How we have helped risk managers anticipate and address the most important risks facing the business
There is no simple formula for managing risk. The insurance landscape is constantly changing and the best risk managers are continually evolving their approach in order to stay ahead.
A risk manager must protect the firm from unwanted risks but also enable bold risk taking in the right areas. There is also an ever-growing regulatory reporting burden to manage.
And then there’s the question of how the risk function fits with the rest of the business. This still differs widely from firm to firm. Who does the risk function report into? How well is strategy connected with risk and capital? What is the “risk culture” of the organisation like?
Our risk clients have diverse needs but the one thing they all want is for their business to survive and thrive in a highly competitive marketplace. They value an independent view on risk management issues and insight into best practice across the market.
Recent solutions for clients include:
- Workshops to identify, articulate and quantify drivers of risk. These bring together people from across the business and provide a solid foundation for capital modelling, expert judgements and better model use
- Development of balanced scorecards to link strategy to operations and to identify activities with the greatest potential impact on business success
- Designing key performance indicators and risk indicators to enable more effective monitoring and challenge from the risk function
- Improvements to the Own Risk and Solvency Assessment (ORSA) process to better connect strategy, risk management and capital management
- Investment strategy reviews taking into account liability profiles, strategic objectives and risk appetites
- Capital model design, build and validation: improving efficiency, making the model more useful and providing independent assurance
We also host regular roundtable events bringing together CROs and risk specialists from across the market to share experiences and opinions, and discuss the major challenges facing the industry and the risk function in particular.
With our help, our risk clients are keeping up with best practice and emerging issues, monitoring and managing risks more efficiently and providing more effective support to their boards.
How we can help
We work with insurers to help them better understand and manage the risks they face and their capital requirements.
We help our insurance clients to develop strong links between their strategy, capital management and risk management processes, improving their chances of business success.