Focus on What Matters Most
Assessment projects measure your baseline – whether it is your risk profile, the quality of your exposure data, or your business processes. With a baseline established, you can identify opportunities and prioritize your attention and investment on what matters most.
Differentiate Your Business
Extend and tailor your strategy in a way that reflects your unique risk and business profile and your internal expertise. A differentiated view of risk will help you outperform and set you apart from peers.
Build Confidence and Reduce Uncertainty
An assessment project helps you formulate any business plan by providing the quantified benefits and actionable steps to execute your plan with confidence and optimally manage risk.
A risk review establishes a baseline understanding of exposure and quantifies the materiality of risk. This view informs where there are opportunities and unknown risks relative to your business objectives. Common projects include climate change impact analyses, portfolio modeling of cyber risk, excess mortality and longevity assessments, mortgage default analyses, exposure data quality assessments, and much more.
Custom View of Risk
RMS models enable clients to validate each component and gain comfort ahead of production usage. Many clients take it a step further and differentiate their view of risk by applying unique experience and data to customize model components. A custom view helps clients attain a view of risk that best represents their exposure and unique business characteristics.
RMS supports the design and analysis of risk transfer triggers and other innovative financial products linked to insurance and physical resilience. Our services include feasibility and trigger design, expert risk analysis for catastrophe bonds, reset and post-event calculation services, investor analytics, and insurance-linked securities (ILS) portfolio analytics.
The proprietary benchmarking methodology from RMS evaluates the maturity of an organization’s domain expertise, processes, and technology across key catastrophe management business areas. Your executive team will gain understanding on how your process compares to peers, and it will receive actionable and prioritized recommendations that are aligned with your strategic priorities.
Assess Solutions and Workflow
Solution and workflow assessment engagements help clients plan for and design their ideal business process for catastrophe risk management. We identify how RMS models, software, data, and services offer a solution, including an implementation plan, as well as the benefits and costs of transformation.
Taking the Guesswork out of Climate Change Metrics
The insurance industry is getting familiar with the brave new world of climate change metrics. Regulators and stakeholders are asking questions about the impacts of climate change in terms of increased losses on their portfolios – be it insured losses or reductions in asset values. From the U.K. Prudential Regulation Authority (PRA) Climate Biennial Exploratory Scenario (CBES) to the Task Force for Climate-Related Financial Disclosures (TCFD), (re)insurers are…
Taking the Lead on Climate Change Risk
How a major global insurance company used innovative climate change solutions from RMS to measure the impact of physical climate risk on its book of business and get ahead of the curve on climate disclosure reporting.
Insurance-Linked Securities: Demonstrating Resilience Through Tough Times
Despite being a relatively new asset class, the insurance-linked securities (ILS) market has had its fair share of milestones when it comes to the spreads available at issuance. Spreads are defined as the “coupon,” or interest payments, that are in excess of a high-quality or risk-free collateral return. Figure 1 charts the average coupon/expected loss multiple for catastrophe bond transactions issued each year from 1997 to the present day. This shows the…
Defining an Analytics Strategy to Scale Your Business
It is a constant challenge for any fast-growing business to ensure that their systems and processes continually evolve, to improve efficiency and decision-making and enhance customer experience. As a sector which has seen rapid expansion, insurance-linked securities (ILS) businesses understand these growing pains. When the business grows, so does the complexity—stakeholder demands and associated reporting increases, and the need for strong analytics and…
Bank of England CBES: Five Thoughts on Tackling Climate Change Physical Risk Reporting
The Bank of England’s Climate Biennial Exploratory Scenario (CBES) exercise launches in June, with submissions required by the end of September 2021. Less than four months remain until the official launch, so the Bank of England (BoE) is engaging early with invited insurers and banks to ensure they understand the direction and scope of the assessment. Announced in December 2019, the BoE’s stated objective for the CBES is “to test the resilience of the current…
Risk Maturity Benchmarking Example: IRB Brasil Re
In our previous blog post, we reviewed how RMS has developed Risk Maturity Benchmarking, a tool to help clients understand their current processes and maturity and create a blueprint for improvement tied to their business strategy. In 2017, RMS conducted a Risk Maturity Benchmarking (RMB) study for IRB Brasil Re – click here to read the full case study, to assist IRB on the implementation of their three-year transformation plan. …
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Risk Maturity Benchmarking: Riding the Wave of Change
Helping clients through the evolution of catastrophe modeling is a core mission for RMS Consulting. To assist in the process we have developed a tool called Risk Maturity Benchmarking, which we’ll introduce below, that helps our customers do this. Secondly, we will review an example where we have applied this framework with a client to create their own target operating model for catastrophe risk. I don’t believe we would have achieved what we have if we had…
Identify Issues and Opportunities for Growth