Topic: Chapter 14 – “A Strategic Approach to Enterprise Risk Management at Zurich Insurance Group”
Overview: This case study focuses on how Zurich uses a variety of methodologies and tools to manage its business risk. Zurich’s risk profiling is a focused and disciplined approach to identifying, assessing, and monitoring holistic risks and improvement actions needed. By embedding this methodology into its risk culture, this has helped ensure its risk management culture is consistent and effective across its various business units.
More information on Zurich’s Strategic Risk Management work can be found at https://www.zurichna.com/en/risk
Please explain the following:
1) How do Zurich ERM tools help them better understand their existing and emerging risks?
2) How are Zurich’s risk roles and responsibilities impacting their risk culture?
3) Provide at least two examples of how Zurich has created new value through their ERM program.