Loews Corporation operates in a complex, multi-industry risk environment. Our proactive enterprise risk management (ERM) framework draws upon industry and functional area expertise at the subsidiary and holding company levels, with assistance from third parties as needed, to help us identify, manage and mitigate risks across five key categories: strategic, compliance and regulatory, financial, operational and emerging risks. This proactive approach to ERM underlies our ability to create value for our shareholders over the long term.
BOARD
Our Board is responsible for overseeing management in its efforts to systematically identify, assess and manage the principal risks facing us and our subsidiaries, and to implement policies and practices that promote a culture that actively balances risk and reward. Our Board exercises this responsibility, and evaluates our risk management practices, through its Board and Committee meetings, during which it hears reports on, and actively discusses, a variety of risk management matters. In addition, our Board regularly formally reviews our enterprise risk management framework.
Risk Council
Chair: Chief Financial Officer
Other Members:
Representatives of Various
Functional Areas
The Risk Council assists Loews’s management in developing and implementing our enterprise risk management framework, including reviewing the strategies, policies and practices established by our and our subsidiaries’ management teams to identify, assess and manage the material risks facing us and our subsidiaries.
Sustainability Working Group
Chair: Chief Financial Officer
Other Members:
Representatives of Various
Functional Areas
The Sustainability Working Group helps Loews’s management develop risk management and external reporting strategies with respect to sustainability matters.
Cyber Risk Committee
Chair: IT Leadership
Other Members:
Representatives of Various
Functional Areas
The Cyber Risk Committee helps Loews’s management evaluate and manage cybersecurity related risks across the Loews enterprise.
Business Continuity Working Group
Co-Chairs: IT and Legal Leadership
Other Members:
Representatives of Various
Functional Areas
The Business Continuity Working Group helps Loews’s management plan and prepare to be able to operate our critical business functions during emergency events.
Subsidiary ERM Programs
Subsidiary Boards
Subsidiary Management Teams
Subsidiary ERM Committees
Our subsidiaries have robust ERM programs that are overseen by their respective board of directors. Each subsidiary management team is responsible for identifying, managing and mitigating risk on a day-to-day basis. Subsidiary management teams are supported in their risk management efforts by subsidiary ERM committees. Subsidiary management teams regularly report to subsidiary boards, the Loews Risk Council, Loews management and the Loews Board on a variety of risk management matters.