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

  • Stress testing: Finding a flaw in the ointment Stress testing: Finding a flaw in the ointmentDr Quintin Rayer looks at how putting portfolios through stress testing can ensure that trustees are actively working to protect their assets from extreme market events 11 May 2017
  • http://www.fm-world.co.uk/comment/perspectives/interpreting-the-data/http://www.fm-world.co.uk/comment/perspectives/interpreting-the-data/ Appetite for adverse selectionPradip Tapadar and Guy Thomas argue that some adverse selection can be a good thing in insurance 11 May 2017
  • Alamy--DE6NB8 Good questions with no good answersIn the third of a series of articles, Paul Harwood says experts should persevere in a post-truth world 11 May 2017
  • Web-Global-Industrial-Pollution-iStock-483485505.jpg Walk the walk on climate changeClimate risk will alter both the geographical and financial landscapes, but leading insurers are divesting from fossil fuels, says Peter Bosshard 11 May 2017
  • HIRES-Time-is-money-iStock-513312648 Clued up on DB pension obligations and risksAdditional disclosure is needed in company accounts, says Matthew Harrison, to reveal the full extent of defined benefit pension obligations and risks 11 May 2017
  • HIRES_Surveillance-concept-iStock-495305589 Adapt to change and take back controlThere is no need be paralysed by uncertainty as the business environment evolves, say Colin Price and Sharon Toye. Instead they suggest a fast, but low-risk way of adapting to change 11 May 2017
  • p20-21Group-Risk--Paper-machett-of-Family-in-dome--Superstock--1815R-12575237 copy Group risk masterclassKatharine Moxham highlights the opportunities and challenges for the group risk protection market and five recent changes that will affect employers 13 April 2017
  • web-p21-Paris-Bourse-illustration-circa-1800-Alamy--d90abj¬† copy When culture goes wrongIn the second of his short series of articles to demonstrate risk management in practice, Paul Harwood explains what we can learn from financial scandals of the past 13 April 2017
  • p26-27-Assesstment-risk--Feet-balancing-on-pie-charts-Ikon--11800321.png A valuation methodology for M&A transactionsEd Morgan and Jeremy Kent describe a valuation methodology for insurance merger and acquisition transactions, the 'Solvency II Appraisal Value, or SII-AV 13 April 2017
  • p25-Mystery--Sherlock-Holmes-illustration--Alamy--bxxbxd.jpg The mystery of risk measurementHow can managers best understand their firm's prevailing level of risk? The conventional answer is by tracking good indicators. But choosing these is not straightforward, says Paul Harwood 09 March 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