Airmic releases new Risk Appetite and Insurance Act EXPLAINED Guides

To coincide with its annual conference, risk management association  Airmic has released two new guides in its relaunched series of EXPLAINED guides:  Risk Appetite: The facts, the myths, and the links with culture, maturity and sustainability; and Making the most of the Insurance Act 2015.

Airmic’s EXPLAINED series aims to provide guidance for learning and development on a range of risk and insurance subjects at an introductory level.

Risk Appetite: The facts, the myths, and the links with culture, maturity and sustainability explores the importance of risk appetite as a key component of enterprise risk management.

The approach described in the guide is aimed at ensuring that an organisation effectively implements a mechanism for understanding how much risk it should take in relation to strategic objective-setting, value creation and best value delivery, business model changes and investment decisions.

Commenting on the release of the Risk Appetite publication, chair of Airmic Claire Combes (pictured left) said: “Often a poorly explained concept, this guide fills the gap in many similar guides, by providing a clear explanation of the link between risk appetite and culture, with approaches to designing and embedding risk-taking within agreed limits.”

Making the most of the Insurance Act 2015 addresses the most fundamental change to UK law governing commercial insurance and reinsurance since the Marine Insurance Act 1906.

The guide aims to assist risk managers in making the most of the benefits of the Insurance Act 2015, while ensuring their own compliance with the duties placed upon them.

The publication is a partnership between Airmic and Herbert Smith Freehills, a full service international law firm with an insurance practice.

Commenting on the release of the Insurance Act publication, Julia Graham (pictured right), CEO of Airmic, said:

“Policyholders have always been obliged to be open and honest with their insurer - the Act clarifies what this actually means. This guide sets out an explanation of a quite technical subject in clear language and describes how the Act has been working, providing a one-stop shop for those who want a practical understanding.”

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