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Traditional loss reserving methods that assume past loss development patterns will repeat produced initial loss estimate that were 25 percent too low for some years during the last soft market, say Guy Carpenter, arguing for the use of modern statistical approaches.

C-suite executives expect risk managers to better explain risks and solutions and become more involved and integrated in daily activities, according to a recent survey.

U.S. regulators are busy laying the foundation for modernizing solvency standards aimed at better understanding a carrier’s ability to withstand the stress of insured losses and making that reporting globally acceptable, experts say.

Solid enterprise risk management was behind one firm's recovery from the financial downturn, while another long-established outfit is just allowing the concept to percolate within its operation.

For insurers, enterprise risk management (ERM) often starts as a compliance-driven initiative.

Private companies, despite being exempt from any government mandate, must be prepared to disclose details of their ERM programs because of their dealings with public firms that must comply with SEC requirements.

Only 7 percent of risk managers rate themselves at an "advanced" level in terms of implementing their enterprise risk management programs, while over one-third are really just getting started in ERM, a survey by Aon revealed.

The ongoing financial crisis underscores the need for companies to take a sobering look at their approach to risk management.