Although the term "enterprise risk management" has been with us for over a decade, only in the past few years--as businesses cope with the reality of operating in a post-9/11 and Sarbanes-Oxley-compliant era--has the concept evolved from "buzz terminology" to an accepted practice in the market.
ERM has been propelled into the limelight by a growing appreciation of the critical need to recognize and react to some of today's challenges and tomorrow's uncertainties. These include an expanding breadth of individual risks (and the sometimes unapparent interconnectivity), globalization, ratings agency requirements, financial disclosures and continued attention from boards of directors.
As an actuary and the chief risk officer at The Hartford Financial Services Group Inc., I have learned to appreciate the power of an effective ERM program and the opportunities that can be missed in implementation.
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