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The Actuary The magazine of the Institute & Faculty of Actuaries

Risk & ERM

  • Moving-platform-illustration GI: A moving platformThe prospect of changing your modelling platform is seen as a significant task by most capital modellers. Andrew Cox and Cameron Heath show how to have a smooth ride through the process 03 April 2014
  • Dr Yulong Zhao Regulation: Winds of changeDr Yulong Zhao talked to Haijing Wang and Wen Li on the background, progress and far-reaching significance of China's Risk Oriented Solvency System (C-ROSS) on the Chinese insurance industry 03 April 2014
  • Table 1- Is regulation good for us Is regulation still good for us?Simon Carne asks whether current regulatory proposals by the Institute and Faculty of Actuaries and the Financial Reporting Council go too far? 06 March 2014
  • Trevor Maynard A catastrophe risk revolutionTrevor Maynard addresses the importance of a new open framework for modelling catastrophe risks 06 March 2014
  • The battle is won Rejoice, the battle is won!Will Solvency II kill traditional corporate bond management for insurers, asks Scott Eason 06 March 2014
  • Reasons to join the risk communityThe Risk Board's aims are: to generate a sense of community for all actuaries working in risk management, whether in the context of life insurance, general insurance, pensions or wider fields; to ensure CPD and education meet the requirements of that community; to take part in consultations and actively engage in public affairs; and to make sure that suitable conferences and research move the profession's involvement forward in Enterprise Risk Management. 06 March 2014
  • Co-operation_Istock Mission impossibleWhat would happen if you set completely unrealistic goals? Simon Hartley, author of Could I Do That?, says that is exactly what high achievers do 06 March 2014
  • PwC: actuarial valuation process 'takes too long and costs too much'Actuarial valuations take a 'bizarrely' long time to complete and the process distracts defined benefit pension schemes from real strategic issues, a major consultancy firm warned today. 03 March 2014
  • FCA logo Insurers' attitudes 'out of line with FCA'There is a mismatch in expectations between insurers and the Financial Conduct Authority, according to a Chartered Insurance Institute-backed survey. 27 February 2014
  • Payslip shuttershock Solvency II demand fuels 30% salary increases, survey findsInsurers' salaries have risen by 30% over the past year thanks to Solvency II expectations creating a need for more risk, audit and compliance professionals, according to a survey by recruiter Robert Walters. 20 February 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