The survey found that while insurers have made progress in implementing enterprise risk management (ERM), fully embedding ERM into decision making remains a challenge. Larger insurers have more advanced ERM programs and are better able to use economic capital (EC) in decisions. European insurers have stronger ERM capabilities than North American insurers. ERM is influencing business decisions like risk strategies, but operational risk management still lags other risk areas. Common EC approaches are moving toward a one-year timeframe and market-consistent standards.
Insurers in Europe are confronting a host of regulatory issues dominated by Solvency II. While 91 percent describe Solvency II as a challenge, insurers in the region are divided in terms of how to approach these new requirements. Nearly half of respondents (49 percent) judge their firms to be taking a very proactive approach to Solvency II requirements, while the rest are delaying efforts until uncertainty around key aspects of the regulation is resolved.
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
44% of respondents can contact the CEO directly
56% of respondents believe their role is increasingly recognised internally
53% of respondents think that the risk manager is becoming the risk conductor by consolidating risk information to give a clear and comprehensive view to the senior management
Ferma report: Artificial Intelligence applied to Risk Management FERMA
FERMA brought together a group of experts from within and beyond the risk management community to develop the first thought paper about AI applied to risk management.
Their aim was to perform an initial assessment of the potential value of AI to improve enterprise risk management (ERM), and second, to understand how risk managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies.
The working group expects that corporate risk management will benefit from AI in several areas. “From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management.”
This paper aims to guide risk managers on applying AI from a basic understanding to developing their own strategy on the implementation of AI. It includes an action guide and a template for risk managers to develop their own AI risk management roadmap.
Big risks require big data thinking, Global Forensic Data Analytics Survey 2014EY
This presentation is based on EY FIDS' report on Forensic Data Analytics and comprises global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
Insurers in Europe are confronting a host of regulatory issues dominated by Solvency II. While 91 percent describe Solvency II as a challenge, insurers in the region are divided in terms of how to approach these new requirements. Nearly half of respondents (49 percent) judge their firms to be taking a very proactive approach to Solvency II requirements, while the rest are delaying efforts until uncertainty around key aspects of the regulation is resolved.
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
44% of respondents can contact the CEO directly
56% of respondents believe their role is increasingly recognised internally
53% of respondents think that the risk manager is becoming the risk conductor by consolidating risk information to give a clear and comprehensive view to the senior management
Ferma report: Artificial Intelligence applied to Risk Management FERMA
FERMA brought together a group of experts from within and beyond the risk management community to develop the first thought paper about AI applied to risk management.
Their aim was to perform an initial assessment of the potential value of AI to improve enterprise risk management (ERM), and second, to understand how risk managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies.
The working group expects that corporate risk management will benefit from AI in several areas. “From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management.”
This paper aims to guide risk managers on applying AI from a basic understanding to developing their own strategy on the implementation of AI. It includes an action guide and a template for risk managers to develop their own AI risk management roadmap.
Big risks require big data thinking, Global Forensic Data Analytics Survey 2014EY
This presentation is based on EY FIDS' report on Forensic Data Analytics and comprises global as well as India findings.
For further information, please visit: http://www.ey.com/FIDS
Per le aziende che lavorano nel food e alimentare è fondamentale oggi essere presenti nel mondo digital in modo consistente e coerente. In questa presentazione fatta a Golositalia 2016 cerchiamo di spiegare come esserci , perché , e in che modo
This paper presents an extensive experimental study of the state-of-the-art of XML compression tools. The study reports the behavior of nine XML compressors using a large corpus of XML documents which covers the di erent natures and scales of XML documents. In addition to assessing and comparing the performance characteristics of the evaluated XML compression tools, the study tries to assess the effectiveness and practicality of using these tools in the real world. Finally, we provide some guidelines and recommendations which are useful for helping developers and users for making an effective decision for selecting the most suitable XML compression tool for their needs.
Multinational Business Academy, or MBA Academy for short joins the exciting brand of business schools in India with a mission to provide world class B-school education. The MBA Academy students live in a unique environment of 'Earn & Learn'. This also gives the Academy students the unique opportunity to apply their classroom courses directly at their jobs to see for themselves the results of our World Class education programs with emphasis on 'Extra Employability'.
