ERM Implementation at Professional Risk Organizations. ERM Symposium 2012 Washington, D.C.
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1 ERM Implementation at Professional Risk Organizations ERM Symposium 2012 Washington, D.C. April il19, 2012
2 How do you structure risk governance? Board Risk governance will remain the full responsibility of the Board Risk Committee (volunteers and staff) Establish s and maintain risk management age e framework Identify and quantify key risk exposures by impact to Plan Define risk information to support strategic decisions Assist Board in definingrisk tolerance and proposing mitigation ERM Alerts to Leadership Team and Board Staff and other volunteers Day to day dayimplementation oferm activities Emerging risk identification
3 Describe your qualitative risk assessment Conducted scripted risk identification interviews in each of last 3 years: 2008/ / /2011 With management and Board With management, augmented by survey of Membership Advisory Panel With broad cross section of membership Annually the CAS Risk Management Committee (RMC) distilled the Annually, the CAS Risk Management Committee (RMC) distilled the information gathered, and prioritized identified risks for the Board
4 How do you assess and prioritize risks? RIMS 2012 risk prioritization first cut Lower priority? A B C D E F Copyright 2012 Risk and Insurance Management Society, Inc. All rights reserved.
5 How do you assess and prioritize risks? Analysis cuts Is the risk internal, external, or both? Internal External Both Does the risk affect revenue goals? l? Non revenue producing Revenue producing Is the risk transferrable or not? Not transferrable Transferrable Copyright Copyright 2012 Risk 2012 and Risk Insurance and Insurance Management Management Society, Society, Inc. All rights Inc. All reserved. rights reserved.
6 How do you assess and prioritize risks? Priority validation cut Copyright 2012 Risk and Insurance Management Society, Inc. All rights reserved.
7 How do you assess and prioritize risks? RIMS 2012 risk prioritization validation results Lower priority? A B C D E F Copyright 2012 Risk and Insurance Management Society, Inc. All rights reserved.
8 How do you assess and prioritize risks? Copyright 2012 Risk and Insurance Management Society, Inc. All rights reserved.
9 What is your approach to risk quantification? Part of overall objectives based ERM approach 1. Develop ERM model 2. Develop multiple risk scenarios for key risks 3. Quantify key risk scenarios by impact on baseline strategic plan goals 4. Quantitativeranking replaces qualitative assessment
10 What is your emerging risk identification process? Recently established subcommittee on this Subcommittee reviews general trends in the economy, demographics, and social trends, studying how trends may pose risks to actuarial profession and insurance industry Example: Initial trend studied was aging of US workforce Using blogs to gather information
11 What is your approach to defining risk appetite/tolerance? RIMS on Exploring Risk Appetite Understand the concepts Balance risk and reward Use for more than financial measures Leverage positive aspects for taking risk Evolve risk position over time Communicate risk appetite and tolerance Copyright 2012 Risk and Insurance Management Society, Inc. All rights reserved.
12 What is your approach to risk appetite/tolerance? RIMS Use of Risk Appetite Exploration robability P Value of Whole Business Portfolio Enterprise Value How much volatility can RIMS reasonably absorb? Negative Volatility Comfort Level Graph adapted from SDG Enterprise Value Model. Copyright 2012 Risk and Insurance Management Society, Inc. All rights reserved.
13 What types of decisions are you making differently with ih ERM? Decision making framework: Go/no go project decisions supported by ERM information: Impact to baseline SOA strategic plan key metrics New risk scenarios resulting from the project Impact on existing key risk scenarios
14 How do you handle risk mitigation? CAS Board assigns responsibility to various groups and task forces Currently, RMC evaluates effectiveness of risk mitigation activities
15 What was the most surprising benefit of implementing i ERM? Engages participants as stake holders Greater understanding of how risks impact goals Encourages strategic thinking Deeper understanding of processes and tools used by our members
16 Are you addressing all sources of risk, including strategic, operational, and financial? i The short answer is Yes CAS Board focuses mostly on strategic risk CAS SStaff and Executive Council prepare a self assessment of management of operational and financial i risk ik RMC and Board review this self assessment
17 What special challenges do you face inapplying What special challenges do you face in applying ERM to an organization such as yours?
18 Q&A
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