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Enterprise Risk Management (ERM)

Most companies have formalized decision-making and risk management processes. However, these two processes are rarely integrated and aggregated to enterprise level. As a result, business managers must make decisions on value-enhancing opportunities without integrated information on risk exposure. Similarly, risk managers are making decisions on risk mitigation without integrated information on the value impact. In addition, risk management is often performed in “silos,” where each risk type is managed independently, without integrated information on how multiple risks interact, which often causes a enterprise’s failure. Finally, without aggregated risk information, executives lack metrics on enterprise risk exposure and are unable to define the undertaking’s risk appetite - which is of keen interest to external stakeholders.

A robust enterprise risk management (ERM) process resolves these issues and others, providing companies with multiple competitive advantages. Formally defined, ERM is a process by which organizations identify, measure, manage and disclose all key risks to increase value to stakeholders. Done properly, ERM is integrated into key company processes and simply becomes a better way of doing business.

RM Adviser team is at the forefront of ERM, combining the most recent advances in theory and technology with extensive practical experience. We help companies find ERM approaches and techniques that involve the appropriate balance of complexity and practicality. And we help develop and implement ERM programs that drive actionable decision making and result in a high-level of buy-in, both in corporate and in the lines of business. Our approach works equally well across insurance undertakings and non-insurance entities.

THE MEANING OF ERM IN INSURANCE >>