The International Network of Actuarial Risk Managers (INARM)

The International Network of Actuarial Risk Managers (INARM) now has affiliates from 12 countries (Australia, China, Germany, Hong Kong, Korea, Mexico, United Kingdom, Brazil, Taiwan, Canada, The Netherlands and United States) and we are in active discussion with a many more. Representatives for some of these groups join our monthly working group calls and others interact through an ERMAP volunteer who acts at the ambassador.

We are positioning this network similarly to the standing of a section within the SOA, that is as a bottom–up membership driven group of volunteer practitioners and other interested parties. We hope to augment the IAA Enterprise and Financial Risk Committee (EFIRC) and are working toward forming a statement of understanding regarding the relationship. We expect to be able to support the IAA activities in risk management and in addition to pursue member initiated projects. We hope that this will work just as SOA sections work with the SOA and the AAA, recruiting volunteers for some projects and taking complete responsibility for others.

We have started two projects already. The first is a compilation of information about the status of regulatory and actuarial roles regarding ERM throughout the world. This project is being undertaken for the IAA EFIRC and is being lead by Ian Laughlin of Australia. The second is the development of a Beginners guide to ERM, in the form of an FAQ. This project is being conducted via a web based tool and is lead by Geraldine Kaye of the UK. We are hoping to get participation from as many different countries as possible in both of these projects, whether network affiliates or not. A third project, the creation of a global ERM Web based seminar is just left the pre–planning stage and has just formed an implementation team.

This is a truly amazing level of activity. However, there is more that could be done. We could use more volunteers to act as ambassadors and volunteers to support projects and future activities. We expect that future projects will be developed from member and IAA requests, so if you have any suggestions for future projects, we would be happy to have those ideas as well. Please note that our intention with the network is to promote risk management developments as our first priority. There is not a requirement that volunteers have an international job or work for an international company. Volunteers who are interested in risk management and who would be willing to cooperate with practitioners and learners in other parts of the world are what we are looking for. At this point in time, everyone seems to agree that Risk Management is a borderless discipline. There is not a unique US or Canadian or EU or Chinese or Japanese version of Risk Management. Through INARM, we hope to continue to develop the unique actuarial contribution to risk management. The borderless condition of risk management allows us work together to use all of our collective skills, knowledge and experiences to build up the actuarial contribution. To volunteer contact David Ingram.

Finally, we realize that not everyone is able to volunteer. We would like to invite anyone who would like to follow our efforts on a real time basis to join a listserve that will get at least monthly updates on INARM activities. This can be done by connecting to the SOA website page Public Listservs . There you can sign up for the email group. Any member can send emails to the group at INARM@list.soa.org.

Statement of Organizing Principles:

The Network International of Actuarial Risk Managers will be organized around the following principles:

Note first that this network will have a primary focus on members of the actuarial organizations around the world. This effort is not meant to conflict or supercede IAA efforts but is meant to be a vehicle to allow the broad actuarial communities to connect in the risk management area and developments worldwide.

1. The main purpose of the affiliation would be to advance the quality and effectiveness of actuarial practice in the area of ERM through strength of numbers that will allow us to develop the critical mass to compete with other (non–actuarial) organizations that are or will become global. Critical mass will enable the efficiency and effectiveness of other aspects, including cooperation on things like research, publications etc.
2. The purpose will be supported by sharing of learnings and experiences, by joint research and publication and of mutual support, eg in developing and conducting joint seminars and sharing of speakers from the countries involved.
3. Mutual support includes recognizing that there are more similarities than differences in the ERM problems that we face around the world. In addition, it means that we recognize each other's contributions. Finally, it means that we accept each other's level of current practice without prejudice, looking to learn from best practices emerging.
4. We commit to making this affiliation a positive force in the development of actuarial ERM practices by agreeing to regular communication and cooperation with the other members of the affiliation. This will include reporting on international ERM practices at actuarial meetings of the associations involved.
5. As professional standards of practice develop for Risk Management work by actuaries, we will share our findings with the hopes that some commonality will develop globally, to further accelerate the development and implementation of sound ERM practices around the world.

Current and Potential groups involved in NIARM

• Current Affiliates
• Australian Institute of Actuaries
• The Actuarial Profession (UK)
• The Actuarial Society of Hong Kong
• China Institute for Actuarial Science, Central University of Finance and Economics
• Mexican College of Actuaries
• Institute of Actuaries of Korea
• German Actuarial Association (DAV)
• ERMAP–Risk Management Section in North America jointly sponsored by CAS, SOA and CIA
• Barzil
• The Netherlands
• Japan

• Potential
• Members of actuarial organizations in:
• Chile
• Colombia
• France
• India
• Israel
• Peru
• South Africa
• Switzerland
• Taiwan

Other groups are welcome.