The implementation of an effective enterprise risk management framework is an important and complex task. We work closely with clients to develop comprehensive systems for risk management across their organizations. We help clients identify the right risk measures to bring perspective to their risk exposure, build economic capital models for internal and regulatory purposes, and put in place suitable risk mitigation.
Our global team has been at the forefront of this field since ERM first emerged in the late 1990s. We offer practical experience in quantifying all types of business risk, combining the results to form a complete picture of how risks within various parts of the organization emerge and interact with each other. Then we offer insight into how key risks might be mitigated to insure the company remains in a strong position, no matter what the future may bring.
Client example: Effective ERM faster and at lower cost
One client wanted to rapidly launch an ERM programme with a goal of seeing the benefits within a year, but the approaches offered by other consulting firms would take a year or more to implement. Within a few months, Milliman's experienced team was able to design an ERM framework that gave the client reporting and structure, with a clear roll-out plan to receive actionable data within 12 months.
Techniques from Milliman's Complexity-based Risk Analysis™ (CRisALIS™) methodology rapidly engaged the staff. The process also helped the client quickly identify which features of the risk exposure needed lower tolerance and where interactions between risks were causing unexpected results. Understandably, our work and results are unique to each client.