Programs Offered: MBA / BBA / Retail Mgt.
www.multinationalacademy.com
Value Engineering. Measuring and managing risks in the wind energy industryStavros Thomas
As wind turbines number increased around the world, the number of hazardous accidents is also rising, causing critics to question overall safety. A recent study from Anemorphosis Research Group reveals how wind power professionals manage risk, from current areas of concern to anticipated challenges.
Per le aziende che lavorano nel food e alimentare è fondamentale oggi essere presenti nel mondo digital in modo consistente e coerente. In questa presentazione fatta a Golositalia 2016 cerchiamo di spiegare come esserci , perché , e in che modo
This paper presents an extensive experimental study of the state-of-the-art of XML compression tools. The study reports the behavior of nine XML compressors using a large corpus of XML documents which covers the di erent natures and scales of XML documents. In addition to assessing and comparing the performance characteristics of the evaluated XML compression tools, the study tries to assess the effectiveness and practicality of using these tools in the real world. Finally, we provide some guidelines and recommendations which are useful for helping developers and users for making an effective decision for selecting the most suitable XML compression tool for their needs.
Multinational Business Academy, or MBA Academy for short joins the exciting brand of business schools in India with a mission to provide world class B-school education. The MBA Academy students live in a unique environment of 'Earn & Learn'. This also gives the Academy students the unique opportunity to apply their classroom courses directly at their jobs to see for themselves the results of our World Class education programs with emphasis on 'Extra Employability'.
Programs Offered: MBA / BBA / Retail Mgt.
www.multinationalacademy.com
Value Engineering. Measuring and managing risks in the wind energy industryStavros Thomas
As wind turbines number increased around the world, the number of hazardous accidents is also rising, causing critics to question overall safety. A recent study from Anemorphosis Research Group reveals how wind power professionals manage risk, from current areas of concern to anticipated challenges.
Insurers in Europe are confronting a host of regulatory issues dominated by Solvency II. While 91 percent describe Solvency II as a challenge, insurers in the region are divided in terms of how to approach these new requirements. Nearly half of respondents (49 percent) judge their firms to be taking a very proactive approach to Solvency II requirements, while the rest are delaying efforts until uncertainty around key aspects of the regulation is resolved.
European Risk managers have helped maintain the continuity of their organisations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible and begun work on recovery, according to a survey published by the Federation of European Risk Management Associations (FERMA): https://www.ferma.eu/publication/covid-19-ferma-survey-shows-risk-managers-contributions-to-response-and-resilience/
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Deloitte survey reveals how global business executives understanding of strat...David Graham
A strategic risk management survey was conducted by Forbes Insights - on behalf of Deloitte - at more than 300 major companies globally. In the survey, Deloitte wanted to understand how businesses can manage strategic risk more effectively – both now and in the future. In this publication, global insights gathered from the survey have been enhanced by a South African survey which received insights from a further 230 respondents
FERMA European risk and insurance report 2016 - full set of resultsFERMA
FERMA's 2016 European Risk and Insurance Report is designed to serve as a high-level overview for risk
and insurance managers and other executives. Our analysis includes benchmarking information drawn from
respondents across a variety of industries and companies. The data, therefore, reflects general trends about
the profession.
FERMA European Risk and Insurance Report (ERIR) 2016FERMA
FERMA's 2016 European Risk and Insurance Report (ERIR) is gathering the views of more than 600 European risk managers at a time of major changes in Europe.
The findings of this report, combined with FERMA’s mission and strategy, will shape our activities over the next two years.
One of the priorities that our members see for FERMA is to strengthen the professional standing of risk managers in Europe, and FERMA’s professional certification programme rimap® will be an important contribution to achieving that objective.
FERMA’s 2016 European Risk and Insurance Report is a source of valuable information and topics for further discussion to build the profession.
Ferma PwC European Risk Manager Report_ full set results 2018FERMA
Risk Manager, a career central to corporate strategy
The job of Risk Manager is becoming increasingly cross-disciplinary and digital in response to a fast-changing economic and regulatory environment.
