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Achieving Balance in Enterprise Risk Management Proves Good for Business

For insurers, enterprise risk management (ERM) often starts as a compliance-driven initiative.

By Michael P. Voelker | Updated on June 09, 2010

For insurers, enterprise risk management (ERM) often starts as a compliance-driven initiative. However, as companies put ERM processes in place that provide deeper insight into operations and allow organizations to improve their decision-making, they learn the best reason to implement ERM is it is good for business.

“ERM not only has validated observations of risks we face, it’s helped us identify opportunity,” says Scott McEntee, controller, Farmers Mutual Hail Insurance Company of Iowa (FMH).

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