Enterprise Risk Management Task Force

Enterprise Risk Management
Jenny Bowen, Leader

Goals

• to research enterprise risk management in life insurance companies and related financial services institutions
• to document enterprise risk definitions and common ERM practices

Initial Product and Process

• Develop definitions of, and measurements tools for the Economic Value of a Life Insurance Company
• Define Operational Risk and Enterprise Risk Management
• Discuss the role of the Chief Risk Officer
• Determine methods to manage Operational Risk
• Discuss how ERM can be used as a tool in creating shareholder value
• Document the frameworks for Enterprise Risk Management in practice today
• Document current practices and specific techniques used in Enterprise Risk Management
• Document how to measure, monitor and manage exposure to uncertainty within the ERM framework
• Develop the characteristics of a robust measurement framework

Documents & Links

• ERM Speciality Guide
• This is a working document, first drafted August 30, 2005.

• Preliminary work products:
• AEGON Risk Management—Tom Grondin
• Bibliography of Published Materials on the Topic of Enterprise Risk Management
• SOA ERM Mini-Seminar—Operational Risk Management
• SOA ERM Mini-Seminar—James Lam
• Ten Predictions for Risk Management—James Lam
• A Framework for Operational Risk—James Lam

• Recent Meeting Notes:
• SOA ERM Mini Seminar Notes—Tom Grondin

• ERM Resources
• The Committee of Sponsoring Organizations of the Treadway Commission (COSO):
• Enterprise Risk Management—Integrated Framework
• SOA Response to the COSO Framework