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

  • Bowtie Modelling a bow tieHuw Davies discusses the 'risk bow tie', a simple integrated risk management tool for UK defined benefit pension schemes 11 April 2019
  • p22-24_Ikon_iStock-525330931-[Converted] Seeing the bigger pictureNico Aspinall explains why the ESG approach's holistic view of risk is increasingly attractive to investors 07 March 2019
  • Hilary Salt Interview: Hilary SaltHilary Salt talks to Stephen Hyams about collective defined contribution pension schemes and how actuaries should engage more with the public 07 March 2019
  • Figure 1 The road to successful finance transformationActuaries are model specialists and they consider it normal to develop the entire reporting framework themselves, but is this really an efficient way forward? 06 December 2018
  • © iStock Delve into the dataAndy Cox and Tom Bryant explain how data analytics is improving the internal audit process, and why it's important actuaries get to grips with it. 06 December 2018
  • Holding-piggy-bank--Shutterstock Stopping the gapKate Smith highlights the gap in pension savings between women and men, and examines the reasons behind it. 08 November 2018
  • ©iStock Capital modelling gets agilePaul Maitland explains how an agile approach can benefit insurance risk models. 08 November 2018
  • Binoculars Navigating uncertaintyBrian Robinson discusses why business projections are so important and looks at the challenges involved in their creation 08 November 2018
  • P_Raaflaub2_300 Interview: Patrick RaaflaubPatrick Raaflaub talks to Paul Malloy about emerging risks from automation and cyber risk to climate change. 08 November 2018
  • Cyber Wars Student: untangling the netIn a hyperconnected world, we all need to be vigilant against new forms of crime, says Jason Whalley. 08 November 2018
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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