Technical Feature - ERM: ERM for insurers – In light of the financial crisis
Source: Asia Insurance Review | Feb 2009
The question has been asked – “Is the current financial crisis down to a failure of risk management?”. It is clear that inadequate risk-management practices were a significant contributor to the crisis. This does not, however, represent a failure of risk management, rather a failure in risk-management practices and implementation. Insurers must have an enterprise risk management (ERM) framework in place to successfully manage and guide the business, and improvements are required to existing frameworks to achieve this. Ms Penny Fosker, Senior Consultant, Towers Perrin, Hong Kong, looks at the current state of play, and the improvements that are needed to strengthen ERM implementation.
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