Thought Leadership Webinar: In this webinar, Dave Ingram will explain how rational human preferences can be much broader than understood by either standard or behavioral economics and how that leads to a diversity of approaches to ERM. Participants will learn:

Five approaches to risk management are driven by five beliefs about the nature of risk:

• Conservators believe that risk is high and the world is very dangerous.
• Managers believe that the world is dangerous but that risk can be managed by experts.
• Maximizers believe that danger is limited and that they can take lots of risk and make lots of profits doing that.
• Pragmatists believe that the risk is unpredictable and they do not really know which opportunities will blow up and which will make a killing.
• Adapters understand that all four beliefs are possibly correct some of the time and will shift their risk beliefs accordingly.

These beliefs lead directly to specific risk management programs. Pragmatists will keep their commitments small and pay close personal attention to their larger positions. Maximizers will be focused upon pricing of risk and only look at other aspects of risk if required by regulator. Managers will have a highly technical, model driven approach to risk – the ERM approach. Conservators will be focused upon maintaining a strict limit and control system. Adapters will focus upon discerning the inflection points where the environment shifts from one of the four risk beliefs to another.  

About Our Experts
		Dave heads Willis Re’s ERM Advisory group, helping insurance company clients to develop and improve their Risk Management practices.  He was previously in the Insurance Ratings Group of Standard and Poor's (S&P) where he led their initiative to incorporate ERM into insurance ratings. Dave has also held executive positions within insurance companies.  Dave is a frequent writer and speaker on ERM.  Four times he has won the award for Best Practical Paper at the annual ERM Symposium. He was recently the Chair of the International Actuarial Association (IAA) Enterprise and Financial Risk Committee and Chair of the US Actuarial Standards Board ERM Committee.  He now leads the IAA’s ERM task force of the actuarial standards committee.  In those roles, Dave has been instrumental in the promulgation of the first ERM related professional standards of practice for actuaries in the US and globally.

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