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

  • 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
  • Marcus Bowser, Kirsty Leece and Keith Jennings The risk connectionMarcus Bowser, Kirsty Leece and Keith Jennings discuss the work of the IFoA's Risk Management Board with Stephen Hyams and Gemma Gregson 09 March 2017
  • web-p28-29-Cyber-risk--Block-chain-Istock--623379884.jpg Cyber risk: Forewarned is forearmedJames Parry explores the use of threat intelligence to manage cyber risk 09 February 2017
  • weather icons Climate risk: rain or shineMark Thompson explains how to provide protection against climate risks, and champions more environmentally sound corporate governance 09 February 2017
  • web-p26-27-Unit-Businessman-under-three-tiered-umbrella--Ikon--11591106.jpg Tailoring guaranteesDavid Macdonald discusses how new hedging techniques are increasingly being used by life insurers to deliver unit-linked guarantees 08 February 2017
  • iStock The inequality challengeTackling the GMP inequality issue through conversion seems the least problematic of a number of other options, but doing the calculations has its own difficulties, explain David Everett and Donna Matteucci 01 December 2016
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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