Good risk management enhances decision making and typically involves improving risk transparency, the control environment, culture and accountability, governance, compliance and reporting.
Establishing an efficient and effective risk management framework is fundamental if insurers are to minimise (extreme) losses, reduce volatility of earnings and maximise profits.
Turn insurance risk into strategic advantage
Taking an insurance risk management approach can turn risk into strategic advantage.
Key benefits of insurance risk management
Developing insurance risk management framework can turn risks into advantages for your business. Learn how KPMG's insurance risk specialists work with clients to:
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✔︎Capture opportunity
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✔︎Enhance the management of risk
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✔︎Strengthen operations
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✔︎Improve business performance
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✔︎Reduce costs
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✔︎Position them for growth
KPMG's Insurance Risk Management services
Our team has extensive risk management and regulatory experience bringing deep practical risk insights to our clients across three different but inter-connected areas:
Enterprise Risk Management
Design and analysis of enterprise-wide risk operating models including:
- risk appetite – setting and monitoring
- risk identification and assessment
- risk mitigation
- monitoring and reporting.
Governance
Ensuring clear ownership regarding decision-making including:
- structures, oversight and committees
- roles and responsibilities
- being 'fit and proper' for specific roles.
Strategic Capital Management
Having the right amount of capital to protect for unforeseen losses including:
- capital adequacy and efficiency
- monitoring
- stress-testing and strategy.
Contact our Insurance Risk Management specialists
Our clients appreciate the balance of challenge, shaping and insight that we bring to support them, particularly our unrivalled understanding of the latest APRA requirements to ensure a value-enhancing experience.
Get in touch to find out how KPMG can help formulate your risk management approach.
