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Henry Essert

Henry Essert

Henry Essert serves as managing director at PWC in New York. He spent the bulk of his career working for Marsh & McLennan. He served as the managing director from 1988-2000 and as president and CEO, MMC Enterprise Risk Consulting, from 2000-2003. Essert also has experience working with Ernst & Young, as well as MetLife.

Recent Articles by Henry Essert

How to Improve ‘Model Risk Management’

Model risk management (MRM) continues its rapid growth in the insurance sector. More insurers are adopting MRM programs and are looking to increase the efficiency and effectiveness of existing programs. Developing and using an effective MRM system will promote better MRM performance. A basic MRM system should provide a platform for managing MRM activities, in […]

Cognitive Dissonance and the CRO

Could F. Scott Fitzgerald have had chief risk officers (CROs) in mind when he wrote, “The test of a first rate intelligence is the ability to hold two opposed views in the mind at the same time and still retain the ability to function”? Probably not. But, based on recent discussions with some leading insurance […]

Changing Business Models, ‘New’ ERM

Significant social, technological, economic, environmental and political forces are reshaping the needs and expectations of insurance buyers, as well as the business environment in which insurance providers operate. Even a partial list of these forces is daunting: aging populations in developed markets; different needs and purchasing behavior of younger buyers of insurance; self-driving vehicles; telematics; […]

ERM Is Ignoring 4 Key Tasks

Over the last decade, economic capital has captured the risk management spotlight. Recognizing its merits, insurers have deployed economic capital for many uses. Regulators now rely on it, too — especially internationally — and have put it at the center of their prudential regulatory agenda. Economic capital (defined as value at risk over a year) […]

How to Improve Stress Testing

In spring 2016, PwC investigated the current state and future direction of stress testing. We surveyed 55 insurers operating in the US about their stress testing framework and the specific stresses that they test. We also engaged in more detailed dialogue with a number of insurers in the US and globally, as well as with […]

The Coming Changes in Regulation

Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the coming year, insurers will need to focus on the new U.S. Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially […]

How to Manage ‘Model Risk’ (and Win)

One of the fastest-growing concerns on insurers’ enterprise risk agenda is managing model risk. From being a phrase that primarily actuaries and other modelers used, “model risk” has become a major focus of regulators and the subject of intense activity and debate at insurers. How model risk management has evolved from ad hoc efforts to […]

10 Questions on Capital Standards

PwC U.S. risk and capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at length what the ICS is and what it could mean to insurers. Here are their thoughts on the standard, as well as […]

Modernization: CRO Faces New ‘Unknowns’

Internal and external demands have resulted in the clarification and expansion of the role of the chief risk officer and the risk management function. Internally, senior management and the board see the merit of using key risk information. Ensuring the company is managed within its risk appetite enables it to best utilize its resources to […]

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  • Enterprise Risk Management
  • Innovation & Technology
  • Insurance Law
  • Leadership