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

  • 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
  • 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
  • © 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
  • © IKON Images New frontiers of technologyAlizabeth Calder examines the challenges facing actuaries in an increasingly tech and data-based world 10 October 2019
  • © iStock On the LidarAs environmental risks become an everyday threat to the market, there could be huge value in contributed claims data and new mapping technology, says Richard Toomey 10 October 2019
  • Charles Counsell Charles Counsell: Championing the saverCharles Counsell, chief executive of The Pensions Regulator, talks to Stephen Hyams about automatic enrolment, improving financial capability and pension scheme governance 10 October 2019
  • Graphs ikon A mixed picture for global insolvenciesSimon Rockett reports on global insolvency forecasts for 2019 11 July 2019
  • p20-22_new-corn-pattern-2 Feeding the futureDr Roman Hohl discusses the key achievements and challenges of the fast-growing agricultural reinsurance industry 06 June 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