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

  • ¬©Paddy Mills Tom Wilson: the value creatorJoanne Joseph talks to Tom Wilson about major impending risks, the benefits of big data, how regulation can spur innovation and how actuaries can broaden their horizons. 09 August 2018
  • iStock-849307122-[Converted]n.jpg A big market reaches new heightsThe global catastrophe market has proved itself a powerful force in reinsurance.Thomas Johansmeyer reports on its performance 12 July 2018
  • Brexit-cut-out-.jpg Brexit, a changing job landscapeLewis Maleh examines how the UK's exit from the EU could impact positions in the European insurance market 12 July 2018
  • Risk Map Insurance in an unstable worldLiz McMahon discusses the findings from Aon's latest annual Risk Maps and what it means for the insurance markets 12 July 2018
  • Michael-Green_DSF7544-¬©-Peter-Searle- Signposts to success from Michael GreenMichael Green talks to Gemma Gregson about the Social Progress Index, explaining how it can benefit society and monitor progress against the UN's Sustainable Development Goals 07 June 2018
  • Thomas Johansmeyer The losses nobody saw comingThomas Johansmeyer considers how reinsurers should react to the growing number of unexpected events during the past few years 07 June 2018
  • p20-22-IIRM-Juggling-man- The great juggling actThe current pace of change in regulatory and accounting standards makes now a better time than ever for firms to revisit their asset liability management strategies, argues Richard Schneider 10 May 2018
  • Industrial-revolution- The fourth industrial revolutionRavin Jesuthasan and Day Bishop explain how technology is transforming the insurance value chain 10 May 2018
  • shutterstock_614402417 Driving change with telematicsAdvances in telematics are transforming the insurance industry. Andy Goldby looks at the benefits this technology can bring 10 May 2018
  • shutterstock_666230269 The case for consolidationJohn Herbert discusses the merits of consolidating defined benefit pension plans using a sectionalised master trust approach 10 May 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