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Application of Risk Management in Non-Financial Services Industry

Gloria Yu and Peter Matruglio

Against the backdrop of international risk management developments, turmoil in the financial markets, evolution of regulatory frameworks and increasing complexity of risks in the financial world, there is an increasingly strong need for robust risk management within companies.

Risk management straddles across all practice areas. Whilst actuaries are traditionally involved in the financial services industry, there are many untapped areas in the broader non-financial services industry. This presents enormous opportunities for the actuarial profession, and at the same time we need to develop the relevant expertise by building on our core capabilities, traditional skills and techniques, and also working with the other professions.

This presentation examines the application of risk management concepts and actuarial thinking in non-financial services industry through a practical example.

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About the presenters:

Gloria Yu

Gloria is a Director at Deloitte where she is building the general insurance actuarial practice.  She has been working in the general insurance industry since 2001 and has experience in various corporate and consulting firms. Prior to joining Deloitte, she was at Westpac/BT where she worked on the merger between Westpac and St George and her actuarial team almost tripled in size as a result of business growth.   

Gloria is heavily involved in the Actuaries Institute. She has served on Council since 2009, and is a member of Risk Management Practice Committee, Audit & Risk Council Committee, Public Policy Council Committee and Leadership Council Committee. She has a strong interest in enterprise risk management (ERM) and has worked with representatives from different practice committees in developing strategic and operational plans for ERM within the actuarial profession. Gloria has also assisted in the Institute's education program in numerous capacities.

Peter Matruglio

Peter is the National Leader of Deloitte's Enterprise Risk Practice and has direct hands on experience in assisting clients develop and implement effective Risk Governance Frameworks across Australia, Europe and the US.  Prior to this he held a number of senior leadership roles across Australia, Switzerland and the EU with another big four firm.

By way of example, Peter lead a significant engagement for a global construction company in 2011 designed to considerably revise the Group's Governance and Risk Management Framework. This engagement included performing a detailed analysis of the root causes of project risks or failures across the Group, developing detailed prospective project risk assessment tools and techniques, and revising Board and Executive level risk management reports to enhance the level of analysis of portfolio level risk related information in the context of the Group's strategy, financial objectives and overall operating plans.

Peter and his team work very closely with the Actuarial Team within Deloitte.

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