The purpose of the article is to assess the level of any overlap between the second and third lines of defense in the global market. The level of overlap influences the independence of the two lines and the maturity of risk management and audit function. The data is obtained by conducting a poll

Though risk management and its application in the corporate world are new, its essence is very old. One must remember that risk is always about the future and the future is always unknown. There is no idea what will unfold in the future, however, some ideas about the future can be assessed based...

The article is about learning from aviation risk management to corporate risk management. Aviation risk management plays a vital role in providing safety to air passengers. The paper studies the key areas of development in the aviation industry, such as systematic thinking processes, the role 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...