Enterprise Risk Management Consulting for Insurance Carriers and MGAs
Whether it’s reinsurance, underwriting, exposure management, or claims handling, managing risk is what insurance carriers and MGAs are designed to do. But now the regulators and/or rating agencies are telling you to start practicing enterprise risk management.
You are comfortable with exposure management and reinsurance. But since true enterprise risk management goes way beyond those areas, you just don’t know where to start.
Are you feeling overwhelmed?
Do not know where to start or how to navigate?
OR you already have enterprise risk management practices, but you realize that having a compliance mindset/approach to ERM yields information that provides a limited view of the risk landscape, often leading to sentiments like:
are you tired of saying
“We started ERM years ago, and nothing has really changed”
ERM should connect risk information to strategic and mission-critical business objectives to help YOU and other company leaders gain clarity amid uncertainty…
Busy executives, or anyone for that matter, don’t need another rear-facing report to read.
What’s needed is timely and actionable information to not only understand areas of uncertainty that could derail mission critical objectives, but also what risks can be taken intelligently in pursuit of those objectives, all the while satisfying the needs of regulators, ratings agencies, and investors in a NON-bureaucratic way.
Instead of exasperation at useless reports, let’s set up enterprise risk management to be a true business enabler!
Wouldn't this be nice?
“This information has been extremely helpful in making decisions lately.”
Achieving this ideal will look different for every company based on a variety of factors, including culture, size, complexity, past experience with ERM, and more.
A few ways we can help you:
ERM Maturity Assessment
- Understand your company’s current state vs your desired future state with our proprietary assessment methodology
- Descriptive analysis across components like governance, strategy, risk practices, data management, and communication
- Know exactly the steps to take with your company’s unique roadmap to maturity
High-Level ERM Evaluation
- Understand the most important things holding back your ERM
practices - Identify gaps where value can be added immediately
- 4-week engagement to quick wins
- Pair with ERM Advisory Services for hands-on guidance from ERM experts as you execute recommendations
Quantitative Risk Assessment Practices
- Use data to measure risk…for non-math people
- Shift your risk measurements from 1-5 or High, Medium, Low
- Replace your heatmap with realistic ranges of probabilities and outcomes
- Clearly articulate the potential risk impact to your objectives
Partnership with Graeme Keith of Stochastic ApS
ERM Practices & Experience Design
- Immediately start ERM practices linked to your company’s mission and goals
- Put the business experience first while ensuring that ERM will be useful and timely
- Minimize the trial-and-error
- Tailored practices to your company’s culture, needs, size, complexity
ERM Advisory Services
- Expert guidance as you build or transform your ERM practices
- Forum for asking questions and gain more practical knowledge
- Practice for upcoming presentations and difficult conversations
- Scheduled Zoom calls and ad-hoc email access to 2 tenured ERM consultants with 24-hr response time
ERM Program Accelerator
- Establish the foundation for your objective-centric ERM Program
- Demonstrate noticeable progress toward establishing your custom ERM practices within 2 months
- Let us take the heavy lift of figuring out the nuances of ERM governance, risk rating criteria, risk appetite and tolerances, and ERM reporting
Enterprise Risk Assessment
- Understand the risks to achieving your mission-critical objectives
- Company-specific knowledge used to ask targeted questions
- Risk appetite established relative to objectives
- Risks are assessed and prioritized to narrow down focus to key risks
- See trends, patterns, gaps in risks
- Monitor risks based on business metrics
If none of these are ringing any bells, that’s okay!!
Our consulting team has deep experience at unearthing and developing unique solutions to your most urgent risk management and strategy challenges.
Click below to begin the journey of transforming ERM from a cost center to a competitive advantage and thriving in a challenging environment.
Shift your company’s ERM mindset from a documentation, compliance, and ‘risk-centric’ approach to an enabler of company success.
Efficiently finding the right risk software selection the first time
Company recognized its need for a robust risk management information system to support the maturity of its risk programs and processes, but it didn’t know where to start. This led them to engage with SDS who helped them understand their unique business requirements and ultimately find the right software the first time.
Better, risk-informed decisions with a risk appetite revamp
It was clear to company leadership that its existing risk appetite statements were inadequate, but after working with SDS, management has the metrics, limits, and thresholds directly tied to strategy and operations to make better, risk-informed decisions day-in and day-out.
Overcoming roadblocks in a dynamic environment
Company’s ERM program was unwieldy and inadequate for meeting the needs of the dynamic environment, but with bi-weekly ERM Advisory calls with SDS, the CRO and supporting ERM personnel are now able to work agilely around roadblocks, deliver value faster, and play a more direct role in the decision-making process.
How this company transformed ERM dynamics and efficiency
The stand-alone ERM program at company was barely functioning with no connection to business metrics, processes, or strategic objectives. After SDS evaluated the program, company is on the path to integrate ERM into its day-to-day business, integrating optimal resource planning and allocation, providing leadership with actionable takeaways from risk conversations, and much more.
Click below to start a conversation about how your company can instantly gain tangible value from ERM.
