A Case for Enterprise Risk Management in Insurance
Experts from Chartis Research and Mazars have teamed up to explore how insurers are implementing enterprise risk management (ERM), and what’s required for a successful integration.
Enterprise Risk Management
With factors such as increased global market volatility, the rapid speed of change, digital disruption, cyber threats and increased stakeholder visibility it is crucial for insurers to have the ability to identify, manage, exploit and monitor these uncertainties and risks that will shape the future of their organisations and business models. In reaction to the evolving market place risk management approaches need to adapt to better reflect the dynamics of today’s world of risks. What has carried companies through in the past is not good enough anymore. The future is a forward looking, insight driven, value creation risk based strategic approach.
ERM is the logical and evolutionary response to growing complexity, uncertainty and increasing world of risks and the vehicle for the future business transformation associated with 21st century insurance sector. ERM is being embraced by an increasing number of insurers seeking to improve their management practices and the operating performance of their businesses. ERM helps business address issues such as:
Mazars advises companies of all sizes across the insurance sector on how to embrace ERM and achieve value through a holistic risk based ERM strategy. By embedding ERM into business processes, insurance firms become insight and value driven organisations, strengthening their resilience and sustainability though risk strategic decision making. Mazars helps insurers to move towards an insight-driven and performance-oriented approach to risk management, one that becomes intrinsic to the business and is embedded across business processes. By shifting the focus to risk-enabled performance management, organisations can concentrate on uncertainty holistically, rather than just identifying and measuring risks individually.
Our ERM experts work with all management levels providing one continuous and integrated ERM programme. Key advisory, consultancy and implementation services include the following:
If you would like to speak with a member of our Insurance team, please contact us.
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