Description: Artificial Intelligence Insurance Robots Future.

Description: This monograph was presented at the 2011 Enterprise Risk Management Symposium, held March 14-16 in Chicago. The author, noting that ‘strategy is a source of risk to the firm and thus ought to be included within enterprise risk management [ERM], enterprise risk analysis and measurement of the firm’s value, proposes a detailed framework in which strategic considerations can be incorporated into a quantitative model of the firm.

Description: The article focuses on findings from EY's survey in 2017 of CROs at 40 insurers in North America. Changing roles in the age of disruption are investigated.

Description: Companies are exposed to a variety of risks related to the development and implementation of their business strategy. There is an extensive amount of literature about enterprise risk management (ERM), yet it is still possible to find a new opportunity to analyze how different kinds of risk information can be objectively considered by senior management to enhance corporate governance and strengthen sound decision-making processes. Strategy formulation is the main part of the strategic planning process. A robust ERM framework must provide relevant risk information for decision-makers so as to reduce the possibility of selecting a mistaken strategy or overlooking an important one. Most common strategic planning tools do not even take risk into account, which worsens the situation. Subsequently, it is time to identify and measure strategic risks. They can leverage, hinder or prevent the fulfillment of the strategic objectives. Risk management may also support the development of institutional actions so as to increase the likelihood of reaching expected results. Furthermore, strategic risks should be monitored through key risk indicators to allow the identification of conditions that could lead to a risk event. This paper aims to introduce a new comprehensive model that integrates risk management into strategic planning. A number of risk tools, improvements to be made by risk managers and a practical application of the model are presented to make possible the establishment and deployment of an effective strategy by the organization.

Description: Many top-performing businesses aren’t just risk aware, but rather risk intelligent. Such a posture helps prepare companies for a major event and can demonstrate to a regulator or auditor that an appropriately strong control framework is in place. Better still, companies gain real strategic value from a “risk adjusted” understanding not only of their threats and vulnerabilities, but also the upside opportunities associated with various risks. It starts with having both qualitative and quantitative information to identify, assess and manage risks. Strategic risk management, at its core, is about creating value by increasing transparency and accountability, and quality of information. More than a mere compliance exercise, effective risk management enables more informed strategic decision making, increased accountability and transparency, a greater likelihood of organizational success, and – ultimately – competitive advantage, as borne out by many studies that correlate risk management and financial results.

Description: Four experts offer their views on why the life insurance industry as we've come to know it is disappearing and what will be different about the new industry evolving, including: more competition from other financial services providers, distribution changes, better use of technology, and consolidation.

Description: The article makes reference to how the intervention by government agencies and institutions into the financial marketplace are creating distortions. This artificial tampering into market mechanisms will likely result in major financial dislocations down the road as natural economic forces (coined by the term "invisible hand") eventually are allowed to come into play.

Description: Summarizes articles in this edition of the newsletter, which focus on insurance industry transformation and how actuaries can provide assistance in the process.

Description: While some people proclaim the imminent triumph of renewable energy, this article argues that fossil fuels will continue to be part of the energy mix.

Description: Many top-performing businesses aren’t just risk aware, but rather risk intelligent. Such a posture helps prepare companies for a major event and can demonstrate to a regulator or auditor that an appropriately strong control framework is in place. Better still, companies gain real strategic value from a “risk adjusted” understanding not only of their threats and vulnerabilities, but also the upside opportunities associated with various risks. It starts with having both qualitative and quantitative information to identify, assess and manage risks. Strategic risk management, at its core, is about creating value by increasing transparency and accountability, and quality of information. More than a mere compliance exercise, effective risk management enables more informed strategic decision making, increased accountability and transparency, a greater likelihood of organizational success, and – ultimately – competitive advantage, as borne out by many studies that correlate risk management and financial results.