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Enterprise Risk Management Session CS 6A Randy Tillis

Enterprise Risk Management Session CS 6A Randy Tillis. ERM Symposium - Chicago April 2004. Transitioning Enterprise Risk Management . Creating Value Handling Change. Creating Value from ERM A beginners perspective. A Three prong approach to ERM Dashboards Aggregate Risks

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Enterprise Risk Management Session CS 6A Randy Tillis

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  1. Enterprise Risk Management Session CS 6ARandy Tillis ERM Symposium - Chicago April 2004 CONFIDENTIAL - DO NOT DISTRIBUTE

  2. Transitioning Enterprise Risk Management Creating Value Handling Change CONFIDENTIAL - DO NOT DISTRIBUTE

  3. Creating Value from ERMA beginners perspective • A Three prong approach to ERM • Dashboards • Aggregate Risks • Reactive risk management CONFIDENTIAL - DO NOT DISTRIBUTE

  4. Creating Value from ERMDashboard • Variable Annuity changes in 2003/04 that impact the dashboard include • Market Recovery • SOP 03-01 (GAAP GMDB/IB reserving) • RBC Phase II (Statutory capital) • New Product developments (GMWB,GMAB) CONFIDENTIAL - DO NOT DISTRIBUTE

  5. Creating Value from ERMAggregating/Catalog Risk Risk identification Culture shift Witch hunts CONFIDENTIAL - DO NOT DISTRIBUTE

  6. Creating Value from ERMReactive Risk Management Examples Business Recovery Investment Advisors Parmalat 2003 Flu Deaths CONFIDENTIAL - DO NOT DISTRIBUTE

  7. Transitioning Enterprise Risk Management Handling Change CONFIDENTIAL - DO NOT DISTRIBUTE

  8. Early Learnings involved • Research • Practicality • Communication • Timeliness CONFIDENTIAL - DO NOT DISTRIBUTE

  9. Changes in the Industry by • COSO • Basel II • International Accounting Standards • Involvement with • CAS • PRMIA • SOA CONFIDENTIAL - DO NOT DISTRIBUTE

  10. Integrating ERM with a parent/subsidiary involves • Communication • Clearly defined roles/ responsibilities • Demonstrating value added by ERM CONFIDENTIAL - DO NOT DISTRIBUTE

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