When we look at the risk strategy our business is trying to deliver we see a forest of multiple factors which depend on other factors, which in turn interact with others. It is hard to ‘see the wood for the trees’ and make sense of it all. Insurance companies are moving into a regulatory regime which requires an ‘Own Risk and Solvency Assessment’ (ORSA) exercise – a formal assessment of the risks they face, the resources available to meet them and clear communication about how they intend to manage them.
Risk management is an evolving discipline – historically more about hazard avoidance and mitigation but increasingly about insights into business performance and resilience. So how should one go about trying to unearth the uncertainties inherent in a modern insurance company and make sense of them?
Modern risk strategy is hard, primarily because modern business is complex.
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