Governance and Risk Management

The record losses from recent insurance claims all over the world have once again highlighted the scale of the risks faced by insurers in an increasingly complex and uncertain financial, geopolitical and climatic environment.

Model outputs are clearly critical in monitoring and controlling aggregations and concentrations of risk. However, the largely unexpected gravity of the losses and resulting pressure on reinsurance programmes have once again underlined the importance of quality data, effective validation and calibration of model outputs and, not least, the sense check of underwriting experience and intuition.

The development of Enterprise-wide Risk Management (ERM) capabilities can help to protect insurers from losses, earnings surprises and reputational damage and provide a platform for strengthening governance, decision-making and regulatory compliance.

How PricewaterhouseCoopers can help you

PricewaterhouseCoopers has a local and a global network of specialists with deep skills in all aspects of risk management including policy and strategy, risk-based regulation, benchmarking, systems selection and development, enterprise-wide risk management and governance integration, and compliance.