Description: Incoming section chairperson talks about the future of the section.

Description: Risk management techniques do not include system science. System science requires that the uncertainty of the world is incorporated into the results. The articles explains the difference between risk and uncertainty. Learn how risk practices create an overoptimistic view of future outcomes.

Description: In this article, the author examines Nassim Taleb’s work and writings and discusses its relevance to the future of the actuarial profession.

Description: This 2000 word essay won the Joint Management Risk Section 2016 Essay Prize, summarizing the present challenges, potential solutions and Actuarial opportunities.

Description: Life and annuity markets around the world have seen increasingly complex investment-combined products, including universal life, fixed indexed annuities, variable annuities with a wide variety of guaranteed benefits and indexed variable annuities. Insurance companies are facing unprecedented exposure to financial risks in addition to traditional mortality and longevity risks. The risk assessment and modeling for such complex designs by conventional methods often focus heavily on their market competitiveness and profitability. However, there seems to be a lack of quantifiable and systematic approaches to assess investment risks associated with investment combined products. The objective of the proposed work is to develop a framework for quantifying and analyzing various forms of contractual designs and showcase different techniques to assess the trade-off between competitive contractual designs and their practical implications regarding the difficulty of risk management.

Description: In the current financial markets turmoil, it is tempting to ask whether things might have turned out differently. I think the pain in our financial markets would have been less if more actuaries had been involved. 10 reason are offered.

Description: Commentary on practical observations resulting from constructing and running Economic Capital models. Possible standardization of assumptions and result interpretation are morphing even though use of E.C. models has now been around for years.

Description: I am pleased to report that the 2008 ERM Symposium Scientific Paper Track continues to push the envelope in terms of both quantity and quality of papers. With 65 abstracts submitted for review--a 40 percent increase over 2007—the level of response again confirms the cross-industry interest in this topic.

Description: Full French version of Risk Management, March 2007, Issue No. 2007.

Description: A new project combining survey data from people across the country with data from John's Hopkins and the CDC on COVID cases and deaths. This project provides weekly data for individuals, businesses, and policy makers to understand which COVID mitigation efforts are in place in their area, how they are working, and how different COVID mitigation methods have been working in different parts of the country.