What is ERM?
10 important questions on What is ERM?
What are the benefits of ERM?
Better risk reporting; prioritize the level and content of reporting that should go to management, to filter. This makes it more relevant and risk are seen in a timely manner, like a risk dashboard. Overall goal of reporting is to improve transparency.
Improved business performance; improved capital allocation, risk transfer strategies, better knowledge of what risks should be pursued and which should be avoided. Lower insurance costs, market value improvement, early warning signals, loss reduction regulatory capital relief.
What are the responsibilities of the CRO?
- Establishing an integrated risk management framework
- Develop risk management policies (incl. risk appetite through specific risk limits)
- Implement risk indicators and reports
- Allocation of economic capital (optimize risk portfolio)
- Communicate risk profile to board, regulators and other stakeholders
- Develop analytics, systems and data management capabilities
What are the different components of an ERM program?
2) Line management (business strategy alignment, integrate with revenue)
3) Portfolio management (think and act as a fund manager, aggregate exposures, diversification, monitor concentrations)
4) Risk transfer (transfer out concentrated or inefficient risks, mitigation)
5) Risk analytics (develop advanced analytical tools, external drivers)
6) Data and technology resources (integrate data and system capabilities)
7) Stakeholder management (improve risk transparency for key stakeholders)
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ERM - Corporate Governance
- Risk appetite in terms of policies, tolerance and target debt-rating
- Ensure proper risk management skills in the organization
- Establish structure of ERM (roles, resp.)
- Integrated risk measurement framework (all risk types)
- Risk assessment and audit processes
- Shaping a risk culture (tone from top in actions)
- Opportunities for organizational learning
ERM - Line Mangement
ERM - Portfolio Management
ERM - Risk Transfer
ERM - Risk Analytics
ERM - Data and Technology Resources
ERM - Stakeholder Management
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
