Enterprise risk management — Healthcare - Private sector

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Milliman's UK practice possesses broad knowledge of enterprise risk management (ERM) and uses advanced methods to create sophisticated risk management frameworks for our clients. We have been helping insurers better understand the complete array of risks their businesses confront since this technique was first developed.

As healthcare organisations begin utilising ERM techniques, Milliman offers exceptional expertise. Industry players face tremendous non-financial risks that are difficult to define, and ERM is an invaluable method for quantifying these risks.

In today's fast-changing healthcare marketplace, companies need a thorough understanding of ERM to drive wise decision-making and keep them ahead of competitors. ERM allows healthcare organisations to see how risks in different company functions interact with each other, and how these risks combine to create a company's overall risk profile.

Our UK team works with healthcare organisations to devise robust ERM platforms. Our ERM process for these clients encompasses evaluations of the different components of insurance risk and investment portfolio risk, as well as two of the biggest intangible risks these companies face—operational and reputational risk.

Advanced techniques yield new insights

Milliman consultants use our groundbreaking methodology in performing their ERM work. Our method, CRisALIS™ (complex risk assessment, linkage identification, and simulation), creates a structured, repeatable process for assessing risk exposure, providing deep insight for stakeholders such as boards, regulators, and rating agencies. Combining techniques from both engineering and behavioral science, including in-depth interviews and actuarial calculations, CRisALIS helps identify and manage potential threats and opportunities within organisations.

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