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The Actuary The magazine of the Institute & Faculty of Actuaries
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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
  • 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
  • Ray Hammond Interview: Shaping the futureRay Hammond has a long record of accurate foresight about the future, such as identifying the coming importance of the internet shortly after its launch. 05 December 2019
  • Deborah Ashby Interview: Deborah AshbyDeborah Ashby talks to Paul Malloy about her leadership roles in public health and her interest in medical statistics and provides an insight on which health trends will affect the actuarial field 07 November 2019
  • money hands A capital idea?Cryptocurrency could potentially outgrow its use as a payment mechanism and replace established methodsfor borrowing capital, says Ian Collier 07 November 2019
  • istock Weathering climate riskPension funds must improve disclosure in this area, argues Paul Meins 07 November 2019
  • © iStock Colouring in the linesThe European Commission's climate-reporting guidelines encourage good risk management, but need fleshing out to address comparability and uncertainty, argues Typhaine Beaupérin 10 October 2019
  • © IKON Images Arrested developmentAs fraudsters become more sophisticated, Steve Paton explains how insurance companies can use data analytics and technology to stay one step ahead 10 October 2019
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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