Insurers like to win. Highly competitive in their markets, they are constantly looking for new techniques to get an edge over rivals, while adjusting to the rough consumer and regulatory turf. Toughening up for the future, insurers are developing enterprise risk management (ERM) programs to strengthen their operations against financial blows.
One of the key steps in developing an ERM program is creating a risk committee to advise the board of directors on strategic risks. The risk committee also helps make decisions on key issues that impact day-to-day operations. To build a champion team, sports professionals set firm goals and objectives, invest in talent, appoint dynamic leaders, and commit themselves to extended periods of intense training. Similarly, companies must take concrete steps to build a winning roster of risk experts.
What additional factors should go into the risk committee selection process? How can companies build stronger risk teams? Stealing a few plays from the “pros,” here are some ideas for kicking off a new risk committee with a running start.
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