This Enterprise Risk Management training (ERM) will provide a framework for evaluating the effectiveness of risk management based on an inventory of questions an effective ERM program should be able to answer.
Fact: “Our interest in codifying management analysis under the ERM heading coincides with increased interest by many companies to initiate their own ERM programs -- or other risk-management practices - to increase risk-adjusted returns, improve strategic judgment, and/or avoid extraordinary losses due to lawsuits, fines, operational failures, or negligence.” - Source: S&P.
Go through the first step-by-step processes of analysis of your ERM program. This presentation will provide a framework for evaluating the effectiveness of risk management based on an inventory of questions an effective ERM program should be able to answer. In addition to this, a ranking methodology will be presented to factor in the relative significance of risk.
The webinar will also highlight four major components:
In 2005, Hurricane Katrina cost insurers more than $41 billion, the largest loss event ever for the industry. The magnitude of losses eventually reported shocked many. In the wake of the disaster, ERM was a differentiating element when we reviewed insurer credit ratings. Some insurers with weaker ERM had losses that were as much as twice what they previously reported as their 'probable maximum loss'. These insurers were unable to even estimate their losses several days after the event. On the other hand, insurers with stronger ERM could quickly estimate losses that were within 25% of actual claims. (Source: S&P)
Who are the key parties involved in the ERM and governance of a firm and what are their roles?
What is the process for identifying your key risks?
How do you prioritize and track what’s most important?
How do you know if you know what you need to know?
This framework is the first step toward superior ERM ratings and will help organizations begin to implement a comprehensive risk program, through identifying, measuring, and on-going monitoring, reconciling risk, setting risk limits and arrive at the firm’s daily profile for managing risks. A comprehensive and result oriented ERM program means increased earnings and shareholder value whilst staying within the well-defined and organizationally absorbed risk tolerance.
Fact: “Our interest in codifying management analysis under the ERM heading coincides with increased interest by many companies to initiate their own ERM programs -- or other risk-management practices - to increase risk-adjusted returns, improve strategic judgment, and/or avoid extraordinary losses due to lawsuits, fines, operational failures, or negligence.” - Source: S&P.
Go through the first step-by-step processes of analysis of your ERM program. This presentation will provide a framework for evaluating the effectiveness of risk management based on an inventory of questions an effective ERM program should be able to answer. In addition to this, a ranking methodology will be presented to factor in the relative significance of risk.
The webinar will also highlight four major components:
In 2005, Hurricane Katrina cost insurers more than $41 billion, the largest loss event ever for the industry. The magnitude of losses eventually reported shocked many. In the wake of the disaster, ERM was a differentiating element when we reviewed insurer credit ratings. Some insurers with weaker ERM had losses that were as much as twice what they previously reported as their 'probable maximum loss'. These insurers were unable to even estimate their losses several days after the event. On the other hand, insurers with stronger ERM could quickly estimate losses that were within 25% of actual claims. (Source: S&P)
Who are the key parties involved in the ERM and governance of a firm and what are their roles?
What is the process for identifying your key risks?
How do you prioritize and track what’s most important?
How do you know if you know what you need to know?
This framework is the first step toward superior ERM ratings and will help organizations begin to implement a comprehensive risk program, through identifying, measuring, and on-going monitoring, reconciling risk, setting risk limits and arrive at the firm’s daily profile for managing risks. A comprehensive and result oriented ERM program means increased earnings and shareholder value whilst staying within the well-defined and organizationally absorbed risk tolerance.
Areas Covered in the seminar:
- Network governance and the groups involved in ERM.
- Questions every senior executive should be able to answer about ERM.
- Case Study: Using S&P's ERM ratings methodology (Financial vs. Non-Financial).
- How to benchmark the effectiveness of your ERM plan?.
- Case Study: Goldman Sachs CEO’s View on Risk Management.
Who Will Benefit:
This webinar will provide valuable assistance to all Risk management personnel across industries. Personnel from the following functional areas will benefit from this course:- Executive Management
- Risk Management
- Internal Audit
- Finance
- Operations
- Legal and Compliance
- Regulatory
Course Provider
David R Koenig,
