This module deals with the challenges of implementing ERM Processes. It includes requirements on ERM Processes and the discussion of best practices. It will be presented how to define an organisation’s risk strategy, risk appetite, risk tolerances and limits. We discuss how business strategy influences risk strategy and show their necessary interaction. We demonstrate the […]
This web session takes a closer look at the "top line" item in the profit and loss account: insurance contract revenue. Depending on the nature of the business, insurance revenue may be very similar to the starting point for net income calculation according to current accounting regimes – or it may substantially differ. In either […]
Operational risk is the risk of loss, arising from inadequate or failed internal processes, people and systems or from external events. That is the definition of operational risk for regulatory purposes. Operational risk management is usually part of ERM and actuaries are typically not involved in these processes. That is often because of poor data […]
