1) Enterprise risk management (ERM) is a comprehensive risk management program that addresses all risks faced by a corporation, including pure risks, speculative financial risks, strategic risks, operational risks, and other risks.
2) Advantages of an ERM program include improved risk assessment, increased risk awareness, an integrated response to all risks, and reduced earnings volatility. Barriers to successful ERM include rigid cultures and lack of leadership commitment.
3) The risk management process under ERM is broader and considers more risks than traditional risk management. It requires commitment to evaluating and treating a wider range of risks across the organization.
Financial risk management is the practice of protecting economic value in a firm by using financial instruments to manage exposure to risk: operational risk, credit risk and market risk, foreign exchange risk, shape risk, volatility risk, liquidity risk, inflation risk, business risk, legal risk, reputational risk, sector risk etc. Similar to general risk management, financial risk management requires identifying its sources, measuring it, and plans to address them.
Financial risk management can be qualitative and quantitative. As a specialization of risk management, financial risk management focuses on when and how to hedge using financial instruments to manage costly exposures to risk.
Risk managers use Risk Management Information Systems (RMIS) to record, track, and analyze losses to help determine appropriate insurance deductibles and policy limits. RMIS must be tailored to individual organizations' unique risk exposures. International risk managers face additional challenges like foreign currency fluctuations, political risks, and varying insurance regulations between countries. They try to develop global insurance programs using local admitted insurers supplemented by international policies. Financial risks also require management through hedging strategies like options, futures, forwards, and swaps.
Risk management allows firms to increase value by reducing costs of financial distress, utilizing comparative advantages in hedging, minimizing negative tax effects of volatile earnings, and reducing borrowing costs. It also allows firms to avoid activities that give rise to risk, take actions to reduce the probability and magnitude of losses from adverse events, and transfer risks to other parties through insurance or derivatives. However, risk management may not be fully effective at preventing market disruptions or financial fraud due to failures of corporate governance, complex trading strategies, and risk simply being transferred rather than reduced on an economic level.
This document discusses risk and return in the context of a group assignment for a project cost accounting and financial management course. It begins by listing the names of the 8 students in the group and their professor. The bulk of the document then defines risk and return, discusses different types of risk and how to adjust for risk, and strategies for managing risk such as diversification and hedging. It provides examples and formulas to illustrate concepts around expected return, risk adjustment methods, and the relationship between risk and return for different investments.
Chapter 03 - Introduction to Risk ManagementWilly BUN
This document provides an overview of risk management. It defines risk management and outlines its key objectives as identifying potential losses and selecting techniques to treat exposures. The main steps in the risk management process are identified as identifying exposures, measuring and analyzing exposures, selecting treatment techniques, and implementing a risk management program. Treatment techniques include risk control methods like avoidance, prevention and reduction, as well as risk financing methods like retention, non-insurance transfers and commercial insurance.
The document discusses residual risk and alternative risk transfer methods. It defines residual risk as the risk remaining after known risks have been mitigated or eliminated. Various risk mitigation techniques like avoidance, reduction, transfer, and acceptance are described. Insurance is provided as the primary example of risk transfer, allowing individuals and companies to transfer risks to insurers. The document also notes that insurers can transfer risks through reinsurance.
The document discusses risk and return in investments. It defines risk as the possibility of loss or variability in returns. It notes that risk and return are positively correlated, so higher risk investments like stocks generally offer higher returns than lower risk ones like bonds. It identifies two main components of risk: systematic risk that affects the overall market and unsystematic risk that is specific to a particular company. Common types of systematic risk include market risk, interest rate risk and inflation risk, while business and financial risk are examples of unsystematic risk. The document also provides examples of how to calculate expected returns, standard deviation of returns as a risk measure, and real rates of return adjusted for inflation.
Enterprise risk management involves identifying and managing risks across an organization to minimize losses and maximize opportunities. The key types of risk include strategic risk, operational risk, financial risk, compliance risk, and reputational risk. Risk management in airlines specifically analyzes hazards, strategic challenges, financial risks, and operational risks. Financial risks can be mitigated through techniques like hedging fuel costs, which is a major volatile expense for airlines.
Financial risk management is the practice of protecting economic value in a firm by using financial instruments to manage exposure to risk: operational risk, credit risk and market risk, foreign exchange risk, shape risk, volatility risk, liquidity risk, inflation risk, business risk, legal risk, reputational risk, sector risk etc. Similar to general risk management, financial risk management requires identifying its sources, measuring it, and plans to address them.
Financial risk management can be qualitative and quantitative. As a specialization of risk management, financial risk management focuses on when and how to hedge using financial instruments to manage costly exposures to risk.
