The Canadian Institute of Actuaries (CIA) has released a new publication entitled Enterprise Risk Management: Managing Risks in Uncertain Times. In it, six articles discuss elements of the evolving risk management landscape for risk practitioners across industries.
The booklet contains analysis on risk disclosures, inflation risks, climate transition risk, long COVID risks for insurers and managing risks in retirement plans.
Among the articles, authors provide a scorecard to assess a company’s risk disclosures. The report also includes a data-rich look at accounting for inflation risk in property and casualty reserves, providing different scenarios for readers to consider. Climate transition risk is called an opportunity for insurers in another article (the report looks at economics, policy and consumer sentiment). And finally, the mortality and morbidity rates associated with long COVID are examined (the report also discusses groups at higher risk of having long COVID, along with the impact reinfections have and the risks for insurers), and pension governance is also discussed in an article about managing risks in small and medium-sized retirement plans.
“These are truly unprecedented times. Risks are constantly evolving, feeling at once new and yet familiar, and changes in the economic, regulatory and technological landscape, as well as in the global climate, give rise to new challenges and opportunities,” the report’s researchers write. “While some of these topics may be practice specific, the themes can generally be applied universally by all risk practitioners.”