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After the increasing capital requirements of funding catastrophes raised the risk to its balance sheet, USAA, the San Antonio, Texas-based financial services provider and the largest provider of property/casualty and life insurance products to the military, realized that although it was highly competent in risk management, the company had not holistically managed its total risk profile in an integrated fashion. “There were increasing expectations of risk governance at the board level, escalating expectations by regulators for rigorous risk management practices and the growing unpredictability of extreme events like natural disasters and economic downturns,” explains Chris Mandel, USAA’s assistant vice president of ERM. “There was a general recognition that there were more sophisticated ways to manage risk and compete more effectively in our markets.”

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