In the last two decades, the application of Enterprise Risk Management (ERM) has increased in its pace and more penetration particularly after the 2007-08 financial crisis. Such application was largely driven due to regulatory push. However, ERM is more to offer than just regulatory compliance

This article discusses some of the challenges present in embedding Enterprise Risk Management issues like corporate governance, independence of CRO, challenges in implementing three lines of defense model, lack of risk knowledge in the first line of defense, lack of risk qualification in the...

This third chapter of the course focuses on the importance of strategy and corporate governance. Both play a very crucial role in the success of risk management. Most companies in the past have failed due to either poor strategies or not finding enough risks within their strategy. The classic...

This document is a flow chart form is created to give a high-level view of the Life Insurance business from a shareholder’s point of view. This explains the role of capital that shareholders inject in relation to the achievement of profit and how risk management helps in the optimization of...

This chapter is written to help those new to risk management and who want to understand the fundamentals of risk management. This chapter is based on my reading of various risk management contents and experience gained over the working period. The chapter covers the definition of risk, benefits...

Risk is inherent in every business because future uncertainty may not help meet objectives. A slight deviation from meeting business objectives may be acceptable within risk appetite, but a significant departure could be catastrophic. Thus, it is essential to assess the expected deviation level...

The insurance industry could potentially play a greater constructive role in mitigating climate risk by aligning with entities that scrupulously incorporate environmental, social, and governance (ESG) aspects in their business philosophy

Climate risk impacts the insurance industry on both sides of the balance sheets. On the one hand, rising weather-related claims are affecting the liability side. At the same time, there is an increasing expectation from investors, shareholders, customers and other stakeholders for insurers to...