Research On Enterprise Comprehensive Risk Management Based On COSO's Latest ERM Framework

With the rapid development of China's economy and the rise of new business models,the risk events of insurance companies are often happen,which has not only caused economic and reputation losses,but also affected the sustainable and stable development of insurance companies.The insurance industry is one of the very special industries,which are mainly operating and controlling risks.With the quickly development of the insurance industry,the management and operation of insurance companies are becoming more and more complex,and various risk factors are continuously superimposed.The company's disregard for risk management will inevitably bury the hidden dangers of survival for itself.In order to achieve long-term development and improve the company itself Comprehensive risk management and control capabilities are imminent.For the enterprise,in order to further improve the management level,enhance the competitiveness,promote the steady development and help to comprehensively carry out risk management,the latest version of the COSO-ERM framework was officially released on September 6,2017.This framework focuses on how to create value for the enterprise and guarantees the realization of their strategic goals from the perspective of integrated risk management.This article takes the comprehensive risk management of Chinese life insurance companies as the research object,summarizes and summarizes the relevant research results at home and abroad,and summarizes the current status of comprehensive risk management of Chinese life insurance companies,and summarizes the problems existing in the comprehensive risk management of Chinese life insurance companies.Based on the framework of the latest "Enterprise Risk Management-Integration with Strategy and Performance" issued by COSO,this article proposes that the establishment of a comprehensive risk management system for Chinese life insurance companies should be followed in order to address the main issues facing the comprehensive risk management of Chinese life insurance companies,and put forward the optimization measures of comprehensive risk management system of China Life Insurance Company.This article proposes the construction of a sound board structure,the optimization of functional departments,the strengthening of corporate culture,the improvement of human resources,and the strengthening of risk from five aspects: governance and culture,strategy and goal setting,performance,review and revision,and information,communication,and reporting.Formulating management strategies,improving the linkage between risk and performance,strengthening risk identification,optimizing risk assessment,improving risk response,building a comprehensive risk management assessment system,optimizing assessment scope and establishing a performance evaluation system,strengthening performance and major change assessments,and optimizing information Optimization measures such as communication mechanism and comprehensive risk management information.It is hoped that this research will be helpful to the Chinese life insurance company,to improve the ability of overall risk management,the stability of operations,and eventually stimulate their potential for development.At the same time,the discuss in this article about how to optimizing the comprehensive risk management system of China Life Insurance Company,will serve as a reference to other companies in the same industry,to strengthen the construction of a comprehensive risk management system and improve the level of risk management.