Description: The first of two parts of a panel discussion, by conference call, on the the evolution of Enterprise Risk Management at life insurance companies, and actuaries' roles in that evolution.

Description: This table reflects results based on an SOA survey of actuaries and employers. From article "Protecting the Future Image of the Actuary" by Sim Segal featured in The Actuary Magazine, February 2005.

Description: In this Editor's Note, the outgoing editor recaps the changes to the newsletter and talks about the future issues.

Description: The focus of this article is that while Economic Capital can be a valuable component of the ERM process for insurance companies, an over-emphasis on EC, to the point of neglect of other steps in the ERM process, can reduce the effectiveness of an ERM program.

Description: The Casualty Actuarial Society, Canadian Institute of Actuaries, and the Society of Actuaries' Joint Risk Management Section and the Joint Risk Management Research Committee are pleased to make available a new report on the application of ERM. Authored by Bonnie-Jeanne MacDonald, Sim Segal, Michael Wolfson and Heidi Walsh, the report provides a novel demonstration on how ERM can be applied to serve the Canadian public by informing decision makers on the risks facing the current and future delivery of long-term care.

Description: Protecting the Future Image of the Actuary by Sim Segal from The Stepping Stone Newsletter, October 2004, Issue No. 16.

Description: In this article, the editor talks about the contents of this issue of the Risk Management Newsletter. Also mentioned are the three categories the newsletter tries to cover 1. Risk Identification, 2. Risk Response, and 3. Risk Culture & Disclosures.

Description: We are often told that, as actuaries, we excel in technical skills and ethical behavior. SOA member surveys confirm that we believe this to be true. We have also been told that we often demonstrate a lack of business savvy, and in particular, we have difficulty seeing "the big picture." The same SOA surveys indicate that we know this to be true as well.

Description: The author discusses and provides an example of how some companies’ enterprise risk management (ERM) programs are designed and implemented in ways that can unwittingly weaken the organization.

Description: This article argues that using Economic Capital as a metric does not capture all of the risks. The author suggests an alternative that better meets a corporation's overall risk management needs. This is value-based ERM, which is an approach that makes the quantification of enterprise value central to all aspects of the ERM process. It is a combination of two techniques—enterprise risk management and value-based management, and it captures all of the risks in a single metric.