Top Enterprise Risk Management Misconceptions

When it comes to Enterprise Risk Management (ERM), many believe the effort needed to gain buy-in, implement and manage, outweigh the potential benefits. While it can be challenging, the benefits to the organization are substantial and continue to grow as the program is refined and optimized. Perception is often reality, and there are several misconceptions about ERM that tend to dissuade insurance companies from considering this increasingly important management strategy.

5 Tips for Successful ERM Implementation

When it comes to life, business or sports the formula for success includes minimizing risk. Identifying, managing and resolving risk is essential whether selecting a career, investing in a business opportunity or choosing a new business partner. The same applies to managing risk at an insurance company.

The Fraud Continuum – Talking Embezzlement – Hiscox Revealed:

There is a widespread misunderstanding that embezzlements are large scale losses that are quickly caught and indicted. The fact is, the most damaging occurrences involve small amounts of money repeatedly filched over many years, making it difficult to detect, but that lead to large losses.

On the Audit Front: Is Your Back Door Open?

With the advance of communication and technology platforms, the competitive global environment creates the opportunity, and many times the need, for companies to explore and create other potential revenue generating or administrative support sources.

Principle-based Reserving Comes to Roost for Life Insurance Companies

Effective January 1, 2017 the long-awaited Principle-Based Reserving rules, or PBR, became a reality. PBR had its birth in 2009 with the National Association of Insurance Commissioners (NAIC) adoption of the Standard Valuation Law (SVL), which subsequently developed the Valuation Manual.

12 Days of SSAP (Appendix A-791, Life and Health Reinsurance Agreements)

Appendix A-791, Life and health Reinsurance Agreements, was revised to contain provisions which provide that a reinsurance agreement constitutes the entire agreement between the parties with respect to the business being reinsured and that there are no understandings between the parties other than as expressed in the agreement.

The Fraud Continuum

Do you consider your internal controls to be well discerned and clearly documented? Is your “internal control documentation” an accumulation of accounting step procedures in contrast to clear-cut identification of controls that reside within those step procedures?