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Inside View - ERM matters to your business - it is NOT just another gimmick!
(From Reinsurance)
Byline: Nick Golden is a partner at Donald Macdonald Partnership.
Enterprise Risk Management (ERM) is not a new concept, but with all the attention it's receiving across reinsurance industry channels, many companies might well be asking, "Why?" and "Why should we care?"
This latest clamour for ERM has been prompted by Standard & Poor's (S&P) revision of its rating evaluation process so that the annual review will comprise eight pillars: competitive position, management and corporate strategy, operating performance, capitalisation, liquidity, investments, financial flexibility and now, ERM. Why? Perhaps because they thought their existing evaluation process was not deep enough.
And following hot on the heels of the Spitzer inquiry, the message to insurers is now quite clear: raise your game.
Erm, what is ERM?
ERM is an assessment of the competence of a company to manage its risk consistently across all disciplines. But ERM is not designed to make you more profitable, or at least not immediately; it is a defensive mechanism - a hedge of sorts, comparable to an emergency generator or a back-up server.
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