RMI 4597 Lecture Notes - Lecture 1: Cash Flow, Organized Crime, Solvency Ii Directive 2009
11 Apr 2017
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Variation of actual outcome from expected outcome. C)aggregate [specific excess of loss (vertical)/policy year aggregate/stop loss (horizontal)] C)risk finance [transfer (financial and contractual) and retention] 5. feasibility of risk management techniques -- implement and manage. Erm is the process of coordinated risk management that places a greater emphasis on cooperation among departments to manage the organization"s full range of risks as a whole. Erm offers a framework for effectively managing uncertainty, responding to risk and harnessing opportunities as they arise (soa) Unlike previous risk management practices, the concept of erm embodies the notion that risk analysis cuts across the entire organization. The goal of erm is to better understand the shock resistance of the enterprise to its key risks and to better manage enterprise risk exposure to the level desired by senior management. Events are statistically independent if the p of one event does not affect the p of a second event occurring .
