The use of enterprise risk management will mean actuaries will have a new role as strategic risk manager, an expert told an industry conference.
Thomas Hettinger, managing director, EMB America, LLC, outlined that concept at the recent Casualty Actuarial Society annual meeting.
He explained that ERM is "explicit, organized decision-making under uncertainty," and a process of identifying risk, assessing risk, transferring risk and capitalizing on risk.
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