Milliman Risk Institute


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The Risk Advisory Services practice supports the work of the Milliman Risk Institute with staffing, research management and meeting logistics. Practice leader, Mark Stephens also serves as the Executive Director of the Milliman Risk Institute.

The Milliman Risk Institute was founded in 2011 to provide scientific-based thought leadership on all facets of enterprise risk management (ERM). The Milliman Risk Institute examines the broad landscape of enterprise risk management, finds lessons from the diversity of ERM strategies in use, considers how risk interacts with actuarial concepts, and offers actionable insight to senior executives.

Enterprise risk management (ERM) has been practiced for about 15 years and has evolved from an interesting discussion to a critical requirement for many companies, regardless of where they are in the maturity of their ERM strategy. Companies may be motivated by business performance, regulatory requirement, or rating agency review, among other reasons; how these motivations are manifested in an actual ERM strategy is largely situational. An empirical analysis of where different companies are in their ERM maturity, and how they got there, can prove useful for risk managers as they chart their own company’s way forward.

The Milliman Risk Institute has an advisory board of nineteen senior risk executives. The advisory board provides both data-driven and experience-driven expertise.

Advisory board members include:

  • Stephen D’Arcy, PhD, Professor Emeritus of Finance, University of Illinois
  • Philip Borba, PhD, Milliman principal and senior consultant, Economics Consulting Practice
  • Brian Brown, FCAS, MAAA, Milliman principal and consulting actuary
  • Neil Cantle, FIA, ASA, MA, Milliman principal and consulting actuary
  • Alietia Caughron, PhD, VP, ERM & Economic Capital, CNA Financial
  • David Cooper, President, Karakoram Group
  • Michael Eshoo, Global FP&A Leader, GE Power & Water
  • Barry Franklin, Chief Risk Officer, North America General Insurance, Zurich Insurance
  • Holly Gregory, Esq.,Partner, Corporate Governance, Sidley Austin LLP
  • Robert E. Hoyt, PhD, Moore Chair and Professor of Risk Management and Insurance, Department Head, Insurance, Legal Studies, & Real Estate, Terry College of Business, University of Georgia
  • Christina Kite, Vice President, Global Business Finance, Oracle Corporation
  • John C. Kline, CPCU, ARM, Director, Risk & Insurance Management, Discover Financial Services
  • James Lam, President, James Lam & Associates, Director and Risk Oversight Committee Chair, E*TRADE Financial
  • Bob Mark, PhD, CEO, Black Diamond Risk
  • Maureen Maguire, Managing Director-Macro Scenario and Stress Testing Services, Macroeconomic Advisers
  • Sam Nandi, FSA, MAAA, Principal and Consulting Actuary, actuarial group leader, Milliman’s Financial Risk Management practice
  • Paul Runice, VP and Assistant Treasurer, UnitedHealth Group
  • Michael Schmitz, FCAS, MAAA, Milliman principal and consulting actuary
  • Wayne Winston, PhD, Author, Professor, Bauer College of Business, University of Houston; Professor Emeritus, Kelly School of Business, Indiana University

The Milliman Risk Institute publishes market research, case studies, best practices, and perspectives from chief risk officers and other leading risk management experts. The Milliman Risk Institute will regularly broadcast these results to interested parties; to receive updates, subscribe here.

For more information on the Milliman Risk Institute, contact Executive Director Mark Stephens at mark.stephens@milliman.com.