ERM frameworks [60]

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Bullet points include: Furore over banker’s bonuses (and loan availability). Enhanced risk management practices. Walker Review, FSA Consultation Paper 10/3 (Jan 2010) requires risk function. CEBS High Level principles For Risk Management (Feb 2010). Appointment of a CRO or equivalent. Governance and risk culture, risk appetite and tolerance, CRO and risk function, risk models and integration of risk management areas, new product approval processes. Opportunities for actuaries (and others!), e.g.  “Institutions should avoid over reliance on any specific risk methodology or model. Modelling and risk management techniques should always be tempered by expert judgement”. Wider issue of social usefulness of some recent banking innovations

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