6 March-April 2017CIOReview's circulation is audited and certified by BPA International (Audit Pending). Copyright © 2017 Valley Media, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.MARCH-APRIL, 2017Mailing AddressValley Media, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510 230 0396, F:510-894-8405March-April, 2017, Vol 03 Issue 02 Published by Valley Media, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Managing EditorPamela MorganEditorial StaffSalesAaron Pierce Ava Garcia Joshua Parker Alex D'SouzaAkanksha MinzSarah FernandesVisualizerStephen ThomasRISK MANAGEMENT SPECIALPhilip Paulphilip@insuranceciooutlook.comEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comThe insurance industry is in a state of flux--with the rapid change in regulations, disintegration of the value chain, rising competition, and changing customer needs. Incumbent insurers are becoming highly aware about the need to transform their business practices accordingly, especially in non-actuarial risk management. This has lead companies to look for greater levels of safety, acquiring innovative approaches to solvency, supervision and risk management procedures. Naturally existing in a data driven environment, insurance firms are sustaining the practice of centralizing the capture of risk and control data across operational risk, compliance, information security, and 3rd party/vendor management to assure that data is consistent and parallel to the risk management framework. Many insurance carriers have already deployed enterprise wide risk management programs and have successfully diminished the volatility of their returns and revised capital performance. The only thing to keep in mind is a proper diagnosis of the ERM system that has to be implemented with regards to its risk-appetite definitions, stress testing, or reporting capabilities. In this scenario, a Strategic Risk Management (SRM) approach plays a vital role for insurers to efficaciously deal with game-changing technologies and new competition from nontraditional sources. As a holistic framework, SRM not only manages the impending disruptive risks, but also underpins them to help climb the growth ladder and better capitalize on the resulting opportunities. It streamlines the various processes in risk management such as establishing the context, and identifying, analyzing, assessing, treating, monitoring and communicating risks to allow continuous improvement in decision making. This might sound transformational but an insurance company's transition to SRM would initiate a natural next step towards risk management maturity curve.Along with this, what is required is developing a strong risk culture and risk management strategy as a core requirement within the businesses. On that note, we present you an edition on risk management solution providers that will help your businesses detect, assess and mitigate risk efficiently, while driving value. A Strategic Risk Management CulturePamela Morgan*All Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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