Description: This risk bulletin, published by the Society of Actuaries, provides insights and expertise on critical business issues from industry leading enterprise risk management actuaries.

Description: A presentation at the Actuarial Research Conference in August 2006 in Montreal. This paper discusses the Basel VaR Value at Risk test of a bank's VaR model. It proposes an alternative, Quality Control of Risk Measures QCRM Hypothesis test. The alternative is more likely to reject an incorrect VaR model.

Description: Forming a view on what the tail looks like for various risk factors involves both technical know-how and considerable judgment. The presenters focus on what needs to be addressed when setting financial market risk and insurance risk assumptions, in particular when assessing the question of diversification and the treatment of tail dependencies between risks and lines of business:

Description: The article is based on a study of causes of insolvency and decisions made by management, regulators, and policyholders over the life cycle of the insolvency.

Description: This paper introduces a rich stochastic modeling framework for understanding risks in multiple-decrement contracts. The example in the paper is a 20-year Term insurance contract. Not only are mortality and lapsation considered stochastic, but the parameters governing them are. For example, mortality risk is composed of four risk elements, including error generated in the underwriting process, volatility around the best estimate, catastrophic events that impact mortality, and the trend in mortality improvement or deterioration. When stochastically modeled, the relative contribution and risk profile of each risk element can be evaluated. Generating stochastic mortality results provides a distribution of results that an organization faces and the severity and incidence of the tail events.

Description: This research report is on the incorporation of flood and other catastrophe model results into pricing and underwriting.

Description: The intent of this paper is the analysis of the influence of risk that took place during winter and summer 2006 on economic results of utilities selling power to final customers. Efficient risk management requires the restructuring of the approach to company management. From 2007 Enterprise Risk Management Symposium, M-AS07-1.

Description: A response to the comments on the paper.

Description: This paper cautions against using expected utility theory for measuring insurance risk, because of the numerous inherent difficulties associated with it. Instead, an approach for loading gross premiums that is based on risk-measure functions is explored. Discussions of this paper are included.

Description: Risk governance is an important part of any risk management process, yet the insurance industry has not implemented the procedures and controls as extensively as banking. This session looks at the elements of risk governance and discusses their importance to the risk management process. Specific emphasis is placed on risk management organizational structures and how different organizational structures may facilitate effective risk management processes. Insurance and banking practices are contrasted. From the Record of the Society of Actuaries 2005, Volume 31, No. 1: 2005 New Orleans Life Spring Meeting, May 22-24, 2005, Session 83 OF.