1. Enterprise Risk Management for Insurance Companies by George Orros Chief Executive, Universal Health Consultants

2. 2 Enterprise Risk Management – a definition “ERM is a systematic process, embedded in a company’s system of internal control (spanning all business activity), to satisfy policies effected by its board of directors, aimed at fulfilling its business objectives and safeguarding both the shareholder’s investment and the company’s assets. The purpose of this process is to manage and effectively control risk appropriately (without stifling entrepreneurial endeavour) within the company’s overall risk appetite. The process reflects the nature of risk, which does not respect artificial departmental boundaries and manages the interdependencies between the risks. Additionally, the process is accomplished through regular reviews, which are modified when necessary to reflect the continually evolving business environment.”

3. 3 Corporate Governance – Chairman & Managing Director roles

4. 4 Corporate Governance – a simplified learning organisation ter

5. 5 Corporate Governance – a comprehensive learning model ter

6. 6 Corporate Governance – Risk and Opportunity Management ter

7. 7 Risk and Opportunity Management Framework

8. 8 Stages in the Enterprise Risk Management process

9. 9 IDEFO Process Management IDEFO (Integration Definition for Function Modelling)

10. 10 ERM Process - Stage 1: Analysis

11. 11 ERM Process – Stage 2: Risk Identification

12. 12 ERM Process – Stage 3: Risk Assessment

13. 13 ERM Process – Stage 4: Risk Evaluation

14. 14 ERM Process – Stage 5: Risk Planning

15. 15 ERM Process – Stage 6: Risk Management

16. 16 ERM – External and Internal Sources of Risk

17. 17 ERM implementation should include causal risk mapping....

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20. 20 Low Risk High Risk

21. 21 Risks of Relying on the Unconditional Benefits of Past Experience Consider the following pearls of wisdom that were allegedly voiced by a famous ship’s captain: “But in all my experience, I have never been involved in any accident … of any sort worth speaking about. I have seen but one vessel in distress in all my years at sea. I never saw a wreck and never have been wrecked nor was I ever in any predicament that threatened to end in disaster of any sort”. Source: Captain E.J. Smith (1907)

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23. 23 The problem of extrapolating too much from past events

24. 24 The problem of inductive knowledge

25. 25 Risk response strategies for unexpected events