Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities. Opportunities discussed range from improving your product development, pricing and project management decisions to minimising your capital requirements by nurturing your diversification benefits, agreeing management actions, addressing group risk, business continuity planning and reviewing the effectiveness of your reinsurance. Each section provides steps to achieve tangible results, build up your in-house capabilities and bridge the gap between your decision makers and your specialists with their detailed insight of your risk appetite, SCR, ERM and ORSA. Working with your teams ensures that your solutions meet your needs and the knowledge doesn’t walk out the door at the end of the project.
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