Transcription of Managing Emerging Risks - An Oxymoron b-w …
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Managing Emerging Risks - An Oxymoron b-w …
2/22/20111 Beverly Barney, FSA, MAAA, CERAThe Prudential Insurance Company of AmericaMarch 16, 2011 Managing Emerging Risks ---An Oxymoron ?Agenda Emerging Risk Definition Emerging Risk management Basics Active Risk management Quarterly ReportsQyp Leading Indicators from the 2010 Survey Challenges and Next Steps2 Emerging Risk Definition A condition, situation or trend that could significantly impact the Company s financial strength, competitive position or reputation within the next 5 years. Emerging Risks involve a high degree of uncertainty. It is unclear where an Emerging risk will land on the loss of LossExpected LossUnexpected LossStress LossCovered by standard business stress the system but standard business continuation practices should stress the system; outside of normal coping Risk management Basics Objective: To establish a forward looking, comprehensive framework to manage Emerging Risks that could, at some point in the future; impair the Company s financial strength, competitive position or reputation.
2/22/2011 3 Active Risk Management (cont’d) • Quarterly information is subsequently provided: – Has anything happened during the quarter regarding this risk?
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