There are no tools, and insurers hate it. But enterprise risk management is on the horizon
By Staff Writer|November 01, 2003 at 07:00 PM
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These days, most forward-thinking finance executives would concede that risk can no longer be assessed department by department or under the arbitrary coverage categories offered by insurers. Risks cut across business units and entire organizations. One event can often trigger simultaneous crises, and while much of the insurance industry may insist on discussing trends in terms of single-year contracts and specific areas of exposure, corporate executives in charge of risk management are starting to construct integrated risk profiles for their companies that involve far longer time horizons and buckets of risk. Conceptually, enterprise risk management (ERM) has finally arrived, even though it may be called by many other names.
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