It’s no secret to anyone in Argo Group that the Enterprise Risk Management (ERM) team is doing excellent work. Now the industry at large is taking notice.
Won: RIMS Risk Maturity Model Recognition Program
Honorable mention: RIMS ERM Award of Distinction
The Risk Management Society (RIMS) named the Argo Group ERM team the 2017 recipient of the Risk Maturity Model Recognition Program, which acknowledges organizations that achieve a sustainable and repeatable enterprise risk management process. Argo also received an honorable mention for the 2017 RIMS ERM Award of Distinction, which celebrates those organizations that have created value through their ERM programs. Both distinctions were presented at the annual RIMS awards on November 7.
The accolades didn’t end there.
Won: CIR Risk Management Operational Risk Initiative of the Year
Shortlisted: CIR Risk Management Team of the Year and ERM Strategy of the Year
After being shortlisted for three awards at this year’s CIR Risk Management Awards on November 9, Argo Group was awarded Operational Risk Initiative of the Year for the risk assessment it conducted during its deal to acquire Ariel Re. Argo made a comprehensive effort to identify risks associated with the acquisition, the most significant of which was securing timely regulatory approval. Argo’s team engaged regulators early and put in place a dedicated project management resource to help the company’s many functions manage integration risks in a simple but structured manner. The result: Argo secured regulatory approval and welcomed Ariel Re smoothly into the fold.
Argo was also shortlisted for Risk Management Team of the Year and ERM Strategy of the Year – an award it won in 2016.
Alex Hindson, chief risk officer at Argo Group, says industry awards such as these are the icing on the cake for the ERM team’s ongoing work.
“Our focus has been on implementing practical tools that help the company make better informed business decisions about threats and opportunities, whilst meeting a range of external stakeholder expectations, including those of credit rating agencies and regulators,” he said. “Argo continues to invest significant time and resources into building an industry-leading Enterprise Risk Management program. It’s gratifying to receive recognition for this hard work.”