Insurance Journal's Academy of Insurance
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Can or should agents consider themselves the insured’s “risk manager?” Can or should agents claim to provide “Enterprise Risk Management” services?
Enterprise risk management (ERM) is an entity’s use of finite resources (money, time, and talent) to accomplish business goals (progress goals) while simultaneously protecting the entity from unmanageable or unrecoverable financial harm (protection needs). ERM focuses on controlling the cost of risk associated with owning any type of property and conducting business operations. Additionally, ERM addresses every action, inaction, decision, or indecision made by an entity.
Can or should agents consider themselves the insured’s “risk manager?” Can or should agents claim to provide “Enterprise Risk Management” services? Regardless of the answers to these two questions, agents do play a key part in the overall concepts of Risk Management and Enterprise Risk Management.
Because of where agents fit into these activities, you need to understand the concepts, your role, and how it all fits together. Knowing your role helps in your conversations with the risk manager (or person charged with such duties).
Lastly, is ERM possible? We discuss the roadblocks to full implementation of ERM.
Participants in this webinar: