Enterprise Risk Management

Insurance companies exist to protect policyholders. Now more than ever, this existence requires company management to adequately determine how much risk is acceptable and operate in accordance with this risk tolerance. This can be difficult as management teams face greater regulatory and rating agency pressures. Although "Enterprise Risk Management" is a common term, understanding what an enterprise risk program looks like is not as common. A successful ERM process enables management to effectively address risks and provide reasonable assurance that the company will be able to achieve business objectives and meet obligations made to policyholders.

Ward Group provides an enterprise risk management process designed to help companies proactively deal with risks through a multi-phased approach. The combination of experience from an insurance focused operational consulting firm and a top down risk-based methodology provides a unique approach to ERM. Our program helps companies implement ERM not as an administrative burden but as a process to mitigate risk and define improvements to operational practices.

Benefits

Establishes risk tolerances and thresholds
Aligns risk program and operational strategies
Breaks down functional silos to increase entity wide communication
Multi-phased engagement aligns scope, timing and fees with company goals
Reassures Board of Directors and management with an external review
Develops a cohesive, integrated ERM framework and ongoing monitoring function
Establishes a process to address financial and nonfinancial risks
Makes risk management behaviors a natural part of business
Provides robust and extensive focus on broader ERM subjects
Enhances risk response decisions
Reduces operational surprises and related losses