Description: This report discusses management decision making practices and the need for actuaries to build the appropriate level of variability for management actions in stochastic models to achieve a more realistic range of future experience among the stochastic scenarios.

Description: This paper reviews the Value At Risk concept, a financial risk management tool and discusses its application to insurance. Difficulties with this application are described and modifications suggested. An alternative tool, expressed as a risk adjustment to economic value, is suggested as an additional measure.

Description: This research report examines readers to Insurance-linked securities (ILSs) emphasizing catastrophe bonds (CAT) and industry loss warranties (ILWs).

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: 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: The Society of Actuaries announces the release of a new report that will provide a resource for the insurance industry to learn about image recognition technology. Authored by Kailan Shang, the report explores the current status of image recognition technology, models for image recognition, and various possible applications of image recognition to insurance.

Description: This paper discusses a theoretical framework for Enterprise Risk Management, risk dynamics within property-casualty insurance companies, empirical findings on widely used risk models, and examples of effective risk models.

Description: This study examines and describes parameter uncertainty. The paper provides structures to incorporate parameter uncertainty in quantifying risk.

Description: The monograph walks the reader through the hindsight, insight and foresight building process while discussing theoretical and practical issues supporting the building of valid forecasts with provenance for each of these schema examples. That is, the analyst can document the iterative ‘profiling change processes’ mindscape and landscape elements by which and through which the successful forecast is built. This kind of forecast construction ameliorates the ‘black box’ problem of generating pattern output without an understanding of the pattern’s creation or contextual meaning that is often seen when using other methods, particularly machine learning and artificial intelligence. This issue is discussed, referencing appropriate thought leaders.

Description: Because of the growing significance of Enterprise Risk Management, it is critical to consider how ERM responds and relates to circumstances and conditions. In particular, one megatrend currently impacting our world and our understanding of the economy is the emergence of a behavioral economics perspective. This paper describes the nature of behavioral economics, and considers the potential impact of such a perspective on ERM. From Actuarial Research Clearing House, 2012, Vol. 1.