Intelligent ERM: Evolving risk management

Enterprise Risk Management (ERM) is a familiar concept in management theory. However, sometimes its implementation can fall short of delivery on the potential benefits to the business. The need for effective ERM is becoming increasingly evident for companies that want to ensure that their practices are agile enough to respond intuitively to today’s environment. Implementing an enhanced, more intelligent risk management capability is exactly what global reinsurer, Swiss Re, has looked to do in a current and ongoing phase of work conducted in collaboration with EY. In this paper, we will present some of the initial findings from this program of work, some of the areas where enhancements to the existing risk management practice have added most value, as well as some of the more challenging aspects of implementing what is effectively a long-term strategy of cultural change across the business.