The aim of this chapter is to look at some concrete product offerings that went wrong. Looking at the main risk on a large scale for an insurance company we have certainly the relationship between assets and liabilities, the set up of new large scale IT projects (aka insurance administration systems) and products. All of these risks manifest differently. The ALM question is certainly the one which most determines whether a company can survive after a corresponding event. Hence it is characterised by a high impact but also by a continuous evolution and hence one can mitigate it by setting up corresponding processes to govern and limit this risk. The IT risk is a typical project risk which normally has its roots in a too big appetite for systems which can do everything. Also this type of risk can, in principle, be managed in a canonical way by the application of the corresponding change and project management processes. If we finally look at the product risk we face a very different animal. Product risk is for most products relatively small since there are a lot of similar product designs, which are well known and for which one, in principle, knows very well the corresponding risks. The crystallisation of a product risk is hence a rather rare event. But on the other hand there may be huge impacts. Therefore one needs to be very vigilant when introducing new or adjusting existing products. This chapter aims to show some of the pitfalls to avoid in the form of real case studies. The reader is invited to think whether he would have fallen into the corresponding pit.
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- Products and Their Risks
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