Enterprise risk management (ERM) for general insurer in Australia

Purpose: To develop a practical step by step ERM process using publicly available data and develop quantitative ERM model for significant risks using relevant statistical methods. Originality: This study is about developing steps in ERM, but instead of focusing on the theory and concept of ERM which is the focus of most published literatures on ERM, this study aim to provide a practical step by step approach using publicly available data. Key literature/theoretical perspective: Brehm, P. J., M.Gluck, S., Kreps, R. E., Major, J. A., Mango, D. F., Shaw, R., et al. (2007). Enterprise Risk Analysis for Property & Liability Insurance Companies: A Practical Guide to Standards Model and Emerging Solutions. New York: Guy Carpenter & Company. Design/methodology/approach: Quantitative approach. Findings: ERM processes that can be practically applied by general insurer. Research limitations/implications: •Limitations: Using only publicly available information or data. •Implications: Regulators and Standards Setters. Practical and social implications: 1.ERM processes focusing only on general insurer. 2.Risk modeling using publicly available data that can be practically applied by general insurer.