Risk managers use Risk Management Information Systems (RMIS) to record, track, and analyze losses to help determine appropriate insurance deductibles and policy limits. RMIS must be tailored to individual organizations' unique risk exposures. International risk managers face additional challenges like foreign currency fluctuations, political risks, and varying insurance regulations between countries. They try to develop global insurance programs using local admitted insurers supplemented by international policies. Financial risks also require management through hedging strategies like options, futures, forwards, and swaps.
Risk management allows firms to increase value by reducing costs of financial distress, utilizing comparative advantages in hedging, minimizing negative tax effects of volatile earnings, and reducing borrowing costs. It also allows firms to avoid activities that give rise to risk, take actions to reduce the probability and magnitude of losses from adverse events, and transfer risks to other parties through insurance or derivatives. However, risk management may not be fully effective at preventing market disruptions or financial fraud due to failures of corporate governance, complex trading strategies, and risk simply being transferred rather than reduced on an economic level.
This document discusses risk and return in the context of a group assignment for a project cost accounting and financial management course. It begins by listing the names of the 8 students in the group and their professor. The bulk of the document then defines risk and return, discusses different types of risk and how to adjust for risk, and strategies for managing risk such as diversification and hedging. It provides examples and formulas to illustrate concepts around expected return, risk adjustment methods, and the relationship between risk and return for different investments.
Chapter 03 - Introduction to Risk ManagementWilly BUN
This document provides an overview of risk management. It defines risk management and outlines its key objectives as identifying potential losses and selecting techniques to treat exposures. The main steps in the risk management process are identified as identifying exposures, measuring and analyzing exposures, selecting treatment techniques, and implementing a risk management program. Treatment techniques include risk control methods like avoidance, prevention and reduction, as well as risk financing methods like retention, non-insurance transfers and commercial insurance.
The document discusses residual risk and alternative risk transfer methods. It defines residual risk as the risk remaining after known risks have been mitigated or eliminated. Various risk mitigation techniques like avoidance, reduction, transfer, and acceptance are described. Insurance is provided as the primary example of risk transfer, allowing individuals and companies to transfer risks to insurers. The document also notes that insurers can transfer risks through reinsurance.
The document discusses risk and return in investments. It defines risk as the possibility of loss or variability in returns. It notes that risk and return are positively correlated, so higher risk investments like stocks generally offer higher returns than lower risk ones like bonds. It identifies two main components of risk: systematic risk that affects the overall market and unsystematic risk that is specific to a particular company. Common types of systematic risk include market risk, interest rate risk and inflation risk, while business and financial risk are examples of unsystematic risk. The document also provides examples of how to calculate expected returns, standard deviation of returns as a risk measure, and real rates of return adjusted for inflation.
Enterprise risk management involves identifying and managing risks across an organization to minimize losses and maximize opportunities. The key types of risk include strategic risk, operational risk, financial risk, compliance risk, and reputational risk. Risk management in airlines specifically analyzes hazards, strategic challenges, financial risks, and operational risks. Financial risks can be mitigated through techniques like hedging fuel costs, which is a major volatile expense for airlines.
Risk Management reference to General Insurance with complete explanation.Sagar Garg
This document discusses risk management and its objectives and process. Risk management involves identifying potential losses an organization faces, evaluating the likelihood and severity of those losses, and examining methods to handle risks. The objectives of risk management are to help an organization progress toward its goals efficiently and effectively. Risk management methods include risk control techniques like avoidance, prevention and reduction of losses, as well as risk financing options like retention, insurance and contractual transfer of risk to another party. The overall process involves identifying risks, evaluating them, selecting risk management techniques, and implementing a risk management program.
The more I understand IFRS17, the more I realize how vital it is to have a comprehensive Enterprise Risk (ERM) Regime in place as half of IFRS17 Compliance is already met by insurers with robust ERM Regimes in place that already tackles the key quantitative and qualitative risks facing the insurer. I've been working intensively on ERM since 2013 and while ERM was adopted due to pressure from regional regulators and best practices, still I feel that risk regime in many insurers is just kept to fill the stomach of the file cabinets and not taken as an active part of management decision making. Hence, it is good to see ERM gain in importance due to IFRS17 compliance with a deadline arriving soon in 1.25 years as at 1st Jan 2023.
In this 73 slides presentation we briefly describe 1) pricing how it is done in an insurance company and its various risks 2) ERM 3) Risk Registers 4) capital modeling 5) stress testing 6) reverse stress testing 7) cat and pandemic modeling 9) tangential reference to health insurance given as application 10) structural understanding of market cycles and so on.
