Unum 2008 Annual Report Download - page 97
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93
Risk Management
We have an Enterprise Risk Management (ERM) program. Our ERM program strives to:
• Identify, measure, mitigate as appropriate, and report on our risk positions and exposures, including notable risk events;
• Provide an assessment of our material risks, including how they affect us, how individual risks interrelate, and how management
addresses the risks;
• Coordinate development of and compliance with risk appetite statements, including systematic limit monitoring;
• Identify emerging risks and analyze how material future risks might impact us;
• Practice strong risk management, including ensuring diversication across and within business units; and
• Fulll regulatory, rating agency, and governance objectives.
We employ a “pyramid” risk committee structure, beginning with Unum Group’s board of director committees and cascading down
to business unit risk committees, to govern our ERM process and manage our risks in an integrated manner. Collectively, these committees
are responsible for managing our strategic, market, credit, insurance, operational, capital and liquidity, and reputational risks.
Business unit risk committees for each of our three primary business units as well as our corporate function are responsible for
identifying, measuring, reporting, and managing insurance and operational risks within their respective areas, consistent with established
corporate risk tolerance levels. We manage insurance and operational risk at the business unit level, based on consistent principles and
policies established at the corporate level. Internal quality controls are routinely monitored by the risk committees. Market and credit risk
are jointly managed by our investment committee, which is also responsible for monitoring our investment risk appetite and ratifying
investment transactions. Capital and liquidity risk is under the purview of the capital management committee, which is responsible for
planning and monitoring capital allocation, financing, liquidity, and solvency considerations. An executive risk management committee is
responsible for overseeing our enterprise-wide risk management program that is managed by our chief risk officer. The executive management
team is responsible for managing our strategic risk. We provide an ERM report to the audit committee of Unum Group’s board of directors
on a regular basis.
We believe that by effectively executing against these objectives we will be better positioned to fulfill our corporate mission, improve
and protect shareholder value, and reduce reputational risk.