ERM-Qualitative Implementation Guide for Insurers

This paper provides a practical ERM implementation guide for insurance companies, from a qualitative perspective. It has been designed to meet the broad requirements of relatively large insurers that would like to implement an ERM framework that is grounded in corporate governance principles and in qualitative aspects of strategic management. ERM implementation is achieved via a 6-stage iterative process of Analysis, Risk Identification, Risk Assessment, Risk Evaluation, Risk Planning and Risk Management, each with feedback loops to ensure a robust and resilient iterative process. The authors show how these processes can be achieved efficiently and can result in robust and resilient insurer that is well positioned to face the storms and shocks that may lie ahead.