Actuarial Aspects of ERM for Insurance Companies

The purpose of this paper is to provide assistance to actuaries or other practitioners in relation to Enterprise Risk Management (“ERM”). The objective is to assist practitioners, and to help to achieve greater consistency in relation to knowledge and awareness of various topics. The paper is wide ranging and deals with the possible components of an ERM system. The purpose of the paper is not to describe any individual element of ERM in detail but to assist in understanding the various elements of ERM and the various areas for consideration. Therefore, it is considered that the paper is more likely to be of relevance to practitioners who are assisting in the development of an ERM system or where the ERM system is at a relatively early stage of maturity.