Enterprise Risk Management. Assurity Life Insurance Company KCAC Seminar Kansas City, MO June 24, 2009. Assurity Life Insurance Company Background. Mutual Holding Company structure Merger of 3 companies: Woodmen Accident and Life, Security Financial Life and Lincoln Direct Life
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Assurity Life Insurance Company
Kansas City, MO
June 24, 2009
Development of Assurity Life risk and opportunity map, monitoring, and reporting tool…
Risk Decomposition monitoring, and reporting tool…
Risk Management monitoring, and reporting tool…
The Risk Intelligent Enterprise Maturity Model monitoring, and reporting tool…
How capable is your company today? How capable does it need to be?
Every industry, company and division is probably at a different stage of development.
Where should they be and how do they get there?
Built into decision-making
Conformance with enterprise risk management processes is incentivized
Intelligent risk taking
“Risk management is everyone’s job”
Integrated response to adverse events
Performance linked metrics
Cultural transformation underway
Tone set at the top
Policies, procedures, risk authorities defined and communicated
Reaction to adverse events by specialists
Discrete roles established for small set of risks
Typically finance, insurance, compliance
Ad-hoc/chaotic; depends primarily on individual heroics, capabilities and verbal wisdom
1. Tribal & Heroic
2. Specialist Silos
5. Risk Intelligent