Enterprise risk management


The ERM journey, AU

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Milliman consultants are highly experienced in delivering tangible ERM solutions to our clients. These services are highly complementary to our expertise in market risk management, as they focus on solutions to and management of the more nebulous world of operational risk, strategic risk, emerging risk, and complex risk interactions. We have a well developed suite of tools designed to capture, understand, and analyse complex adaptive systems and networks which characterise the environment in which many of our clients operate in.

Milliman professionals are knowledge leaders in the field of enterprise risk management (ERM). Drawing on years of hands-on experience and close ties to academia, we have developed a powerful suite of techniques and tools to quantify risks that until recently were difficult to address. Whilst many companies struggle with understanding and assessing non-financial risks, Milliman clients are already benefiting from our broad ERM expertise.

We are specialists in designing integrated governance, risk, and compliance (GRC) business processes that can improve performance management, capital efficiency, stakeholder management, and operational excellence. Our online GRC platform facilitates the operational management of enterprise-wide risks and fulfils regulatory and rating agency requirements for maximum evaluation scores.

We provide ERM advisory services and solutions to clients across a broad range of industries including insurance companies, financial institutions, energy companies, utilities, healthcare, and public sector organisations.

We are innovators in this field, having developed and used a range of non-traditional techniques necessary to model complex adaptive systems. These include mutual information metrics, cognitive mapping, complexity metrics and pattern recognition, and adaptive risk DNA models based upon evolutionary biology concepts.

Our suite of ERM tools includes:

  • CRisALIS™: A scalable and practical approach using cognitive mapping to capture risk interactions, enabling the identification and understanding of how emerging risks impact on business performance
  • GRC platform: An online platform for embedding ERM into an operational workflow process
  • MG-ALFA® and MG-Hedge®: For assessing the impact risks have on the valuation of liabilities and assets
  • DFA Capital: ADVISE® and GEMS®

To read research reports on emerging risks, strategic risks, ERM strategy, and more, go to insight.milliman.com.