Description: Many ERM programs fail to include an active step of actual risk treatment and are therefore rightfully characterized as Entertainment Systems. Real ERM will use risk assessment to drive decisions about risk acceptance and risk mitigation. Entertainment systems use risk assessment to create reports and to hold discussions. No actions are taken often because ERM is not empowered to do anything.

Description: This article discusses new developments on the regulatory front. Under the new agreement, insurance company management and boards will be required to issue a statement that reflects their judgment about the firm’s viability, including its capital adequacy. The required opinion will have five elements - identifying risks, measuring risks, a risk feedback loop, a risk tolerance statement, and a risk policy.

Description: A discussion of the pillars required to build the needed paradigm for insurance company risk management. From The Actuary Magazine April 2005

Description: Enterprise Risk Management incorporates integrated risk management due to the fact that the majority of company failures result from multiple correlated causes. Sites findings from Mercer study

Description: Update of climate risk related governance and disclosure.

Description: This is an editorial article on risk management books.

Description: In this article the author discusses the many hats an actuary wears and how risk management comes to play in each one. The roles discussed: 1. Pricing actuary. 2. Catastrophe modeling actuary. 3. Ceding reinsurance actuary. 4. Corporate actuary. 5. Loss reserving actuary. 6. Predictive modeling actuary. 7. Marketing actuary. 8. Underwriting actuary. 9. Investment actuary.

Description: This article is about the annual call for ERM-related research papers that present the very latest in ERM thinking and move forward principles-based approaches. The call discussed in this article was issued in October 2005 and attracted nearly 30 entrants, from which there was one winner and eight more that were selected for presentation at the 2006 ERM symposium. They were listed in the article and can be found, along with the 20 other entrants on the ERM Symposium Web site at: www.ermsymposium.org.

Description: The focus of this article is that while Economic Capital can be a valuable component of the ERM process for insurance companies, an over-emphasis on EC, to the point of neglect of other steps in the ERM process, can reduce the effectiveness of an ERM program.