Page 88 - RISK Management IC86 Ebook

Risk Management

threaten the viability of the enterprise. The primary objective
is to anticipate potential disasters that could destroy the
enterprise for the purpose of developing contingency plans to
minimize the impact of those disasters on the enterprise and
to produce the environmental monitoring that would provide
potential advance warning of the disasters. Catastrophic Risk
Management Process involves.
1. Trend analysis
2. Stress testing
3. Contingency planning
4. Active catastrophic risk management
5. Problem post mortem
6. Catastrophic risk transfer

n Risk management culture - It is the general approach of
the firm to deal with its risks. The primary objective is to
create a situation where Operational, Strategic and Catastrophic
Risk Management take place in an organization without the
direct oversight or intervention of the Risk Officer or the Risk
Committee.

Who are your stakeholders and what do they demand?

n Key stakeholders would include the board of directors and
management, employees, policyholders and stockholders.

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