Implementing ERM can be challenging because the discipline itself “has not achieved a consistent, standard approach,” says Stefan Holzberger, vice president of rating criteria and regulatory-policy development at A.M. Best.
“So depending upon which consultant you talk to, or which broker you talk to who can help companies with their ERM capabilities, there is a vast inconsistency from one approach to the next.”
Part of the inevitable reason for this is that companies are structured differently, managed differently and have very different risk tolerances, he says.
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