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By GSMIweb on 22-Apr-10 02:49.
Outsourcing Decisions: Taking an ERM Approach Originally Published: July 01, 2004 Outsourcing of business processes and functions is significantly on the rise. Functions such as information technology (IT) are being outsourced often with the goal of cutting costs and maximizing profitability. In fact, business process outsourcing is expected to grow to $1.2 trillion by 2006, according to some estimates. Outsourcing of business processes is not only done by large organizations, but the extent of outsourcing by small and medium sized businesses is on the rise. Many argue that the Internet is enabling outsourcing of many business functions that formerly weren't outsourcing candidates. Analysis of outsourcing announcements by over 300 U.S. companies indicates that all types of business processes have outsourcing potential. Supply chain processes comprised the largest percentage (28%) of outsourcing arrangements followed by insurance claims processing (16%), financial services (16%), and security transaction processing. Within IT functions, hardware/software support comprised 26% of IT functions outsourced, along with network management (18%), and application development and programming (16%).
Enterprise Risk Management February 4, 2008,by Bruce Branson, PhD An enterprise risk management (ERM) program provides a framework for managing risk at your organization, and typically asks you to identify risks and opportunities relevant to your organization's objectives, assessing them their likelihood and magnitude of impact on your organization, determining your response strategy and monitoring progress. By identifying and proactively addressing risks and opportunities, your firm can protect and create value for your stakeholders, including owners, employees, customers, regulators and society overall. Despite the many benefits associated with active ERM programs, many firms have resisted ERM initiatives, citing concerns about costs, loss of focus on managing operations and lack of skilled personnel. Recent events, however, may increase external pressures on many firms to begin or expand their ERM efforts. This column discusses one important new source of external pressure on firms - Standard & Poor's (S&P) recent release of their proposal to include an evaluation of ERM practices as part of their overall credit ratings analysis of nonfinancial companies.
ERM-Benefits for Strategic Planning Originally Published: September 25, 2006 The Quarterly Journal of the EDS Agility Alliance article titled, Coming of Age: As Enterprise Risk Management Matures, So Does Its Value in Strategic Planning, emphasizes the rewards of ERM. Even though some senior managers still lack the broad perspective needed to deal with risk management issues, new tools have emerged and ERM has rapidly gained momentum. It is imperative for senior management to place ample emphasis on competition risks just as common hazard risks are already addressed on a consistent basis. Due to increased competition, stakeholder expectations, and an augmented number of helpful tools available for businesses, enterprise risk management (ERM) has gained momentum. The Committee of Sponsoring Organizations of the Treadway Commission's (COSOs) framework for ERM has generated needed assistance after continual publicity of fraudulent business activity. The RCV Framework is one tool that can assist businesses with risk management. The concept focuses on maximizing value through effective management of risks and the capital used for financing business. Since the methods of dealing with risks and corporate finance can be so different, the RCV Framework can be used to merge the language of both. Risk must be first quantified and then the analysis of how much capital and what type of capital to be used can be performed. The goal of management is to make certain the reward is greater than the capital investment.
Enterprise Risk Management and Solvency II by Andy Davies Introduction There is a great deal that the insurance sector has to come to terms with as it addresses the implications of Solvency II. There are broad general questions such as: What does it all mean? How will it be achieved and its requirements met? How much will it cost both from a capital and a monetary perspective? What resources are required? Then there is the related issue of how the International Financial Reporting Standards will fit with Solvency II. Enterprise Risk Management: Culture Is the Key Rating agencies, analysts, shareholders, and regulators are all taking more interest in capital models and enterprise risk management (ERM). Effective ERM acts as the common thread that links balance sheet strength, operating performance and business profile."1 In an ideal ERM model, the risk management group will work with the board and all employees to ensure that their organization has effective ERM. It is fair to say that the majority of companies today have some form of ERM, but it is also true that for many this is an area that needs further development. ERM is not about finding the perfect model, it is about having a strong risk- management culture which ensures that risk is understood, controlled, and effectively communicated. Effective ERM should be part of an insurance company's DNA.
European Reinsurers Implementing ERM More Often Move toward ERM could stabilize market, according to experts by Stuart Collins Europe's ultimate risk takers increasingly are using enterprise risk management techniques to reduce their own financial exposures. Reinsurers across the continent employ economic capital models, price-tracking procedures, protocols to control risk accumulation, and other ERM techniques to get a firm grasp on the risks they face, experts say. And as they are the organizations at the end of the risk-transfer process, reinsurers' drive to implement ERM is likely to have a stabilizing effect on the whole market, experts say. Several insurers and reinsurers in Europe have embraced sophisticated risk management techniques for managing their exposures, said Simon Harris, team managing director for insurance in the Europe, Middle East and Africa region for Moody's Investor Service in London. "Reinsurers were first and fastest to react to the recognition that risk management had to improve after the equity crisis of 2002, building dedicated teams of risk professionals and appointing chief risk officers," he said.
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