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Governance and Risk Management in United Kingdom Insurance Companies

Author

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  • Deighton, S. P.
  • Dix, R. C.
  • Graham, J. R.
  • Skinner, J. M. E.

Abstract

For some while there has been a growing awareness from both internal and external stakeholders that the governance and risk management in United Kingdom (U.K.) insurance companies needed to be enhanced. The proposed European Union Solvency II Directive makes this very explicit and the current economic turmoil has put a much stronger emphasis on the whole process: it is being seen as the right thing to do, rather than simply a regulatory requirement. In this paper, we set out the background to and recent history of governance for U.K. insurance companies, and consider how enterprise risk management can bring together the various control frameworks needed to support that governance. Whilst no two companies are the same, and hence the solutions to these issues will vary, there are several common themes linked to successful implementation. Similarly, various barriers to success are identified, together with solutions to resolve them.

Suggested Citation

  • Deighton, S. P. & Dix, R. C. & Graham, J. R. & Skinner, J. M. E., 2009. "Governance and Risk Management in United Kingdom Insurance Companies," British Actuarial Journal, Cambridge University Press, vol. 15(3), pages 503-556, September.
    • Handle: RePEc:cup:bracjl:v:15:y:2009:i:03:p:503-556_00
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    Cited by:

    1. Madhu Acharyya & Chris Brady, 2014. "Designing an Enterprise Risk Management Curriculum for Business Studies: Insights From a Pilot Program," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(1), pages 113-136, March.
    2. Pierre-Emmanuel Thérond & Pierre Valade, 2010. "Appétence au risque : intégration au pilotage d'une société d'assurance," Post-Print hal-00593904, HAL.

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