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ERM is a risk-focused, proactive process for managing an organization that combines strategic planning, operational decision-making, asset-liability management, and audit/control. All companies operate under the same profit/loss constraints. However, insurance companies operate under a unique set of economics, which can make managing the insurance business a challenge. The focus of insurance executives is beginning to shift to pricing management rather than premium growth, and overall risk control rather than cost containment. ERM has at last formalized the essential connection between a company’s business operations and its overall risk management program. Risk management is more than compliance, and leading companies will harness ERM as a strategic tool to help them boost shareholder value