Elicitation and Elucidation of Risk Preferences

Topics:
Enterprise Risk Management,
Risk Analysis and Management
Tags:
Business Operations,
Business Security,
Casualty Actuarial Society,
Enterprise Risk Management,
Preference
Source:
Casualty Actuarial Society

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Overview: The developments have created an increased interest among companies in developing formalized Enterprise Risk Management (ERM) policies. Implicit in such an ERM policy is some statement of acceptable and unacceptable tradeoffs, or risk preferences. Since risk preferences will be a central part of the ERM policy, they should be explicitly determined. This would be accomplished through a process of eliciting and elucidating the risk preferences that management may already have in mind for operating the company. This report describes hypothetical results from applying the methods described in both business and non-business contexts.

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Format: PDF | Size: 255KB | Date: Aug 2005 | Pages: 28

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