530 Economics and Business
Provide a brief context for an insurance organisation, or a division of an insurance organisation, with which you are familiar.
For this organisation or division of an insurance organisation:
• Explain how its business performance is measured in a competitive market.
• Analyse, based on your explanation, how appropriate risk management techniques could contribute to business performance.
• Recommend, based on your analysis, ways to improve risk management and the measurement of business performance.
Analysis – how risk management techniques could contribute to business performance
Risk management techniques need to be applied in a bespoke way for reasons mentioned below. They need to be not only technically appropriate but appropriate in context. Clearly, they need to relate to the business performance metrics as chosen by ABC.
Explain how its business performance is measured in a competitive market Definition of business performance measurement
Business performance measurement is concerned with the delivery of strategy by the use of suitable tools and techniques. These tools and techniques are directed towards relevant metrics that enable management to measure performance, better understand performance and influence the allocation of resources.
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