Strategic Risk Associates Launches Insurance Enterprise Risk Management (ERM) Consulting Practice; Richard Kannan Insurance Industry Executive to Lead the Charge

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Strategic Risk Associates, LLC (“SRA”), a national advisory and consulting firm for the financial services industry specializing in banks, is proud to announce the establishment of the Insurance ERM Division. SRA also welcomes insurance executive, Richard Kannan, to lead the Insurance ERM Division.

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Strategic Risk Associates, LLC (“SRA”), a national consulting and advisory firm for the financial services industry is pleased to announce the expansion of its services to the insurance industry. SRA’s new Insurance ERM Division will now provide the easy to use Watchtower ERM Platform and a portfolio of risk assessment and mitigation services to insurance companies. SRA has drawn together a team of leading veteran risk experts that understand the increasing risk focus of the bank and insurance regulators, investors, and rating agencies. SRA has a strong ERM Practice which includes an easy-to-use ERM System called Watchtower, advice, reports, scorecards, policies and process.

“SRA welcomes insurance industry risk and finance executive, Richard Kannan, to lead the insurance practice.” says Michael Glotz, Founding Partner and President SRA. With over 20 years’ experience in the insurance industry, Mr. Kannan has extensive knowledge of insurance risk management, financial management, internal audit, operations, and working with rating agencies and regulators. Most recently, Richard was the Senior Vice President and Controller of Transamerica Insurance’s $100 Billion invested asset portfolio.

Mr. Kannan previously served as a Senior Vice President of GE Capital and Genworth Financial (GE Capital’s Insurance division public market spin-off). His work included various leadership roles including Chief Risk Officer of the Group Long Term Care product line, Senior Vice President for Rating Agency Relations, and Vice President of Internal Audit.

Mr. Kannan’s risk management leadership has resulted in significant benefits. Examples include the mitigation of a $50 million insurance reserve misstatement through the risked based process analysis of the actuarial valuation calculations and the preservation of key sales relationships worth $40 million of annual revenue relating to a breach of personally identifiable information.

Mr. Kannan can be reached at 804-240-3870 and rkannan(at)srabank(dot)com.

About Strategic Risk Associates
Strategic Risk Associates is a national consulting and advisory firm for the financial services industry specializing in the banking and insurance industry in the areas of Information Technology Strategy, Risk, and Security; Enterprise Risk Management; Merger and Acquisition Due Diligence; Internal Audit; Bank Integration; Credit Risk Management including Loan Reviews, Stress Tests, Credit Training, and Process Improvements; Regulatory Support for Bank Exams, MOUs, and Enforcement Actions; Management and Board Assessments; Strategic Plans; Capital Plans; and Board of Director Training, Succession Plans, and Staff Augmentation. SRA leaders have direct banking, insurance, specialty finance, and regulatory experience.

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Rob Mitchell
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