Tag Archives: Gavin Maher

Enhancing ERM frameworks based on learned lessons from COVID-19 pandemic

COVID-19 has illuminated the wide-ranging impact that emerging risks can have on insurers across the globe. It has focussed attention on a grey area that exists in recognising when an emerging risk has fully “emerged” and how it should be treated. It would seem logical that once an emerging risk is realised, its subsequent monitoring and management should fall under a pre-existing risk management framework.

In this briefing note, Milliman professionals discuss how traditional enterprise risk management (ERM) frameworks may not fully capture the complexity of an emerging risk event, and reflect on some lessons that can be learned from the COVID-19 pandemic.