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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

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

CONFIDENTIAL - DO NOT DISTRIBUTE

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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slide5

Creating Value from ERMAggregating/Catalog Risk

Risk identification

Culture shift

Witch hunts

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slide6

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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slide8

Early Learnings involved

  • Research
  • Practicality
  • Communication
  • Timeliness

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slide9

Changes in the Industry by

    • COSO
    • Basel II
    • International Accounting Standards
  • Involvement with
    • CAS
    • PRMIA
    • SOA

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slide10

Integrating ERM with a parent/subsidiary involves

  • Communication
  • Clearly defined roles/ responsibilities
  • Demonstrating value added by ERM

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