General links of interest for enterprise risk management
The following links should be of interest for those involved in enterprise risk management.
Lord Turner’s view on the current crisis:
- The Turner Review: A regulatory response to the global banking crisis [pdf]. FSA, 2009.
- Turner Review Press Conference: Speaking notes and slides for the press. Speech by Adair Turner, chairman, FSA. 18 Mar 2009.
HMT White Paper on reforming financial markets. HMT, 2009. Following on from the Turner Review.
Bank of International Settlements (BIS) statistics site . The BIS international financial statistics are a unique source of information on various elements of the global financial system.
Emerging risks. Site from the International Association of Actuarial Risk Managers (INARM).
Emerging risks survey [pdf]. Report sponsored by the joint risk management section of the Society of Actuaries, Casualty Actuarial Society and Canadian Institute of Actuaries, 2008.
Enterprise-wide risk management and the role of the chief risk officer [pdf]. Article by James Lam. ERisk, 2000.
ERM for insurance companies - adding the investor's point of view A N Hitchcox, P J M Klumpes, K W McGaughey, A D Smith and N H Taverner. Presented to the Institute of Actuaries, 25 January 2010
FSA Financial Risk Outlook [pdf]. Gives a comprehensive view of risks faced by financial institutions. FSA, 2010. Reports for earlier years are also available.
FSA insurance sector briefings:
Global financial stability report. Responding to the financial crisis and measuring systemic risks. World Economic and Financial Survey, from the International Monetary Fund, Apr 2009.
Insurance criteria: evaluating the enterprise risk management practices of insurance companies [pdf] Standard & Poors, 2005
Investigating the development of enterprise risk management in the insurance industry: an empirical study of four major European insurers [pdf]. Paper by Madhusudan Acharyya and Johnnie Johnson, 2006.
Lessons learned from the crisis (Solvency II and beyond) [pdf]. CEIOPS, 2009.
Lessons learned from the Credit and Liquidity Crunch [pdf] - Actuarial Profession Working Party, June 2009.
Practice note on enterprise risk management for capital and solvency purposes in the insurance industry [pdf] International Actuarial Association, 2008.
Review of the Differentiated Nature and Scope of Financial Regulation [pdf] Basel Committee on Banking supervision. The Joint Forum, January 2010. Report analysing key issues arising from the differentiated nature of financial regulation in the international banking, insurance, and securities sectors.
The risk landscape of the future. This publication goes beyond the discussion of individual future risks and shows that it is possible both to understand and consciously configure the risk landscape. Swiss Re, 2004.
The Risk Management Standard [pdf]. This standard is the result of work by a team drawn from the major risk management organisations in the UK: the Institute of Risk Management (IRM), the Association of Insurance and Risk Managers (AIRMIC) and the National Forum for Risk Management in the Public Sector (ALARM).
Risk Management for Defined Benefit Pension Funds
CEIOPS Financial Stability Report 2010
If you have any interesting papers or sites which you feel should be included here, please send them to Mark Symons, the manager for the ERM practice executive committee (mark.symons@actuaries.org.uk).