This presentation provides a four-step process to help risk managers evaluate an organization's insurance program strategy. The steps include: (1) creating an insurable risks matrix to categorize insurable and non-insurable risks, (2) analyzing a loss register to identify frequent and under-utilized insurances, (3) calculating a loss ratio to assess performance against benchmarks, and (4) using a risk transfer strategy code to determine options like eliminating, reducing, consolidating or creating insurance policies. The analysis of these steps can guide risk managers in adapting an insurance program to an organization's true risk profile.
This document provides information about the Certified in Finance (CFR) certification program from the American Academy of Finance Management (AAFM). It includes the table of contents, descriptions of financial risk management functions and objectives, and the syllabus for the Finance Risk Management certification. The syllabus covers topics like interest rate risk, foreign exchange risk, liquidity risk, and risk measurement. It also provides background on AAFM, its board of standards, and international recognition.
Financial risk management involves identifying risks, measuring them, and developing plans to address risks, particularly credit risk and market risk. It focuses on when and how to hedge risks using financial instruments. Common risk management techniques across financial firms include independent risk assessments, controls on risk taking, and hedging risks with derivatives or reinsurance. While techniques are similar, firms focus more on risks dominant in their primary business lines, with commercial banks most concerned with credit and funding risks, securities firms with market risk, and insurers with ensuring adequate technical provisions.
Types and Sources of Risk
There are two main types of risk: systematic risk which cannot be eliminated through diversification and includes risks like interest rate changes, and unsystematic risk which is specific to individual assets and can be reduced through diversification like employee strikes. Risk comes from various sources including business risk which depends on a company's industry and management, liquidity risk which is an asset's ability to be sold for cash, and market risk which is volatility in stock prices. A strong risk management framework includes identifying and classifying risks, governance with a risk leader, policies and standards, and tools for monitoring risks.
This document discusses the relationship between risk and return in investments. It outlines that total risk is made up of systematic risk, which cannot be eliminated through diversification, and unsystematic risk, which can be eliminated through diversification. Systematic risks include market risks, inflation risks, and interest rate risks. Unsystematic risks are specific to individual firms. The document also discusses risk aversion and how historical returns show investors are generally risk averse, seeking to maximize returns while minimizing risk. It defines the components of investment returns as yield from income and capital gains from price appreciation.
This document discusses various types of risks including:
- Market risk, strategic risk, sales risk, management risk, and budget risk as types of business risks.
- Systematic risk and unsystematic risk.
- Inflation risk, exchange rate risk, interest rate risk, liquidity risk, maturity risk, credit risk, and political risk.
It provides definitions and explanations of these risks. The document also outlines a process for risk management including identifying risks, analyzing them, ranking them, and developing contingency plans for high probability/high impact risks.
It has become increasingly important for companies to
use sophisticated analytics as the basis for risk-financing
decisions. Marsh Global Analytics (MGA) helps our
clients make these decisions, using award-winning tools,
cutting-edge technology, and quantitative risk
management expertise developed over decades of
experience. MGA Risk Economics provides clients with
risk-financing optimization (RFO), which allows
companies to structure insurance programs in the most
economically efficient manner, while also meeting the
risk-tolerance goals of the organization as a whole.
Gaining Greater Control Over Commodity Planning & Procurement for ManufacturersEka Software Solutions
Consumer Product (CP) and Industrial Manufacturing companies face significant challenges with commodity sourcing and procurement.
Unprecedented volatility in raw material prices is putting extraordinary pressure on forecasts and earnings for companies in the CP, food and beverage, and manufacturing industries.
In this webinar, industry expert Thad Malit, Deloitte, and Eka discuss how to:
- Eliminate the monthly “Spreadsheet Olympics"
- Manage budgets, forecasts, and coverage in real-time
- Run scenario analysis to optimize decision making
Download webinar recording: http://info.ekaplus.com/commodity-planning-procurement-webinar
Financial risk management involves identifying risks facing a business, determining an appropriate risk tolerance, and implementing strategies to manage risks. There are three main sources of financial risk: changes in market prices, actions of other organizations, and internal failures. The risk management process assesses financial risks and develops consistent strategies using tools like hedging, diversification, and derivatives. Key factors that impact financial rates and prices include expected inflation, economic conditions, monetary policy, foreign demand, and political stability.
The document discusses risk management processes and guidelines. It describes identifying risks, assessing their frequency and severity, developing risk management solutions through cost-benefit analysis, implementing solutions, and evaluating results. It also discusses using risk maps to visually compare risk management alternatives and how one firm maps credit risk by frequency and loss amount. Common guidelines include creating risk management policies and communicating with all organization levels.
