What am I required to do on this assessment? Case Scenario You are the newly appointed Risk Manager for Richmond Insurance Group PLC. Richmond Insurance Group PLC provides personal and commercial insurance and services. The Company offers a range of insurance products including automobile, home, travel, pet, property and accident insurance. Richmond Insurance serves private customers and business clients online and by phone throughout the United Kingdom and France. The followings are excerpts from the Factsheet of Richmond Insurance Group PLC. Overview Richmond Group provides managing investments in subsidiaries, providing loans to the subsidiaries, raising funds for the company and the receipt and payment of dividends. It is among the UK's leading personal motor insurers, providing insurance and has more than 6 million in-force policies. Since its founding, the company has expanded to include commercial, home, pet, and travel insurance. Operations: The company operates into four market segments Motor, Home, Commercial, and Rescue & other personal lines. Motor segment consists of personal motor insurance together with the associated legal protection cover. The company sells motor insurance direct to customers through its own brands Richmond, Newton, Green Apple, Keynes and through partnership brands such as vehicle manufacturers. Home segment consists of home insurance together with associated legal protection cover. Commercial segment consists of commercial insurance for small- and medium-sized enterprises sold through the group's brands Richmond for Business and Newton. Rescue & other personal lines segment consists of rescue products which are sold direct through the group's own brand, Green Apple, and other personal lines insurance, including travel, pet and creditor sold through its own brands. Geographic Reach: Its head office is located in London and has six locations in the UK. Sales and Marketing: The company sells its products through its own brands, partners such as banks, and brokers. Other insurance policies are sold directly via phone, online, and price comparison websites. Financial Performance: Net earned premiums for the year totalled 4 billion. In 2022, the company had a net income of 542 million, a 15% decline from the previous year. The company's cash at the end of 2022 was 1.3 billion. Operating activities generated 621 million, while investing activities used 196 million, mainly for purchases of goodwill and other intangible assets. Strategy: Richmond's strategic objectives aim to ensure that the company builds technological and organisational capability to continue providing products that meet customers' changing needs and are available through multiple channels, to continue providing outstanding customer service and value for money, to create value for investors, to support communities and to protect the environment. Mergers and Acquisitions: In 2022, Richmond Group agreed to acquire Agile Ltd and Green Valley Ltd. Agile Ltd, Tallinn (Estonia) based start-up that specialises in flexible, personalised insurance products for the digital generation. Green Valley Ltd., Sao Paulo (Brazil) based insurance company, has a particular focus on agricultural insurance. These transactions are conditional and are expected to close during the first quarter of 2023. Richmond Insurance PLCs top-level management has asked you to review its risk programme. You have reviewed Richmond Insurance Group PLCs current risk register and found it to be outdated and there is no indication of which risks are the most significant. This presentation allows you to simulate presenting your findings at the Board level. Based on the above Case Scenario, your task: Design and explain an appropriate ERM framework considering the relevant risk management standards and examine the potential costs and benefits that may be related to the implementation of your planned design. This is a group coursework. Presentations will take place during the tutorial (5 December 2022. Format: Presentation A brief description of the expected content and layout: You may follow the content and layout as below: Case study title Outline of the presentation Address the key points highlighted in the group presentation requirements. Formation of a logical conclusion Reference list