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Risk management hub

Category 1 of 12 – What is risk management

The profession’s Risk Management Board is developing a ‘Risk Management Hub’ for its risk management community in order to centralise high quality risk management knowledge in one place. 

This first section of the Risk Management Hub is an introduction.

You will be able to find everything you need to gain an initial grounding in the discipline, and to be able to answer the question: “What is Risk Management?”. Below you’ll find a curated collection of materials designed to help you gain:  

  • A view of the scale of ERM
  • An understanding of how it is implemented in practice
  • How it needs to develop to be of interest to actuaries
  • How actuaries can contribute to the usefulness of the discipline.

Does ERM make for better business? Does it justify the spend?

Enterprise Risk Management or ERM has been around for about fifteen years. Over that time, it emerges as a management discipline, as these papers demonstrate. Yet the final paper, albeit dates, highlights a lack of rigour that might worry the more theoretical.

The two articles bring in human aspects of risk management. The first summarises important human factors, the second (John Kay is always worth reading) describes how previous risk modelling approaches may have missed the point about risk.

All of which is ably consolidated in Douglas Hubbard’s The Failure of Risk Management. Douglas is very kind about actuaries in risk management. He is also scientific in his puncturing of many common risk management tools and techniques.

Please do email risk@actuaries.com with your views on the material chosen, or suggest better material. 

Papers

Articles

Books

The Failure of Risk Management: why it’s broken and how to fix it, by Douglas Hubbard, 2nd edition, 2020.
(Access eBook after member login to IFoA eLibrary via OpenAthens)

IFoA Library also holds 1st edition, 2009: (Access eBook after member login to IFoA eLibrary via OpenAthens).
 

 

External Bodies

External Material

COSO Enterprise Risk Management – Integrating with Strategy and Performance

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Events calendar

  • Spaces available

    A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.

    This event is part of The Road to Glasgow: IFoA’s Sustainability Thought Leadership Series which will provide a platform for prominent contributors so that our members and others can understand the perspectives of a wide range of parties interested in the climate debate.

  • Spaces available

    Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.

  • Spaces available

    How governments and societies collectively respond to the climate crisis is increasingly being analysed through the lens of intergenerational fairness. Our expert panel will assess and explore the extent to which inter-generous fairness is being considered in climate policies, the lessons from those countries who are leading the way on fairness and justice in climate interventions, and more.

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Spaces available

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.