Establishing an efficient and effective risk management framework is fundamental if insurers are to minimise (extreme) losses, reduce volatility of earnings and maximise profits.
KPMG’s Enterprise Risk Management (ERM) methodology takes a structured, holistic approach to managing the uncertainties that businesses face.
How we can help
Our team has extensive risk management and regulatory experience bringing deep practical risk insights to our clients across three different but inter-connected areas:
Enterprise risk management – Design and analysis of enterprise-wide risk operating models including risk appetite (setting and monitoring), risk identification and assessment, risk mitigation and monitoring and reporting.
Governance – Ensuring clear ownership regarding decision-making including structures, oversight and committees, roles and responsibilities and being ‘fit and proper’ for specific roles.
Strategic capital management – Having the right amount of capital to protect for unforeseen losses including capital adequacy and efficiency, monitoring and stress-testing and strategy.
KPMG assists organisations to establish effective ERM practices and systems. We help them to:
- Conduct enterprise risk assessments;
- Evaluate their current risk management practices;
- Develop practical plans for attaining risk management objectives;
- Transfer risk management knowledge to where it can be most effectively used;
- Train key people in ERM philosophies and practices;
- Execute ERM programs that become powerful strategic monitoring and reporting tools;
- Make better informed decisions about risk and embed risk and control awareness into decision making processes; and
- Enhance accountability for risk at all levels of the organisation protect corporate brands and value propositions.