed. 17 April 2012
Learn lessons from 2011 catastrophes, says MarshOrganisations should learn lessons from the exceptionally severe and profile catastrophes experienced worldwide last year and take steps to reduce adverse impacts from future incidents, Marsh said yesterday. 17 April 2012
AIR adds supply chain to catastrophe risk solutionAIR Worldwide has expanded its catastrophe risk engineering offering to help quantify, mitigate and manage the risk associated with the impact of catastrophes on supply chain networks. 16 April 2012
Cultural factors key issue for risk management, says AonCultural factors represent a key challenge for organisations trying to implement consistent global risk management in emerging markets, Aon Risk Solutions said today. 16 April 2012
Risk management 'essential' for $100bn Arctic investmentInvestment in the Arctic could reach $100bn or more over the next 10 years but strong governance and risk management is needed to mitigate the region's many challenges and risks, according to Lloyd's. 13 April 2012
Ships logs 'solve' Titanic mysteryThe discovery of 75 previous unseen ships log books from April 1912 prove the Titanic disaster was caused by the 'extraordinary power of nature', according to Titanic expert Tim Maltin. 10 April 2012
President's comment: Risk and rewardEducating actuaries in new areas will bring wider recognition, says Jane Curtis 04 April 2012
Soapbox: When black swans turn greyArmoghan Mohammed asks whether the reoccurrence of high-risk events signals a need to review risk planning 04 April 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