This document discusses the concepts of risk and uncertainty. It defines risk as the probability that actual results will differ from expected results. There are two main categories of risk: systematic risk which stems from external market factors, and unsystematic risk which is specific to individual assets. Several types of risk are listed such as political risk, interest rate risk, and operational risk. The document also discusses uncertainty in projects and programs, risk attitudes, attributes of project risk, and differences between static and dynamic risks and speculative versus pure risks.
This document provides an introduction to risk management. It defines risk and discusses the objectives and benefits of risk management. It outlines the key steps in the risk management process, including identifying exposures, selecting treatment techniques, and implementing a risk management program. Treatment techniques include risk control strategies like loss prevention and risk financing options like retention, non-insurance transfers, and commercial insurance. An effective risk management program can help organizations achieve objectives and reduce costs.
https://rb.gy/n89u77
Describe interest rate fundamentals, the term structure of interest rates, and risk premiums. Discuss the general features,
yields, prices, ratings, popular types, and international issues of
corporate bonds. Review the legal aspects of bond financing and bond cost.
This presentation provides a comprehensive plan for implementing an enterprise risk management program. It covers the costs/benefits of an ERM program, the critical knowledge, skills and abilities of a Chief Risk Officer, a risk taxonomy for insurance firms, a hypothetical organizational structure for an electric utility, a sample risk register, and other useful information.
This document provides an overview of risk management and controlling. It defines risk and uncertainty, and describes different types of uncertainties. It then discusses risk management, focusing on the ISO 31000 standard for risk management. ISO 31000 provides principles and guidelines for managing risk effectively. The document also covers risk identification, analysis, evaluation, and treatment. It provides a business example of controlling risks in equipment delivery. Finally, it discusses financial risk and strategies for controlling market, credit, liquidity, and operational financial risks.
This document discusses risk management. It defines risk management as a systematic process to identify and evaluate potential losses and select appropriate risk treatment techniques. It outlines objectives of risk management including creating value, being integrated into organizational processes, and allowing for continual improvement. It also discusses macro-level risk analysis by governments and key principles of risk management established by ISO.
Role of Enterprise Risk Management in Risk Based CapitalSonjai Kumar, SIRM
This presentation is given in the First South Asian Actuarial Conference held in Colombo on 12th and 13th July 2017.
The presentation is on how does risk management can help in optimizing the capital requirement in the life insurance industry
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The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
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Risk Management reference to General Insurance with complete explanation.Sagar Garg
This document discusses risk management and its objectives and process. Risk management involves identifying potential losses an organization faces, evaluating the likelihood and severity of those losses, and examining methods to handle risks. The objectives of risk management are to help an organization progress toward its goals efficiently and effectively. Risk management methods include risk control techniques like avoidance, prevention and reduction of losses, as well as risk financing options like retention, insurance and contractual transfer of risk to another party. The overall process involves identifying risks, evaluating them, selecting risk management techniques, and implementing a risk management program.
The more I understand IFRS17, the more I realize how vital it is to have a comprehensive Enterprise Risk (ERM) Regime in place as half of IFRS17 Compliance is already met by insurers with robust ERM Regimes in place that already tackles the key quantitative and qualitative risks facing the insurer. I've been working intensively on ERM since 2013 and while ERM was adopted due to pressure from regional regulators and best practices, still I feel that risk regime in many insurers is just kept to fill the stomach of the file cabinets and not taken as an active part of management decision making. Hence, it is good to see ERM gain in importance due to IFRS17 compliance with a deadline arriving soon in 1.25 years as at 1st Jan 2023.
In this 73 slides presentation we briefly describe 1) pricing how it is done in an insurance company and its various risks 2) ERM 3) Risk Registers 4) capital modeling 5) stress testing 6) reverse stress testing 7) cat and pandemic modeling 9) tangential reference to health insurance given as application 10) structural understanding of market cycles and so on.
This presentation provides a four-step process to help risk managers evaluate an organization's insurance program strategy. The steps include: (1) creating an insurable risks matrix to categorize insurable and non-insurable risks, (2) analyzing a loss register to identify frequent and under-utilized insurances, (3) calculating a loss ratio to assess performance against benchmarks, and (4) using a risk transfer strategy code to determine options like eliminating, reducing, consolidating or creating insurance policies. The analysis of these steps can guide risk managers in adapting an insurance program to an organization's true risk profile.
This document provides information about the Certified in Finance (CFR) certification program from the American Academy of Finance Management (AAFM). It includes the table of contents, descriptions of financial risk management functions and objectives, and the syllabus for the Finance Risk Management certification. The syllabus covers topics like interest rate risk, foreign exchange risk, liquidity risk, and risk measurement. It also provides background on AAFM, its board of standards, and international recognition.
