Making ERM Work for You

When properly implemented, Enterprise Risk Management (ERM) provides an integrated framework for managing all of the material risks identified by an organization. Insurers must maintain the ability to respond effectively to unexpected and sometimes volatile events. And because effective response for...

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Bibliographic Details
Published in:Canadian Underwriter 2008-04, Vol.75 (4), p.68
Main Authors: Leadbetter, Darrell, Kovacs, Paul, Harries, Jim
Format: Article
Language:English
Subjects:
Boards of directors
Corporate governance
Enterprise risk management
Insurance companies
Insurance industry
Property & casualty insurance
Solvency
Supervisors
Online Access:Get full text
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Summary:When properly implemented, Enterprise Risk Management (ERM) provides an integrated framework for managing all of the material risks identified by an organization. Insurers must maintain the ability to respond effectively to unexpected and sometimes volatile events. And because effective response for property and casualty insurers involves both a high degree of financial and operational preparedness, the value of ERM done right may be even greater for the P&C industry than it is in other industries. If properly implemented, ERM should also strengthen an insurer's corporate governance. So a key challenge to be met by P&C insurance companies is not just to develop a well-designed program that identifies, assesses, measures, rates, monitors, and controls risks across the entire enterprise, but to ensure that such practices are truly, in the words of the International Association of Insurance Supervisors, led and overseen by the insurer's board and senior management.
ISSN:0008-5251
1923-3426