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Enterprise Risk Management & Actuarial Services
Enterprise Risk Management (ERM) and Actuarial roles are crucial in assessing the financial implications of risks. Actuaries specialize in evaluating the probability of future events, using mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and reserving programs. ERM, on the other hand, is a broader field that involves strategizing to manage and mitigate risk across company in various aspects such as reserving, setting risk appetite, and risk reporting as well as operational risk and credit risk modeling ensuring that the company's risk management policies and strategies are in alignment with our business objectives. The professionals help company anticipate, understand, and prepare financially for potential risks by designing and implementing effective risk management strategies to ensure business continuity
What are accountabilities of this role?
- Risk Identification: Recognize potential risks that could affect the organization, including financial, operational, strategic, and compliance-related risks.
- Risk Assessment: Evaluate the likelihood and impact of identified risks, using both qualitative and quantitative methods.
- Risk Analysis: Delve deeper into the nature of identified risks, understanding the root causes and interdependencies.
- Risk Management Strategies: Develop strategies to mitigate, transfer, accept, or avoid risks, ensuring alignment with the organization's risk appetite.
- Business Continuity Planning (BCP): Establish plans to ensure critical business functions can continue during and after a disruption.
- Testing and Maintenance: Regularly test and update BCP and risk management strategies to ensure effectiveness and relevance.
- Integration: Align risk management and business continuity processes to enhance organizational resilience.
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