Enterprise risk management session cs 6a randy tillis
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Enterprise Risk Management Session CS 6A Randy Tillis. ERM Symposium - Chicago April 2004. Transitioning Enterprise Risk Management . Creating Value Handling Change. Creating Value from ERM A beginners perspective. A Three prong approach to ERM Dashboards Aggregate Risks

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Enterprise Risk Management Session CS 6A Randy Tillis

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Enterprise risk management session cs 6a randy tillis

Enterprise Risk Management Session CS 6ARandy Tillis

ERM Symposium - Chicago

April 2004

CONFIDENTIAL - DO NOT DISTRIBUTE


Transitioning enterprise risk management

Transitioning Enterprise Risk Management

Creating Value

Handling Change

CONFIDENTIAL - DO NOT DISTRIBUTE


Creating value from erm a beginners perspective

Creating Value from ERMA beginners perspective

  • A Three prong approach to ERM

  • Dashboards

  • Aggregate Risks

  • Reactive risk management

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Creating value from erm dashboard

Creating Value from ERMDashboard

  • Variable Annuity changes in 2003/04 that impact the dashboard include

  • Market Recovery

  • SOP 03-01 (GAAP GMDB/IB reserving)

  • RBC Phase II (Statutory capital)

  • New Product developments (GMWB,GMAB)

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Enterprise risk management session cs 6a randy tillis

Creating Value from ERMAggregating/Catalog Risk

Risk identification

Culture shift

Witch hunts

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Enterprise risk management session cs 6a randy tillis

Creating Value from ERMReactive Risk Management Examples

Business Recovery

Investment Advisors

Parmalat

2003 Flu Deaths

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Transitioning enterprise risk management1

Transitioning Enterprise Risk Management

Handling Change

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Enterprise risk management session cs 6a randy tillis

  • Early Learnings involved

  • Research

  • Practicality

  • Communication

  • Timeliness

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Enterprise risk management session cs 6a randy tillis

  • Changes in the Industry by

    • COSO

    • Basel II

    • International Accounting Standards

  • Involvement with

    • CAS

    • PRMIA

    • SOA

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Enterprise risk management session cs 6a randy tillis

  • Integrating ERM with a parent/subsidiary involves

  • Communication

  • Clearly defined roles/ responsibilities

  • Demonstrating value added by ERM

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