Implementing Enterprise Risk Management in Life Insurance

This paper discusses a framework for ERM with particular emphasis on the life insurance industry. The involves eight key features ranging from governance aspects to risk management policy, tolerance, own and solvency assessment, capital assessment economic supervisory basis continuity analysis. Given that industry is regulated role an important feature of framework. highlights different stages maturity starting compliance orientation highest stage linkage strategy value creation. currently somewhere in between but there are lot dijferences within Embedding significant challenge quantification capital, embedding into decision making dealing operational being some primary ones facing. Actuaries have played companies several years their skills well suited take leading roles ERM. will however require them not only possess technical also rise non-quantifiable risks, change communication senior board. combines three elements risk, value. By integrating these insurers able enhance performance at more granular level reflecting risks underlying business identifying opportunities taking create shareholder