Contributor: Don Canning
As we enter the post economic crisis era the insurance industry continues to face ever increasing competition and more stringent regulatory requirements, which is driving carriers to seek greater enterprise risk management (ERM) visibility and control across their organizations.
When multi-national carriers approach global ERM projects, risk managers quickly markup short-listed priorities such as managing a single platform, controlled production environments, fully automated processes and support for a timely financial close. ERM disciplines and maturity across various departments at carriers today are not well defined. What C-level executives’ want is a baseline of Key Risk Indicators (KRIs) backed by strong process and control rigors to ensure results integrity. In addition, they want value-add activities that allow for analyzing results, not just producing results.
Today, increasingly sophisticated insurance clients demand:
- Accelerating best-practices requires partners and solution providers having a well defined ERM roadmap of actuarial processes and controls.
- Delivering assured results requires the KRI information necessary to make more informed business decisions and communicating those decisions clearly to all stakeholders.
ERM projects are typically substantial initiatives requiring a comprehensive road map, industry experience and best-practices to deliver assured ERM results. For more information about ERM road map please read our latest thoughts on ERM: GREATER VISIBILITY AND RISK CONTROL ACROSS INSURANCE ORGANIZATIONS