Risk management systems

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Developing a robust risk management system is one of the most critical challenges that any insurer will face in implementing the changes required under Solvency II. However, successful risk management goes far beyond compliance with any regulatory regime. Each company will have its own risk culture and risk appetite and, as a result, will have its own requirements in terms of the key deliverables from its risk management system.

Our clients appreciate that we take the time to listen to their specific needs and deliver solutions tailor-made to the challenges they face. We create approaches to risk based on a solid scientific foundation and clearly communicate those actionable strategies to our clients.

We can help you with practical challenges, such as developing a robust framework for calculating the Solvency Capital Requirements on an ongoing basis, contributing to the development of the ORSA (or FLAOR) and assisting with the qualitative and quantitative aspects of articulating risk appetite. We can also assist you in embedding enterprise risk management practices into your business processes.

In our experience, many companies have adopted ERM practices, but far fewer have been able to embed those practices into their organizations to create a structured and sustainable business management process.

Milliman can assist in filling that gap and answering the ever present and growing demands of regulators, rating agencies, lenders, institutional investors and shareholders with a robust and repeatable ERM process tailored to your business needs.

Our approach is to use a phased process depending on your organization's needs, maturity level of existing ERM processes and priorities. Change can be as gradual or as swift as your organization desires. The Milliman ERM platform is modular and scalable, allowing you to expand your capabilities and increase your level of ERM maturity at a rate that works best for your organization.

In addition, our global Financial Risk Management team has hands-on experience and uses groundbreaking technology to provide sophisticated risk management services. Our hedging team provides derivatives execution, operations support and performance attribution to clients.

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