Abstract
A number of definitions of Enterprise Risk Management (ERM) have been proposed. We recall some of them, cited in the report IAA (2009).
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Notes
- 1.
IAA \(=\) International Actuarial Association (https://www.actuaries.org/iaa).
- 2.
COSO \(=\) Committee of Sponsoring Organizations of the Treadway Commission, US (https://www.coso.org/Pages/default.aspx).
- 3.
CAS \(=\) Casualty Actuarial Society, US (https://www.casact.org/).
- 4.
IIA \(=\) Institute of Internal Auditors (https://global.theiia.org/Pages/globaliiaHome.aspx).
- 5.
IAIS \(=\) International Association of Insurance Supervisors (https://www.iaisweb.org/home).
- 6.
The Turnbull Report (short name for “Internal Control: Guidance for Directors on the Combined Code”), issued in 1999, was drawn up with the London Stock Exchange for listed companies, to inform directors of their obligations with regard to keeping good internal controls in their companies and checks to ensure the quality of financial reporting.
The Sarbanes-Oxley Act is a US Federal law, officialy known as “Public Company Accounting Reform and Investor Protection Act”, which was enacted in 2002 as a reaction to a number of major corporate and accounting scandals. These scandals lead to investors’ losses of billions of dollars when the share prices of affected companies collapsed. The Act created a new, quasi-public agency, charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies.
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Pitacco, E. (2020). Enterprise Risk Management (ERM) and Quantitative Risk Management (QRM). In: ERM and QRM in Life Insurance. Springer Actuarial(). Springer, Cham. https://doi.org/10.1007/978-3-030-49852-8_2
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DOI: https://doi.org/10.1007/978-3-030-49852-8_2
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