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The Actuary The magazine of the Institute & Faculty of Actuaries

Steps towards an ERM framework

A new research exercise has been set up by the Profession’s enterprise risk management (ERM) group to study and improve methods of evaluating social and environmental implications of major projects around the world.

Commissioned by the actuarial and civil engineering professions from the Bartlett School of Planning at University College, London, it is part of a project aimed at producing a generic framework for ERM for major projects, which can be adapted by any organisation to meet its own needs. It will build on the work the two professions have already carried out jointly on risk management.

The proposed ERM framework will demonstrate how project, operational and strategic risk can be brought together, adding an overall corporate dimension which includes the need to think imaginatively about all the uncertainties, including both threats and opportunities, as well as the risk appetite and capability of the business.