Description: This paper discusses various types of risks within an Enterprise Risk Management framework, responses to risk, and the implementation of an ERM framework.

Description: "All insurance companies have strategic objectives and their enterprise risk management (ERM) framework is aimed at maximizing opportunities to achieve the objectives. Many companies are subject to articulating their ERM framework to their regulators in an annual report, the Own Risk and Solvency Assessment (ORSA). This presentation provides an overview of the ABCs of ERM and ORSA, covering the key elements of an ERM framework including, but not limited to, the following:- Risk identification, monitoring, measurement and mitigation- Risk appetite development and use- Risk management lines of defense- Risk capital modeling and stress testing- Board and ORSA reporting. All employees work together to enact risk management. A company’s ERM program is the overall framework assuring all aspects of risk management are functioning as appropriate, and the ORSA communicates to a company’s Board and regulators the same."