Within the ERM framework there should also be a "feedback loop".
This should ensure that decisions made by the Board and Senior
Management are implemented and their effects monitored and
reported in a timely and sufficiently frequent manner via good
management information. The feedback loop is the process of
assessing the effect, within the ERM framework, of changes in risk
leading to changes in risk management policy, tolerance limits and
risk mitigating actions. Without this continual updating process,
complemented by explicit one-off changes in response to major
events, the ERM framework would not remain relevant in assisting
the insurer in meeting its strategic and risk objectives.