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

  • p27-29--iStock-467050029-[Converted]v2 Uncomfortable truthsArno Kitts looks at some inconvenient facts about equity valuations and expected returns 08 March 2018
  • p17-19-Actuary-Cover-2 The cost of catastrophesJunaid Seria looks back on 2017, a record year for devastating weather events 08 March 2018
  • p21-23-Business-graph-on-phone--Shutterstock--382942270 The long gameJackie Li and Leonie Tickle discuss recent research results on measuring basis risk and hedge effectiveness in longevity risk transfer for pension plans 08 February 2018
  • FINAL-BUTTERFLIES4-©-Richard-Gleed- Margins for errorPaul Huber and Nick Kinrade explain how risk margins used in Solvency II and IFRS 17 should be understood and calibrated 08 February 2018
  • House-Attached-to-Balloons-iStock-637110064 The future of equity releaseTom Kenny reports on a recent roundtable discussion on the future of the equity release market 07 December 2017
  • Lightbulbs-on-Head-iStock-487357805 Challenging the way we thinkAnthony Fitzsimmons and Derek Atkins ask whether there is an opportunity for actuaries to address hard-to-quantify risks 09 November 2017
  • p24-Protection-iStock-483893822 Getting it togetherAndrew Lowe explains why an industry-wide contributory claims database would be invaluable for commercial property insurance 09 November 2017
  • Michael-Sanders-Behaviour_058 Science of behaviourMichael Sanders talks data science with actuary Peter Tompkins and explains how behavioural insights can be used to make people do things differently 12 October 2017
  • p23-25-Liquid-Bubbles--Istock--173194733 Funding Liquidity RiskIain Ritchie outlines his work on funding liquidity risk at the Actuarial Research Centre 08 June 2017
  • Investment-strategy-map Sell in May and go awayCormac Gleeson and Paul O'Dwyer ask whether managers should incorporate the well-known trading adage into their portfolio strategies 11 May 2017
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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