Sim Segal, FSA 1995, CERA, MAAA

US Leader of ERM Services, Watson Wyatt Worldwide, New York, NY

Brief description of the type of work you currently do:

Lead enterprise risk management (ERM) consulting services in U.S. for all sectors, and globally for non–financial services sector

Primary Area of Practice:

Risk Management

Other Areas of Practice/Interests:

Banking, Capital Budgeting, Finance, Financial Reporting, Futurism, General Management, Marketing and Distribution, Product Development, Reinsurance, Retirement Systems

Professional Background:

I consult to companies in all sectors, including insurance, banking and non–financial services, primarily in the following areas of expertise: Enterprise risk management (ERM); Capital management; Value–based management; and Stochastic retail financial planning. Over my 24 year career, I have had a balance of exposure to the profession, including both insurance company and consulting firm experience, and a range of experience spanning virtually all major product categories (life, health, annuity, pensions, P&C) and actuarial functions (product development, pricing, financial management, financial reporting, capital management, etc.). In addition, I have experience consulting to a range of non-insurance companies, including telecomm, technology, manufacturers, credit card companies and others. Highlights of my experience prior to my current employer include:

• Deloitte Consulting (5 years)
• Co–led ERM consulting services in US Insurance market
• Led development of Deloitte Consulting's insurance ERM point–of–view and modelling approach and tools
• MetLife (16 years)
• Key player in first successful implementation of economic capital by a U.S. insurer, assisting in its integration into key company processes, including strategic planning, capital planning and pricing
• Led MetLife's IPO eligibility team

I am a frequent contributor of thought leadership on ERM and other topics, involving speaking at industry conferences, writing articles for industry publications and doing interviews with the media for both print and video distribution.

Volunteer Experience:

• I currently serve the industry in several capacities; highlights include:
• Board of Directors member, Society of Actuaries (SOA); Vice Chair of SOA Leadership Development Committee; ERM Symposium Planning Committee member; and Editor of Risk Management, a quarterly publication.
• I have previously served in many industry roles; highlights include:
• President of ASNY, the largest actuarial club in the world; Chair of SOA Management & Personal Development Section; Faculty for SOA CERA Experienced Practitioner Pathway seminar; Member of SOA Advanced Finance/ERM exam syllabus task force; a Lead Actuary in Actuarial Foundation's Advancing Student Achievement program.

Vision Statement:

The current challenge presented by the financial crisis underscores the need to expand our service to society. Society now needs smart and honest people with solutions to broad risk management issues facing countries, organizations and individuals. SOA employer surveys reveal that we actuaries are perceived as having an abundance of these two qualities. We are seen as highly intelligent, particularly in our core strength–measuring and managing risk–and we are also known to be highly ethical.

Society is eager now, and possibly more so than at any other time since the 1930s, for people with the skills and character we possess to step forward and be heard. This presents a rare opportunity for us to solicit, collect and share our best thinking on these larger issues. Not only would society benefit immeasurably, but we would enhance our visibility, increase the value of our credentials and expand opportunities for actuaries.

This presents challenges, but the SOA has already had early and encouraging successes, employing new tactics to better connect our thought leaders to the media and others that can effectively convey our messages. However, more must be done, and we should encourage each other to get involved to the extent we are each able. There is much at stake and much to be gained.

As with any challenge, the financial crisis also presents an opportunity. An opportunity like this one only knocks every 80 years or so. Let's open the door.