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Enterprise Risk Management from the General Insurance Actuarial Perspective

Published online by Cambridge University Press:  10 June 2011

M. H. Tripp ,
C. Chan ,
S. Haria ,
N. Hilary ,
K. Morgan ,
G. C. Orros ,
G. R. Perry  and
K. Tahir-Thomson
M. H. Tripp
Affiliation:
Ecclesiastical Insurance, Beaufort House, Brunswick Road, Gloucester GL1 1JZ, U.K. Tel: +44 (0)1452 336591; Fax: +44 (0)1452 336586; Email: michael.tripp@ecclesiastical.com
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Abstract

The authors have reviewed over 60 texts on the subject of Enterprise Risk Management (ERM). In this paper they set out a summary of ERM based on three of those sources, selected for their relevance and breadth of view. The paper observes that the approaches described vary widely in nature. A separate ‘on-line” source is provided, which summarises key readings from the 60 texts. Combining findings from these texts with the authors' own experiences, the paper suggests some best practice checklists, designed to enable organisations to take stock of their current ERM frameworks. It discusses other aspects of ERM for practitioners, including extreme events, opportunity management and the link with corporate strategy. The paper looks at immediate and longer-term implications for actuaries in the United Kingdom, and then poses questions about future professional development and education. It suggests an emerging role for the ‘ERM actuary’, and, finally, it suggests future work to progress the development of ERM and the actuaries' role.

Keywords

Enterprise Risk ManagementRisk ManagementGeneral InsuranceQuantification of RiskFinancial ServicesCapital AssessmentCapital ManagementPeopleProcess and SystemsRegulations and RiskStress and Scenario TestsRisk CycleActuarial EducationBasel IISolvency IIProfessional DevelopmentInstitute of Actuaries StrategyStrategic PlanningChange and Opportunity ManagementRisk and UncertaintyGovernanceControl FrameworkInformationIndicators and RiskChief Risk OfficerRisk ModellingRisk AppetiteRisk MapsRisk ExposureRating Agencies and Risk
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 14 , Issue 3 , 01 September 2008 , pp. 433 - 525
Copyright
Copyright © Institute and Faculty of Actuaries 2008

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