Just as we help people protect their livelihoods from the impacts of illness and injury, our comprehensive risk management strategy provides us with the means to identify potential areas of risk from all corners of our business and address them quickly. Day-to-day risk management efforts are led by our chief risk officer and an enterprise risk committee. They oversee our entire risk management program, provide direction on emerging issues and report these to the Board.
In fact, risk management is an important part of our corporate culture. Through formal committees, employees from all walks of the business are engaged in:
- Managing insurance and operational risks within each of our three businesses – Unum US, Unum UK and Colonial Life.
- Reviewing the health of our portfolio and ensuring that investment decisions are consistent with the direction of our company.
- Monitoring and planning capital allocation, financing and liquidity.
- Identifying other risks to our company.
In addition, our business continuity program prepares Unum to continue operating in the event a natural or manmade incident impacts our ability to conduct business. Detailed plans are in place for events from hurricanes and fires to terrorist attacks and pandemic outbreaks. Regular exercises make sure that our reactions will be timely and effective.
