Enterprise Risk Management (ERM) continues to gain momentum as an important issue among U.S. life insurance company senior management, and economic capital (EC) software may be the key to successful ERM.In its Life Insurance CFO Survey in 2006, the Tillinghast division of Towers Perrin, New York, focused on how life insurers approach ERM in general terms, their risk management objectives and how they define their ERM framework. The survey also analyzed companies' approaches to establishing EC-the minimum amount of capital that the firm needs to bear its risks-including planned improvements to their existing EC framework.
The survey points to internal and external pressures as reasons many companies extend their solutions beyond regulatory compliance and control to include value from risk-taking. As a result, corporate strategy and shareholder value initiatives require ERM tools and techniques that deliver a more complete business solution.
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