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Enterprise Risk Management

The risk landscape is constantly changing for insurers, their customers and value chains. Faced with the increasing speed and complexity of this change, insurers need continual vigilance to assess and manage risk effectively. Our combined technology and advisory services help insurers generate value from risk as well as manage it.

Willis Towers Watson provides practical risk management solutions for the full breadth of risks faced across all sectors of the insurance market globally.

Risk management is not purely a downside consideration, preventing losses, but also an opportunity, adding value through informed strategic risk management (from optimising risk taking to risk transfer) and its use in business decisions, specifically around questions such as which risks to take, why and how much?

It is clear that risk management is only fully effective if a clear framework is properly embedded in the business and directly affects real decisions. We can deploy deep, technical skills in each type of risk. In addition, we will deploy our specialist insurance risk management and governance teams, as well as our leading-edge technology solutions, in each case ensuring they are relevant to each specific business, its risk profile, and the market environment.  

Our expertise includes dedicated analytics and modelling teams and research units that are at the forefront of promoting the understanding of existing and emerging organisational risks.

Underpinning these capabilities are market-leading risk modelling and technology tools. These help deliver deep insights in to the specific and cumulative implications of exposure to risks, including how insurers can optimize risks by seizing the opportunities or mitigation strategies, including risk transfer. Examples of the areas our technical and modelling capabilities support include:

  • Climate and catastrophe
  • Credit and market
  • Demographic, longevity and lifestyle change
  • Medical trends, including mortality and pandemics
  • Operational and technology, including data, cyber and advanced analytics
  • Conduct risk

Our solutions inform and empower risk management decisions that help shape business strategy and portfolios, foster innovation, support relationships with key stakeholders, and optimize the use of capital. Our support for risk management includes the design, implementation and effectiveness review of:

  • Risk management framework, policies and processes
  • Risk and corporate governance
  • Policies and processes
  • Risk culture
  • Risk appetite and limit frameworks
  • Management Information and reporting
  • Board and senior management education
  • Regulatory support
Risk appetite gains momentum in a changing world

Alkis Tsimaratos, Managing Director, Willis Re discusses the findings from the 2017/2018 Global Reinsurance and Risk Appetite Survey Report.

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