Financial risk management involves identifying risks, measuring them, and developing plans to address risks, particularly credit risk and market risk. It focuses on when and how to hedge risks using financial instruments. Common risk management techniques across financial firms include independent risk assessments, controls on risk taking, and hedging risks with derivatives or reinsurance. While techniques are similar, firms focus more on risks dominant in their primary business lines, with commercial banks most concerned with credit and funding risks, securities firms with market risk, and insurers with ensuring adequate technical provisions.
Types and Sources of Risk
There are two main types of risk: systematic risk which cannot be eliminated through diversification and includes risks like interest rate changes, and unsystematic risk which is specific to individual assets and can be reduced through diversification like employee strikes. Risk comes from various sources including business risk which depends on a company's industry and management, liquidity risk which is an asset's ability to be sold for cash, and market risk which is volatility in stock prices. A strong risk management framework includes identifying and classifying risks, governance with a risk leader, policies and standards, and tools for monitoring risks.
This document discusses the relationship between risk and return in investments. It outlines that total risk is made up of systematic risk, which cannot be eliminated through diversification, and unsystematic risk, which can be eliminated through diversification. Systematic risks include market risks, inflation risks, and interest rate risks. Unsystematic risks are specific to individual firms. The document also discusses risk aversion and how historical returns show investors are generally risk averse, seeking to maximize returns while minimizing risk. It defines the components of investment returns as yield from income and capital gains from price appreciation.
This document discusses various types of risks including:
- Market risk, strategic risk, sales risk, management risk, and budget risk as types of business risks.
- Systematic risk and unsystematic risk.
- Inflation risk, exchange rate risk, interest rate risk, liquidity risk, maturity risk, credit risk, and political risk.
It provides definitions and explanations of these risks. The document also outlines a process for risk management including identifying risks, analyzing them, ranking them, and developing contingency plans for high probability/high impact risks.
It has become increasingly important for companies to
use sophisticated analytics as the basis for risk-financing
decisions. Marsh Global Analytics (MGA) helps our
clients make these decisions, using award-winning tools,
cutting-edge technology, and quantitative risk
management expertise developed over decades of
experience. MGA Risk Economics provides clients with
risk-financing optimization (RFO), which allows
companies to structure insurance programs in the most
economically efficient manner, while also meeting the
risk-tolerance goals of the organization as a whole.
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Consumer Product (CP) and Industrial Manufacturing companies face significant challenges with commodity sourcing and procurement.
Unprecedented volatility in raw material prices is putting extraordinary pressure on forecasts and earnings for companies in the CP, food and beverage, and manufacturing industries.
In this webinar, industry expert Thad Malit, Deloitte, and Eka discuss how to:
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- Manage budgets, forecasts, and coverage in real-time
- Run scenario analysis to optimize decision making
Download webinar recording: http://info.ekaplus.com/commodity-planning-procurement-webinar
Financial risk management involves identifying risks facing a business, determining an appropriate risk tolerance, and implementing strategies to manage risks. There are three main sources of financial risk: changes in market prices, actions of other organizations, and internal failures. The risk management process assesses financial risks and develops consistent strategies using tools like hedging, diversification, and derivatives. Key factors that impact financial rates and prices include expected inflation, economic conditions, monetary policy, foreign demand, and political stability.
The document discusses risk management processes and guidelines. It describes identifying risks, assessing their frequency and severity, developing risk management solutions through cost-benefit analysis, implementing solutions, and evaluating results. It also discusses using risk maps to visually compare risk management alternatives and how one firm maps credit risk by frequency and loss amount. Common guidelines include creating risk management policies and communicating with all organization levels.
This document discusses the concepts of risk and uncertainty. It defines risk as the probability that actual results will differ from expected results. There are two main categories of risk: systematic risk which stems from external market factors, and unsystematic risk which is specific to individual assets. Several types of risk are listed such as political risk, interest rate risk, and operational risk. The document also discusses uncertainty in projects and programs, risk attitudes, attributes of project risk, and differences between static and dynamic risks and speculative versus pure risks.
This document provides an introduction to risk management. It defines risk and discusses the objectives and benefits of risk management. It outlines the key steps in the risk management process, including identifying exposures, selecting treatment techniques, and implementing a risk management program. Treatment techniques include risk control strategies like loss prevention and risk financing options like retention, non-insurance transfers, and commercial insurance. An effective risk management program can help organizations achieve objectives and reduce costs.
https://rb.gy/n89u77
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corporate bonds. Review the legal aspects of bond financing and bond cost.
