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RMI 4020 CBE Risk Management essay assignment
Competency
Examine the application of statistical functions and derivatives as instruments for measuring risks.
Instructions
You will assume the role of a senior analyst hired by a fictitious company, Premium Acceptance, a midsized property insurance carrier.
Premium Acceptance is performing well with respect to several key performance indicators, including policies in force, policy retention, and new business counts.
One of your objectives as the newly appointed senior risk analyst is to develop a framework for managing loss ratios
which is one of the firm’s largest key performance indicators.
A loss ratio is simply the difference between the ratio of claims paid by an insurance carrier and the ratio of premiums paid.
The board of directors depends on the ability to forecast loss ratios, which in turn enables them to forecast profitability metrics to the shareholders.
RMI 4020 CBE Risk Management essay assignment
The organization will now consider implementing the use of statistics for measuring risks.
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Your deliverable should be composed in a report.
Be sure to address the following items:
- Explain how statistics is used to formally define risk in the risk assessment process.
- Discuss at least two statistical tools that can be employed to measure risk.
- Convey which tool best serves the company’s purposes and explain why it is.
- What are the ramifications of the organization electing not to use statistics in this process?
- Employees
- Also include a discussion on how effective financial management aligns with overall risk management.
- Your conclusion should highlight how the risk assumed in an organization’s activities should be consistent with its long-term goals. All business activities include inherent risks. Thus, all the activities and risks the firm takes should help them reach their long-term goals. If the managers engage in activities that create risks outside of this scope, it can create problems. For instance, most firms have the goal of driving sustainability.
However, if they are highly leveraged, then seeking additional credit for a project can derail the long-term goal of sustainability.
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