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Old 10-06-2019, 11:06 AM
n27 n27 is offline
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Default Beginning an ERM role

Hi all,

I am starting a new job in ERM.

Do you have any tips to share on how to be successful, and for what to expect?

I am becoming familiar with the material, since I am studying for an FSA exam that is incredibly ERM centric.

Seems like liquidity risk is the biggest focus here, am I correct to suppose this?

Thanks!
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Old 10-06-2019, 01:17 PM
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The_Polymath The_Polymath is offline
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You will likely be looking at ALL the risks that your particular company faces. Not just liquidity risk.

Additionally, liquidity risk tends to be a pretty minor risk all things considered.

So, do yiu know if you will be focusing on a specific risk at the new job? (Or is it a more generalised risk role)
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Old 10-07-2019, 11:15 AM
n27 n27 is offline
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Its general ERM. I will be looking at all the risk factors holistically.


Based on the materials in my current exam it seems there is a heavy emphasis on the liquidity risk management.
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Old 10-07-2019, 12:08 PM
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are you trying to learn your job or study for your exam?
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Old 10-07-2019, 05:11 PM
n27 n27 is offline
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are you trying to learn your job or study for your exam?
learn for my job. not the exam.
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Old 10-07-2019, 05:44 PM
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then ask your boss what are the biggest risks that your company faces (and if you're a super keener, ask the follow up question around what you can do to educate yourself on those particular risks). if they say "liquidity risk is the biggest focus", you'll have your answer. when they very likely say something else, you'll have your answer.
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Old 10-10-2019, 12:16 PM
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Quote:
Originally Posted by n27 View Post
Its general ERM. I will be looking at all the risk factors holistically.


Based on the materials in my current exam it seems there is a heavy emphasis on the liquidity risk management.
Liquidity focus may be a syllabus echo of the GFC (Bear/Lehman/QE/et al) and relevant since funding mechanics are largely the same now as then; yield curve inversion may also be insightful.

How do you define "general ERM"?
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Old 10-11-2019, 12:01 PM
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Quote:
Originally Posted by n27 View Post
Its general ERM. I will be looking at all the risk factors holistically. ...
Really? So start with all the factors that apply to any company, whether or not in insurance: capital, competition, reputation, staffing, IT failures, natural hazard, political risk, etc.

Then if you are talking about an insurance company, extend to more specific risks: pricing, claims frequency, epidemics, reinsurance, counterparty risk/collateral, reserve adequacy etc. Liquidity is often one of the lesser risks, as generally you receive premiums some time in advance of paying claims.

ERM can be a very wide field; if you want better advice you need to provide some more background.
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