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: What risks should ERM actuaries be working on?

Description: This article, Spreadsheet Controls Add Risk Resilience, spotlights why spreadsheets have stood the test of time and how they help contribute to an actuary’s success. It also discusses common causes of data integrity issues relative to spreadsheets. And, offers insight into controls that can be utilized to helps actuaries solve these issues and ensure the accuracy and consistency of the data on which they base their analysis.

Description: This article discusses four approaches to managing the enterprise-wide risk: Diversification, Loss Controlling, Risk Trading and Risk Steering.