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

  • Mark Carney, Bank of England governor Top insurance chiefs must be accountable, says CarneySenior actuaries and top executives running insurance companies should be held more accountable for their actions, the Bank of England governor said. 26 September 2014
  • Life insurers urged to speed up Solvency II complianceLife insurers should accelerate current processes used in managing compliance as the upcoming European Solvency II deadline draws nearer, Towers Watson has urged. 25 September 2014
  • Barings caution against using primary home sale to fund retirementPre-retirees planning on using their primary residence to fund their retirement are acting in a 'risky' manner, Barings Asset Management has warned. 22 September 2014
  • Mask - iStock Backward in coming forwardNon-disclosure of medical conditions by life insurance applicants is nothing new, but what is the true cost of this to the life insurance industry? Paul Morden and Phil Brown explore further 07 August 2014
  • Measuring Illustration - August 2014 Measure for measureA number of common misconceptions prevent the optimal use of data, argues Douglas Hubbard 07 August 2014
  • Man working in office UK actuaries in demand, says OACGlobal demand for the services of UK-based actuaries is on the rise thanks to major regulatory change such as Solvency II and Basel II, consultants OAC have claimed. 17 June 2014
  • EU Solvency II insurance pensions Interest rate rise 'good for life insurers', says S&PStandard & Poor's has raised the possibility that most life insurers could profit from an increase in interest rates as it would take away some pressure on net investment returns 14 May 2014
  • BRICs countries 'face heightened political risk'All five of the emerging-market 'BRIC' countries will face increased political risks this year, according to analysis by Aon Risk Solution. 14 April 2014
  • Oil and gas station_shuttershock Willis warns of cyber attack on energy industryA new and 'highly worrying' threat of an 'uninsured cyber-attack time bomb' has emerged onto the energy insurance risk landscape, a global insurance and reinsurance broker warned today. 08 April 2014
  • Proxy models ERM: Proxy modelsProxy techniques have grown in popularity in recent years, with insurers increasingly using them to model the full distribution of their balance sheet assets and liabilities to support capital calculations. So why use them? 03 April 2014
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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