January 2013

2013 New Year’s Resolution: Get ERM “Fit” with “Lean” and Cost Effective Solutions from ParenteBeard

Enterprise Risk Management is implemented in some form at most insurance companies. But do you know the value of your ERM program? If you answer “NO” to any of these questions, let ParenteBeard help your organization “Get ERM fit” in 2013.

  • Do the board and senior management buy in to the process?
  • Are we seeing benefits from our ERM efforts?
  • Does sufficient documentation of the risk management framework exist?
  • Is our ERM program consuming too little or too much of management’s time?
  • Is our ERM program truly customized for our organization?
  • Does our ERM program facilitate the development of an Own Risk and Solvency Assessment (ORSA)?
  • Do we have enough information and consistent documentation to meet the expectations of our regulators?
  • If we don’t have a structured ERM program, do we have a plan for implementation? 

The key phases of ParenteBeard’s approach to ERM services are below.

As part of our service approach, one of our Insurance team leaders  will meet with you for a complimentary half-day consultation to discuss your needs and solutions that would fit your budget and move your company towards an adaptable and improved ERM framework.

Our solutions focus on the needs of small and middle market insurers and we understand that a practical and cost effective approach is appreciated. Your company may not need an in-depth, fully robust ERM program, but rather a right-sized ERM program.

ParenteBeard assesses the current state of your organization’s ERM program and provides you with solutions from a team that has in-depth industry experience. Our ERM team members have worked with various state regulators conducting NAIC Risk Focused examinations and ERM assessments, and we have experience observing best practices (and some not so best practices) from over 50 insurance companies, ranging from some of the largest insurers in North America to the small and midsized.

About ParenteBeard
ParenteBeard is headquartered in Philadelphia and is ranked among the top 25 accounting firms in the U.S. With over a 1,000 professionals, the firm is a leader in providing CPA and business advisory services to small businesses, middle market companies, nonprofits and SEC registrants. As an independent member of Baker Tilly International, ParenteBeard is proud to provide the highest level of service to clients nationally and internationally.

If you would like to learn further how ParenteBeard can help you add value to your ERM process or facilitate implementation of an ERM framework please contact:

Mark Laccetti
Vice President of Consulting Services
215.557.2217
Mark.Laccetti@ParenteBeard.com

Ken Hugendubler
Insurance Industry Practice Leader
215. 972.2330
Ken.Hugendubler@ParenteBeard.com

John Romano
Senior Manager and Director of Insurance Consulting Services
215. 972.2277
John.Romano@ParenteBeard.com

ParenteBeard LLC: Confidence Through Clarity