This presentation provides a comprehensive plan for implementing an enterprise risk management program. It covers the costs/benefits of an ERM program, the critical knowledge, skills and abilities of a Chief Risk Officer, a risk taxonomy for insurance firms, a hypothetical organizational structure for an electric utility, a sample risk register, and other useful information.
This document provides an overview of risk management and controlling. It defines risk and uncertainty, and describes different types of uncertainties. It then discusses risk management, focusing on the ISO 31000 standard for risk management. ISO 31000 provides principles and guidelines for managing risk effectively. The document also covers risk identification, analysis, evaluation, and treatment. It provides a business example of controlling risks in equipment delivery. Finally, it discusses financial risk and strategies for controlling market, credit, liquidity, and operational financial risks.
This document discusses risk management. It defines risk management as a systematic process to identify and evaluate potential losses and select appropriate risk treatment techniques. It outlines objectives of risk management including creating value, being integrated into organizational processes, and allowing for continual improvement. It also discusses macro-level risk analysis by governments and key principles of risk management established by ISO.
Role of Enterprise Risk Management in Risk Based CapitalSonjai Kumar, SIRM
This presentation is given in the First South Asian Actuarial Conference held in Colombo on 12th and 13th July 2017.
The presentation is on how does risk management can help in optimizing the capital requirement in the life insurance industry
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2. Agenda
• Enterprise Risk Management
• Insurance Market Dynamics
• Loss Forecasting
• Financial Analysis in Risk Management
Decision Making
• Other Risk Management Tools
3. Enterprise Risk Management
• Today, the risk manager:
– Is involved with more than simply purchasing
insurance
– Considers both pure and speculative financial
risks
– Considers all risks across the organization and
the strategic implications of the risks
4. Enterprise Risk Management
(Continued)
• Financial Risk Management refers to the
identification, analysis, and treatment of
speculative financial risks:
– Commodity price risk
– Interest rate risk
– Currency exchange rate risk
• Financial risks can be managed with
capital market instruments
5. Exhibit 4.1: Hedging a Commodity Price
Risk Using Futures Contracts
• A corn grower estimates in May that he will
harvest 20,000 bushels of corn by
December.
– The price on futures contracts for December
corn is $4.90 per bushel.
– Corn futures contracts are traded in 5000
bushel units
• How can he hedge the risk that the price of
corn will be lower at harvest time?
6. Exhibit 4.1: Hedging a Commodity Price
Risk Using Futures Contracts (Continued)
• He would sell four contracts in May totaling
20,000 bushels in the futures market.
– 20,000 x $4.90 = $98,000
• In December, he would buy four contracts
to offset his futures position.
– If the market price of corn drops to $4.50 per
bushel, cost is 20,000 x $4.50 = 90,000
– If the market price of corn increases to $5.00
per bushel, cost is 20,000 x $5.00 = $100,000
7. Exhibit 4.1: Hedging a Commodity Price
Risk Using Futures Contracts (Continued)
• Note: it doesn’t matter whether the price of corn
has increased or decreased by December.
If Price is $4.50 in December:
Revenue from sale $90,000
Sale of four contracts at $4.90 in May $98,000
Purchase of four contracts at $4.50 in December $90,000
Gain on futures transaction $8,000
Total revenue $98,000
8. Exhibit 4.1: Hedging a Commodity Price
Risk Using Futures Contracts (Continued)
• By using futures contracts and ignoring
transaction costs, he has locked in total revenue
of $98,000.
If Price is $5.00 in December:
Revenue from sale $100,000
Sale of four contracts at $4.90 in May $98,000
Purchase of four contracts at $5.00 in December $100,000
Loss on futures transaction ($2,000)
Total revenue $98,000
9. Exhibit 4.2: Using Options to Protect
Against Stock Price Movements
• Options on stocks can be used to protect
against adverse stock price movements.
– A call option gives the owner the right to buy
100 shares of stock at a given price during a
specified period.
– A put option gives the owner the right to sell
100 shares of stock at a given price during a
specified period.
• One option strategy is to buy put options to
protect against a decline in the price of
stock that is already owned.
10. Exhibit 4.2: Using Options to Protect
Against Stock Price Movements
(Continued)
• Consider someone who owns 100 shares of
a stock priced at $43 per share.
• To reduce the risk of a price decline, he
buys a put option with a strike (exercise)
price of $40.
– If the price of the stock increases, he has lost
the purchase price of the option (called the
premium), but the stock price has increased.
11. Exhibit 4.2: Using Options to Protect
Against Stock Price Movements
(Continued)
• But what if the price of the stock declines,
say to $33 per share?
– Without the put option, the stock owner has lost
$10 ($43–$33) per share on paper.
