Whether or not faulty enterprise risk management systems were responsible for failures in the financial sector is being hotly debated, but most in the risk management profession agree that with some tweaking, ERM is here to stay. In fact, some contend the economic meltdown only proves how valuable the concept will be–if performed correctly and if given the proper support.
Indeed, one leading consultant says ERM–being a more complex game like chess–is still relatively new to the risk management world, contending that more time is needed for the approach to evolve, develop best practices and take hold.
Not all are so forgiving. In a recent speech, Robert P. Hartwig, president of the Insurance Information Institute in New York, declared that “the financial crisis is the result of a failure of risk management in the banking and securities markets on a colossal scale.”
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
