Designing a successful ERM functionA Global Perspective on Risk Management Structure and Governance for Insurance |
The Global Financial Services market has recently witnessed extraordinary activity with huge losses at global financial giants and the biggest collapse of established financial institutions since the Great Depression. These events have affected virtually all FSI sectors, including insurance companies, and offer a harsh reminder of the devastating consequences of financial risk.
This GFSI Point of View focuses on the governance and structure aspects of an effective Enterprise Risk Management (ERM) program. It concludes with a description of next steps to establish or enhance an ERM program.
The Point of View addresses:
- The current state globally – looking at the “Risk Management Capability Maturity Model” as a framework
- External guidance – overview of global regulatory authorities, rating agencies and other guidance
- Leading principles for ERM structure and governance – culture; roles and responsibilities; integration into the business; communication
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Designing a successful ERM function for Insurance
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