Nematrian Reference Library

[this page | back links]

Set out below is information (held by the Nematrian website) on the reference you have selected

Pages on this website that contain links to this reference include ERMForPensionFundsRefs and SystemicRiskReferences8

IAA (2009)Note on Enterprise Risk Management for Capital and Solvency Purposes in the Insurance Industryhere


"It is self-evident that insurance and risk management are very closely linked. In recent years the concept of Enterprise Risk Management (ERM) has been embraced by an increasing number of insurers seeking to improve their management practices and the operating performance of their businesses. Today, ERM is increasingly regarded as an appropriate response or indeed a solution to managing risk in today’s more complex and interdependent markets and operating environments. Insurance supervisors have also played a leading role in setting standards and providing guidance to insurers on implementing appropriate frameworks for the management of risks faced by insurance companies. This Note has been developed by the IAA for insurers to support the Standards and Guidance materials developed by the International Association of Insurance Supervisors (IAIS) for supervisors. It draws on industry experience, supervisors’ supervisory practices, models and frameworks published by others and emphasizes practical considerations. The Note also seeks to help insurers assess risk framework maturity by reference to characteristics associated with different stages of development of risk management sophistication. The IAIS Standard describes eight Key Features. The Note “unpacks” each of the Key Features by explaining them in more detail, thereby assisting insurance executives address strategic and operational issues associated with implementing an ERM framework in their insurance business. The material is presented as issues to consider and information about solutions others have used rather than a prescription to follow when implementing ERM. There is no one right way; rather the appropriate approach will depend on the insurer’s particular circumstances. Appendix 8 lists Useful References that provide more information about the topics covered here."

See here to choose a new Category/Sub-Category or here for a list of all references held by the Nematrian website. Please contact us if any of the above material is inaccurate or if there are references you think should be included that we have excluded or vice-versa.
Desktop view | Switch to Mobile