Is your organization at risk? A different look at enterprise risk management

Is your organization at risk? A different look at enterprise risk management
Document type
Report
Corporate author(s)
Towers Watson; CSC
Publisher
Towers Watson
Date of publication
1 March 2010
Subject(s)
Management & leadership: including strategy, public sector management, operations and production, Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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This report gives risk management executives and other life insurance and annuity leaders greater insight into industry trends and identifies the success drivers that should be considered when executing and refining an enterprise risk management (ERM) framework. Today’s market conditions present an opportunity to assess ERM practices within the life insurance industry. The events in the second half of 2008 sent unprecedented shockwaves throughout the industry as insurers braced to manage risk associated with capital ratios, credit spreads and capital market fluctuations. CSC and the American Council of Life Insurers (ACLI) have worked together over the past five years to advocate a better understanding of insurance issues. In 2009, ERM was identified as a key issue facing life and annuity companies. The two organizations teamed with Towers Watson, a recognized leader in risk management, to survey ACLI members on risk management practices. The research centred on identifying and sharing industry ERM best practices and ways technology can help those carriers improve practices and get a clearer view of overall risk exposure. The fact base for the analysis consisted of focus groups held in March 2009, combined with a 54-question survey concluded in November. Overall, approximately 40 fleets and independents participated directly in the effort. Participants included both large and small life and annuity carriers, with revenues ranging from less than $100 million to more than $10 billion. Both stock and mutual companies participated in the effort.

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