– With the put option, he has the right to sell 100
shares at $40 per share. Thus, the option is “in
the money” by $7 per share ($40–$33),
ignoring the option premium.
12. The Changing Scope of Risk
Management
• An integrated risk management program is
a technique that combines coverage for
pure and speculative risks in the same
contract
• Some organizations have created a Chief
Risk Officer (CRO) position
– The chief risk officer is responsible for the
treatment of pure and speculative risks faced
by the organization
• A double-trigger option is a provision that
provides for payment only if two specified
losses occur
13. Enterprise Risk Management
• Enterprise Risk Management (ERM) is a
comprehensive risk management program
that addresses all risks faced by the
corporation-pure risks, speculative financial
risks, strategic risks, operational risks, and
other risks.
– Strategic risk refers to uncertainty regarding an
organization’s goals and objectives
– Operational risks develop out of business
operations, such as manufacturing
– As long as risks are not positively correlated, the
combination of these risks in a single program
reduces overall risk
14. Enterprise Risk Management
(Continued)
• Advantages of an ERM program include:
– Improved risk assessment
– Increased risk awareness
– An integrated response to the full range of risks
– Alignment of the organization’s risk tolerance
with its strategies and practices
– Fewer operational surprises and losses
– Increased competitive advantage
– Reduced earnings volatility
– Better compliance with corporate governance
guidelines
15. Enterprise Risk Management
(Continued)
• Barriers to a successful ERM program
include:
– Rigid organizational culture
– Lack of committed leadership
– Turf battles between departments over
responsibilities
– Lack of a formal process
– Lack of information sharing and transparency
– Technological deficiencies
– Lack of commitment to the design and
implementation of the program
16. The ERM Process vs. the Traditional
Risk Management Process
• Risk identification is broader under an ERM
program because additional risks are
considered
• Risk analysis may involve additional
analysis tools, e.g., catastrophe modeling
18. The ERM Process vs. the Traditional
Risk Management Process
(Continued)
• Given the wider range of risks considered,
a wider range of treatment measures are
needed
• Implementation requires a commitment to
the program and a fundamental change in
how the employees view risk
• The process is continuous and dynamic
19. Emerging Risks: Terrorism
• The risk of terrorism is not new
– Bombs and explosives
– Computer viruses and cyber attacks on data
– CRBN attacks: chemicals, radioactive material,
biological material, and nuclear material
• These risks can be addressed with risk
control measures, such as:
– Physical barriers
– Screening devices
– Computer network firewalls
20. Emerging Risks: Terrorism
(Continued)
• Congress passed the Terrorism Risk
Insurance Act (TRIA) in 2002 to create a
federal backstop for terrorism claims
– The Act was extended in 2005, and again in
2007, and again in 2015 through the Terrorism
Risk Insurance Program Reauthorization Act of
2015 (TRIPRA 2015)
• Terrorism insurance coverage is available
through standard insurance policies or
through separate, stand-alone coverage
21. Emerging Risks: Climate Change
• Losses attributable to natural catastrophes
have increased significantly in recent years
• Demographic factors, such as population
growth, also contribute to the increasing
losses
• Some insurers now provide discounts for
energy efficient buildings and premium
credits for structures with superior loss
control
22. Emerging Risks: Cyber Liability
• An organization’s electronic data is exposed
to risk of unauthorized access
• Hackers can:
– Exploit trade secrets
– Obtain customer data
– Make unauthorized purchases
– Introduce computer viruses on the
organization’s network
• Organizations can harden their networks
through greater access restrictions, data
encryption, and tougher network firewalls
23. Insurance Market Dynamics
• Decisions about whether to retain or
transfer risks are influenced by conditions
in the insurance marketplace
• The Underwriting Cycle refers to the
cyclical pattern of underwriting stringency,
premium levels, and profitability
– “Hard” market: tight standards, high
premiums, unfavorable insurance terms, more
retention
– “Soft” market: loose standards, low premiums,
favorable insurance terms, less retention
25. Exhibit 4.4 Combined Ratio for All Lines of
Property and Liability Insurance, 1956–2013*
26. Insurance Market Dynamics
(Continued)
• Many factors affect property and liability
insurance pricing and underwriting
decisions:
– Insurance industry capacity refers to the
relative level of surplus
– Surplus is the difference between an insurer’s
assets and its liabilities
– Capacity can be affected by a clash loss, which
occurs when several lines of insurance
simultaneously experience large losses
– Investment returns may be used to offset
underwriting losses, allowing insurers to set
lower premium rates
27. Insurance Market Dynamics
(Continued)
• The trend toward consolidation in the
financial services industry is continuing
– Consolidation refers to the combining of
businesses through acquisitions or mergers
– Due to mergers, the market is populated by
fewer, but larger independent insurance
organizations
– There are also fewer large national insurance
brokerages
– An insurance broker is an intermediary who
represents insurance purchasers
28. Insurance Market Dynamics
(Continued)
• The boundaries between insurance
companies and other financial institutions
have been struck down, allowing for cross-
industry consolidation
– Financial Services Modernization Act of 1999
– Some financial services companies are
diversifying their operations by expanding into
new sectors
29. Capital Market Risk-Financing
Alternatives
• Insurers are making increasing use of
capital markets to assist in financing risk
– Securitization of risk means that insurable risk is
transferred to the capital markets through
creation of a financial instrument, such as a
catastrophe bond
– An insurance option is an option that derives
value from specific insurance losses or from an
index of values (e.g., a weather option based on
temperature).
