Description: The editorial cautions that while the development of more sophisticated models may increase efficiency, it is important to consider the very real risk management costs associated with the increased complexity, efficiency and overconfidence in the predictive power of models.

Description: Defines and discusses operational risk as it exists in every industry, especially as it exists in the financial services industry.

Description: When formulating a personal investment strategy, the application of a disciplined methodology can lead to more rational decision making by the investor. From The Actuary Magazine, April/May 2005

Description: The editorial provides an overview of articles in this issue that explore and illustrate solutions to current retirement challenges.

Description: An article from The Actuary on benchmarking enterprise risk management practices in a derivatives firm. Actuaries can become the future of enterprise risk management by enhancing their unique skill sets with practices adopted from other industries and promoting themselves to firm managers.

Description: The article explores options for defined-benefit retirement plan sponsors to transfer pension risk, focusing on recent trends in the United Kingdom.

Description: This article discusses the risk-sharing arrangements provided by a number of different types of hybrid pensions, focusing on hybrid designs in the United States, Canada and the Netherlands, with particular emphasis on the New Brunswick (Canada) shared risk plan.

Description: This article discusses four approaches to managing the enterprise-wide risk: Diversification, Loss Controlling, Risk Trading and Risk Steering.

Description: The articles discusses how Principles-based approaches PBA to setting reserves and capital can be combined with Enterprise Risk Management to create a competitive advantage for an insurance company. Those companies can leverage these models by combining unique risks and strategies to measure and manage risk.

Description: Own risk and solvency assessment (ORSA) is emerging as a requirement for insurance companies in many countries. Enterprise risk management is also being used in banking and other industries. This provides an opportunity for actuaries to expand further into other industries, especially with the CERA credential.