Ward Group, an insurance industry consulting firm and benchmarking services provider, has launched an enterprise risk management (ERM) process designed to help companies proactively deal with risks through a multi-phased approach.
The service is designed to merge the benefits of a top-down, risk-based methodology with control environment documentation and assessments. The program helps companies implement ERM not as an administrative burden, but as a process to mitigate risk and define improvements to operational practices, says the company.
“Enterprise risk management is an important issue, particularly in the insurance industry,” says Jeff Rieder, president of Ward Group. “Now more than ever, management must address risks and provide reasonable assurance that the company will be able to achieve business objectives and meet obligations made to the policyholder. The Ward Group Enterprise Risk Management process helps companies mitigate risk and reduce losses resulting from operational surprises.”
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