– The impact of risk securitization is an increase in
capacity for insurers and reinsurers
31. Loss Forecasting
• The risk manager can predict losses using
several different techniques:
– Probability analysis
– Regression analysis
– Forecasting based on loss distribution
• Of course, there is no guarantee that
losses will follow past loss trends
32. Loss Forecasting (Continued)
• Probability analysis: the risk manager can
assign probabilities to individual and joint
events.
– The probability of an event is equal to the
number of events likely to occur (X) divided by
the number of exposure units (N)
33. Loss Forecasting (Continued)
• Two events are considered independent events if
the occurrence of one event does not affect the
occurrence of the other event.
• Suppose the probability of a fire at plant A is 4%
and the probability of a fire at plant B is 5%.
Then,
34. Loss Forecasting (Continued)
• Two events are considered dependent events if
the occurrence of one event affects the occurrence
of the other.
• Suppose the probability of a fire at the second
plant, given that the first plant has a fire, is 40%.
Then,
35. Loss Forecasting (Continued)
• Two events are mutually exclusive if the
occurrence of one event precludes the occurrence
of the second event.
• Suppose the probability a plant is destroyed by a
fire is 2% and the probability a plant is destroyed
by a flood is 1%. Then,
36. Loss Forecasting (Continued)
• Regression analysis characterizes the
relationship between two or more variables
and then uses this characterization to
predict values of a variable
– For example, the number of physical damage
claims for a fleet of vehicles is a function of the
size of the fleet and the number of miles driven
each year
38. Loss Forecasting (Continued)
• A loss distribution is a probability distribution
of losses that could occur
– Useful for forecasting if the history of losses tends
to follow a specified distribution, and the sample
size is large
– The risk manager needs to know the parameters
of the loss distribution, such as the mean and
standard deviation
– The normal distribution is widely used for loss
forecasting
39. Financial Analysis in Risk Management
Decision Making
• The time value of money must be
considered when decisions involve cash
flows over time
– Considers the interest-earning capacity of
money
– A present value is converted to a future value
through compounding
– A future value is converted to a present value
through discounting
40. Financial Analysis in Risk
Management Decision Making
(Continued)
• Risk managers use the time value of
money when analyzing insurance bids or
making risk-control investment decisions
– Capital budgeting is a method for determining
which capital investment projects a company
should undertake.
– The net present value (NPV) is the sum of the
present values of the future cash flows minus
the cost of the project
– The internal rate of return (IRR) on a project is
the average annual rate of return provided by
investing in the project
41. Other Risk Management Tools
• A risk management information system
(RMIS) is a computerized database that
permits the risk manager to store, update,
and analyze risk management data
• A risk management intranet is a web site
with search capabilities designed for a
limited, internal audience
42. Other Risk Management Tools
(Continued)
• Predictive analytics is the analysis of data
to generate information that will help make
more informed decisions
– Insurers’ use of credit scoring is an example of
predictive analytics
• A risk map is a grid detailing the potential
frequency and severity of risks faced by
the organization
– Each risk must be analyzed before placing it on
the map
43. Other Risk Management Tools
(Continued)
• Value at risk (VAR) analysis involves
calculating the worst probable loss likely to
occur in a given time period under regular
market conditions at some level of
confidence
– The VAR is determined using historical data or
running a computer simulation
– Often applied to a portfolio of assets
– Can be used to evaluate the solvency of insurers
44. Other Risk Management Tools
(Continued)
• Catastrophe modeling is a computer-
assisted method of estimating losses that
could occur as a result of a catastrophic
event
– Model inputs include seismic data, historical
losses, and values exposed to losses (e.g.,
building characteristics)
– Models are used by insurers, brokers, and large
companies with exposure to catastrophic loss