This research set out to investigate the emphasis companies are putting on CEM and what steps, if any, they are taking to address this area. It also aimed to measure where customer expectations currently sit with respect to how they are treated by organisations.
According to results of Callan Associates’ 2013 Risk Management Survey, more than half of fund sponsors (55%) say their risk management tools are effective at mitigating investment risk, but 14% see them as simply a means to improve risk identification and monitoring. One-third of respondents indicated they do not know yet the effectiveness of their risk management tools because they are new and untested in a true market crisis.
The survey found formal risk management processes are most prevalent at large funds. Half of the medium and small funds have adopted a risk management process or are doing so in 2013. Forty-two percent of respondents employ proprietary and/or third-party risk measurement tools, such as software or data services. Usage of third-party tools is most prevalent at public funds, while endowments and foundations more often use in-house (proprietary) tools.
Corporate and public funds are embracing policy-level approaches to risk management more so than endowments and foundations. Public funds have implemented economic regime asset allocations, risk parity, and risk factor-based asset allocations, while corporate funds favor liability-driven investing and funded status-based glide path de-risking.
Strategy-level approaches to mitigate risk are easier to implement than those that alter the fund’s overall investment policy, and Callan observed higher levels of adoption of strategy changes across fund types. Public funds and foundations and endowments are most heavily implementing or considering real assets, opportunistic fixed income, absolute return and long/short equity. Corporate funds are also embracing absolute return, but long duration is the most favored strategy-level approach used to address risk.
Many fund sponsors wrestle with whether or not to tactically manage plan risk. Only 30% of sponsors have made rebalancing decisions based on risk management findings. Of those that have not done so, 82% do not plan to in the future.Public (31%) and large (25%) funds are the most likely to use tactical implementations going forward.
According to the survey, most funds (94%) do not have a formal risk budget, but explicitly address risk management in their plan governance via asset allocation, investment objectives and disciplined rebalancing.
The investment committee is the body most regularly tasked with deciding when to take action based on the findings of risk management tools. The most common actions taken were asset allocation changes (64% of respondents), manager due diligence/search (56%) and increased manager monitoring (52%). Twenty percent of respondents had not yet taken any actions based on risk management findings.
The survey was conducted in November 2012 and includes responses from 53 fund sponsors representing $576 billion in assets.
The role of risk management in corporate resilienceFERMA
The report presents the views of risk and insurance professionals and senior executives about a post-pandemic view of resilience management in their organisations across sectors globally in the summer of 2021.
The EPP Global Pricing Maturity Study 2016 represents the opinion of 200 pricing executives from the manufacturing industry, surveyed by means of the online Pricing Maturity Indicator (www.pricingmaturity.eu)..
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The Future of U.S. Pension Financing — Lessons From Europe welshms
This Towers Perrin presentation examines alternative risk financing techniques being implemented by companies in Europe with defined benefit (DB) pension plans. These techniques offer insights into the future of financing global pensions, both in the U.S. and elsewhere.
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India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
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1. Embedding ERM — A Tough Nut to Crack Key Findings from Towers Perrin’s 2008 Global ERM Survey of the Insurance Sector
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4. S ix key findings 3. European insurers are better positioned. North American insurers are trailing European counterparts in key aspects, such as EC implementation and its use in decision making. Under Solvency II, these capabilities are expected to lead to lower capital requirements and therefore competitive advantage 4. ERM is influencing decisions. In spite of the challenges of embedding ERM, significant numbers of respondents indicate their ERM program has resulted in key business changes, including risk strategy or appetite (36%), asset strategies (35%) and product pricing (31%)
5. S ix key findings 5. Economic capital standards are emerging. EC methodology is moving toward a one-year VaR approach, with the majority (56%) using a market-consistent terminal balance sheet 6. Operational risk remains a weak spot. Just 7% of participants believe they have an appropriate capability in place, and 37% indicate that significant work is required. Operational risk also lags behind other risks in terms of setting risk limits and EC calculation methodology
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