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Corporate Regulation and Governance in Captives

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Delve into captive insurance governance matters including board attributes, board structure, and board accountability. With 30 years of insurance experience from the auditing, regulatory, and management side, Derick White, managing director of corporate governance and regulation for Strategic Risk Solutions, offers key insights into captive board governance.

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New RIMS Executive Report Guides Successful Risk Taking

Risk Statement
April 13, 2016

A formal risk appetite and risk tolerance statement can be a powerful strategic tool for not only managing risk but also for maintaining an effective balance between risk and reward, according to a just-released RIMS Executive Report. Steps to Successful Risk Taking: Developing an Effective Risk Appetite and Risk Tolerance Statement is a product of the RIMS Enterprise Risk Management (ERM) Committee with Morgan O'Rourke serving as report editor.

"In addition to providing stakeholders with a better understanding of how the organization will approach uncertainties, the risk appetite development process also promotes productive conversations that positively contribute to the organization's future," said Frank Fiorille, report author and RIMS Enterprise Risk Management Committee chairman, in a press release. "Aligning these statements with strategy has sparked a shift from organizations focusing on the impact of risk to informed risk takers."

The report also provides examples of risk appetite statements, as well as the process for developing such statements, as implemented by a manufacturer, a nonprofit, and an insurer.

The report concludes by outlining characteristics of well-defined corporate risk appetite statements, summarized as follows: 

acknowledgment of a willingness and capacity to take on risk; documented clearly and concisely; communicated at all appropriate levels of the organization; representative of key aspects of the business; reflective of strategy, organizational objectives, business plans, and stakeholder expectations; inclusive of a tolerance for quantifiable loss; understood and backed by the board; and periodically reviewed and revised based on evolving industry trends and market conditions.

The RIMS Executive Report is available for free from the RIMS Risk Knowledge library. RIMS, the Risk Management Society™, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable, and government entities.

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