Enterprise Risk Management Through the Business Cycle

A PRMIA Webinar Presented by David Ingram and Alice Underwood of Willis Re

August 10, 2010

11:00 am – 12:00 pm US Eastern Time

ERM was not a focus at the top of the business cycle, when record profits were being recorded. Many CROs now report that they gave clear warnings of impending problems — which were completely ignored! Now everyone talks as if ERM is very important and will be forever after.

Over the past several years some firms went through the motions of creating an ERM function to appease regulators. Others had a much more conservative risk culture and avoided both the profits and the madness of the boom. At some firms, “doubling down” after a loss was the preferred risk strategy; a great trader — a hero — was someone who had the fortitude to keep doubling down until the trade made a profit. A few firms were doing full-fledged ERM with intensive modeling, and yet were surprised when they confronted circumstances their models characterized as 1 in 10,000 year losses.

This presentation will suggest a new/old theory that explains all of those stories with ideas borrowed from Cultural Anthropology – The Theory of Plural Rationalities. This approach helps to explain firms’ risk strategies during different phases of the business cycle and perhaps indicates some drivers of the cycle itself. Finally, using these ideas, we will suggest a new approach to ERM through the business cycle that some ERM purists may hate, but the pragmatists in the audience might just love.


FEE: $25 –  Special Rate for CAS members (Casualty and Actuarial Society)

REGISTRATION: To register online, click on Register Online in the left-hand margin of this page. To be invoiced, Download Enrollment Form, and e-mail completed form to jill.fisher@prmia.org or contact Jill Fisher by phone at +1-612-216-5497.

About one week prior to the webinar, you will be sent information on how to access the webinar.

The Presenters


ABOUT THE WEBINAR

The webinar will conclude after 60 to 75 minutes.  The length of the webinar will  depend upon the number of discussion questions submitted by attendees during the webinar.

All attendees are muted and can submit questions to the presenter by typing them into the webinar software question pane.  You can access the webinar audio via your computer speakers or by toll-based telephone.

Unable to attend the live webinar? Register for the live webinar and the recording link and presentation will automatically be sent to you soon after the conclusion of the live webinar.

RECORDING: The webinar series will be recorded and available for review to all participants within one hour of each session. You will need Windows Media Player 9 or higher to view the presentation. If you are unable to attend the Live Webinar, you may register to receive the webinar recording only. The recording of this webinar will not be available until after the start of the live webinar. Contact Jill Fisher at training@prmia.org for more information on recordings.

This Webinar is a part of the Plural Rationalities and ERM project.

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Explore posts in the same categories: Cultural Theory of Risk, Enterprise Risk Management

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