Risk Management Best Practice

The Canadian Institute of Actuaries (CIA) has released an innovative e-booklet on ERM governance practices.

This publication, titled Enterprise Risk Management: How do we govern it?, is a collection of essays by leading risk management practitioners. The essay topics reflect a wide range of key risk governance-related themes, such as governance structures, risk culture, risk policies, risk/strategy alignment, risk capacity, risk appetite, and risk identification and measurement. This publication will be of particular interest to board members, senior management, and other key stakeholders who are actively involved in ERM governance and oversight.

As noted in the publication,

 The design of an organization’s ERM program should consider the questions presented within these essays with the ultimate goals being to establish a clear sense of the risks faced, construct a meaningful approach to managing and measuring these risks, and foster ongoing dialogue in addressing any identified gaps.

The publication includes contributions from Rahim Hirji, who serves as a member of the board of directors of GRI and Michael Stramaglia, GRI’s executive-in-residence, who are also both Fellows of the CIA.

I would like to congratulate the Canadian Institute of Actuaries, and all the contributing authors, for putting together this very thoughtful and practical example of ERM thought leadership,” said GRI’s President and CEO, Richard Nesbitt. “I think that this publication will be of real interest to all financial institutions, and I am very pleased that GRI has taken this opportunity to help make it available to our members.

The Canadian Institute of Actuaries (CIA) is the national voice of the actuarial profession in Canada.  Actuaries are risk management experts who evaluate and provide guidance on the financial implications of uncertain future events. They apply their knowledge of mathematics, finance, statistics, and risk theory to ensure the financial security of organisations and individuals.

The CIA has been a GRI member since 2011.

Download a copy  ERM-Booklet-EN-final-2.pdf