KPMG has helped a number of insurance clients over the last 18 months in their ERM journeys - from providing observations and recommendations on current ERM programmes, to developing risk management for individual needs.

The company's focus on robotic process automation and artificial intelligence (AI) has also paid off. This can be seen in the way it provided AI-enabled Libor transitioning for a client, which effectively analysed tens of thousands of Libor-indexed instruments. Using AI capabilities, KPMG'S ability to interpret these instruments quickly and with higher accuracy yielded substantial cost savings and risk reduction.

In the last year, KPMG also assisted a number insurers in refining their Own Risk Solvency Assessments (Orsas), including identifying weaknesses in their current ERM frameworks and opportunities for enhancement.

This entailed not only having a clear understanding of what regulators were expecting to be included in the report, but building a solid understanding of the maturity of the company relative to the industry, and their business model and culture.

Other initiatives from the consultancy include helping clients to develop model risk management frameworks, establishing a governance structure with supporting policies, procedures and standards and executing validation activities.

The host of client, technology and regulatory strengths of the company make KPMG the worthy winner of the risk consultancy of the year award.