Mitigating risk while it happens: ERM resources

This article originally appeared on the CIA COVID-19 Hub.

There is no better case for the widespread implementation of ERM frameworks in business than the virulence of COVID-19.   

Generally applied as an approach to mitigate risks before they happen, enterprise risk management might still find relevance as a useful function in minimizing disruption even as it occurs. 

The following resources are examples of the utility of ERM practices amid crisis: 

  1. Risks and capital models: A report from the Extreme Events Working Party – Discussion of extreme events, like those we are experiencing today.  
  2. National Risk Management – A Practical ERM Approach for Federal Governments – A CIA publication exploring a value-based approach to ERM and how federal governments can use it to support risk-reward decision making at the highest levels. 
  3. Recognizing When Black Swans Aren’t – Recognizing, assessing, and responding to large-scale, large-impact rare events (LSLIREs), or occurrences often wrongly labeled as unpredictable “black swans.” 
  4. Operational Risk – What Is it and What Do I Do About It? – An essay on measuring and managing the increasingly important operational and business risks that many currently face. 

For additional resources, research, and materials, visit the CIA ERM webpage

Follow us

Contact Us

Canadian Institute of Actuaries
360 Albert Street, Suite 1740
Ottawa, Ontario K1R 7X7

Subscribe to our emails