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3 Cards in this Set
- Front
- Back
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Define ERM |
Process of systematically and comprehensively identifying critical risks, quantifying their impacts and implementing integrated strategies to maximize enterprise value |
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Four aspects of ERM |
A regular process, not just a one time event; should be considered on an enterprise basis; focus on risks that have a significant impact to the value of a firm; must be quantified as much as possible. The impact of each risk should be calculated |
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Describe four risks that insurers face |
Insurance hazard risk → risk assumed by insurer in exchange for a premium.consists of underwriting risk, accumulation /cat risk, and reserve risk. Assert - risk in insurer portfolios. Operational risk and strategies risks. |
