Boston Mutual Life Insurance Company announced the establishment of its newly created Enterprise Risk Management (ERM) department. The ERM team is primarily accountable for the development and deployment of an operationalized ERM strategy and discipline across the entire company.
”Our ERM philosophy is to collaborate across our strategic business centers and staff departments to create a company-wide, risk-aware culture,” said Chief Risk Officer and Executive Vice President Joseph Sullivan. “Boston Mutual is constantly evolving and our team will continue to closely research and update our established key risk and performance indicators, risk tolerances, and appetites to follow best practices.”
Additional departmental responsibilities include managing reinsurance relationships and strategies, as well as developing new and next-generation products. In addition, the internal audit team will be part of the ERM department, resulting in enhanced organizational alignment and integrity, the company said.
“The ERM department plays a key role in meeting Boston Mutual’s long-term strategic goals of achieving sustainable, profitable growth,” said Chairman, Chief Executive Officer and President Paul Quaranto. “With our holistic ERM strategy and discipline, risk governance will now be more embedded in our day-to-day activities to help ensure we can continue to deliver on our promises to our policyholders and producers.”