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The Actuary The magazine of the Institute & Faculty of Actuaries

Risk & ERM

  • cover feature Bayesian methods: mind your stepAndrew Smith is an assistant professor in the School of Mathematics and Statistics at University College Dublin. 02 May 2020
  • © Shutterstock The silent treatmentSimon Cartagena and Jasvir Grewal explain the issue of non-affirmative 'silent' cyber exposure, and share the Cyber Risk Working Party's framework for helping insurance companies to address it 09 April 2020
  • Carly Kind Progress and privacyChris Seekings and Kate Pearce talk to Carly Kind about the opportunities brought by big data and artificial intelligence and the challenges of ensuring they benefit all of society 09 April 2020
  • © Ikon Setting clear expectationsPeter Moore and Natanya Roelofse look at the PRA's priority areas of focus for general insurers, and how firms can address them 09 April 2020
  • © Ikon Across the party lineActuaries and catastrophe modellers need to work together to improve risk outcomes, says Kirsten Mitchell-Wallace 09 April 2020
  • © iStock Quantifying CoronavirusMatthew Edwards and Stuart McDonald investigate how COVID-19 mortality compares to previous pandemics, and what its effect on UK mortality this year could be 09 April 2020
  • wave Stormy forecastDimitris Papachristou examines whether North Atlantic hurricane clustering is a new reality 09 April 2020
  • cover Machine learning with laser focusNew laser wind measurement systems could help actuaries price risk wind-sensitive assets, say Theodore Holtom and Anthony Brooms 03 April 2020
  • © iStock Sensitivity analysis: SWIMming lessonsSilvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis 04 March 2020
  • Craig Turnbull Interview: Craig TurnbullDan Georgescu talks to Craig Turnbull about his career so far, including lessons for the future that can be drawn from the study of actuarial history 06 February 2020
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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