In this video, Joel Atkins, an experienced actuary, explains why Enterprise Risk Management (ERM) is essential for insurers, given their uncertain costs and diverse risk exposures. He outlines key components of ERM, including governance, risk tolerance setting, risk assessments, and comprehensive risk modeling. Atkins emphasizes the importance of dynamic ERM practices that evolve with changing conditions to safeguard insurers against both emerging and established risks.
Contributors: Joel Atkins, FCAS, CERA, CSPA, CPCU; Jon Forster ASA, MAAA