The Society of Actuaries Introduces New Chartered Enterprise Risk Analyst Credential, Reflecting Most Rigorous Enterprise Risk Management Training Available

First New Credential Since the SOA's Inception Marks Evolution of Actuaries

• For Immediate Release: August 1, 2007
• Kim McKeown
• PR Project Manager
• 847.706.3528

Schaumburg, Ill. (August 1, 2007)–Today's business world, facing an expanding breadth of risk, requires a new breed of professional with well–rounded, rigorous training to provide actionable solutions to complex financial challenges. To help businesses identify the best–qualified risk managers, risk analysts and chief risk officers, the Society of Actuaries (SOA) has introduced its first new professional credential in nearly 60 years– –the Chartered Enterprise Risk Analyst (CERA). The CERA can be earned by professionals who complete a rigorous curriculum encompassing the most comprehensive demonstration of enterprise risk management (ERM) available.

Edward L. Robbins, FSA, FCA, MAAA, president of the SOA, said the new CERA credential stems from the same rigorous process through which actuaries earn their traditional credentials. "CERAs are trained to apply both qualitative and quantitative insights to risk management," he said. "As a result, these professionals are best equipped to convert risk into opportunity.

"Actuarial principles have traditionally helped the world understand risk, and the CERA credential signifies an evolution of the actuarial profession," Robbins continued. "Today, as new roles in enterprise risk management continue to grow, actuaries are becoming leaders in this practice, which takes a 360–degree view of an organization's risk profile."

CERAs are qualified for risk manager leadership positions in all types of organizations, including insurance, benefits, broader financial services and the energy, manufacturing, transportation and healthcare industries.

"College students considering business careers will find that earning the CERA credential will open doors to exciting new opportunities where they can make significant contributions in a variety of organizations," Robbins said.

S. Michael McLaughlin, FSA, CERA, MAAA, FIA, has been instrumental in developing the CERA curriculum and has been joined by a team of actuaries who are pioneers in ERM. "CERA training does not stop with mathematics and financial engineering," he notes. "Instead, CERAs are trained to model future events by converting data into information that leads to strategic decisions."

To earn the new international credential, CERA candidates are required to successfully complete five examinations, as well as an educational module and professionalism course, to help prepare for leadership in the identification, measurement and management of risk within complex, risk–bearing enterprises. The curriculum includes the topics of:

• Probability
• Financial Mathematics
• Financial Economics
• Micro and Macro Economics
• Construction of Actuarial Models
• Advanced Finance and Enterprise Risk Management
• Financial Reporting and Operational Risk
• Professionalism

The CERA marks the first new credential since the SOA's founding. The original Fellow of the Society of Actuaries (FSA) and Associate of the Society of Actuaries (ASA) credentials were established in 1949. Completing the CERA curriculum takes an estimated three to four years, and successful candidates will also become Associates of the Society of Actuaries. More than 60 professionals are advancing their skill sets as the first to earn the CERA credential. For more information, visit CERAnalyst.org.

"Businesses that rely on CERAs can make smarter, more confident decisions," Robbins said. "Because the definition of risk is evolving from mere mitigation to expansion of opportunity, CERAs don't merely speak to what we can lose; they focus on what we can gain."

About Actuaries

Actuaries bring a complex future into focus by applying unique insight to risk and opportunity. Known for their comprehensive approach, actuaries enable smart, more confident decisions.

About the Society of Actuaries

The SOA is an educational, research and professional organization dedicated to serving the public and its 18,000 members. The SOA's vision is for actuaries to be recognized as the leading professionals in the modeling and management of financial risk and contingent events. The SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal problems involving uncertain future events. Learn more.