ERM implementation is an exercise in change management.
Enterprise risk management (ERM) provides a framework for risk management by identifying and proactively addressing risks and opportunities. ERM applies broadly to all organisations; not merely to insurance companies or financial institutions.
Both definitions, provided by the Casualty Actuarial Society and the COSO approach, speak of ERM as a process. ERM is an on-going process and an organised, systematic way of managing risks.
In 1988, the Basel Committee on Banking Supervision developed the Basel Accord, which sets minimum capital standards for internationally active banks. The Accord created capital requirements for credit risk in banking assets.
Rating agencies primarily look at insurers ability to identify, monitor, manage and mitigate its risks by assessing risk culture, strategy, and models. They have increased emphasis on insurers having a fully functional ERM.
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