Description: 2011 SOA Enterprise Risk Management Symposium, Chicago. This paper reviews a risk management theory that deals with correlated, non-normally distributed factors, and then applies risk management techniques to the U.S. steel industry using futures contract hedging.

Description: This session discussion is about methods for determining and adjusting contingency surplus. From Record of the Society of Actuaries Vol. 15, No. 2.

Description: This article describes how insurers can expand the reach of their efforts with regard to Economic Capital EC into the broader enterprise risk management process. Some experts contend that can be done by shifting the focus towards value. EC has the potential to shed new light on valuable opportunities for insurers.

Description: This paper evaluates the current practice of operational risk management in the insurance sector. Operational risk is nothing new in insurance, but, because of regulatory requirements, companies have initiated computation of risk capital for their operational losses. The current effort to manage operational risk is not a naturally evolving phenomenon, and operational risk, in the Basel Committee on Banking Supervision’s Basel II definition, is unlikely to be a significant cause of insurers’ failure. In addition, the current Basel II definition of operational risk is not suitable for the insurance sector. Consequently, the invention of models and tools based on the definition is incomplete and illusionary. My findings are based on the analysis of dozens of interviews with insurance industry professionals. I demonstrate the way operational risk is quantified in practice, show that the result obtained from this computation is of littl e use in managerial decision making and propose a set of policy recommendations illustrating the characteristics of operational risk in insurance. This study can be used as a platform for launching dialogues to initiate fresh thinking about operational risk in insurance beyond the current artificial and narrow boundaries.

Description: This article discusses the state of risk management practice in the banking industry in the Middle East. Risk management in the Middle East is complicated by data quality problems and corporate governance issues.

Description: Article discussing the benefits of the Chartered Enterprise Risk Analyst, CERA, credential.

Description: In July 2007, Mike McLaughlin, FIA, FSA, MAAA, became one of the first individuals to add a new credential from the Society of Actuaries after his name: CERA. Short for Chartered Enterprise Risk Analyst, the CERA is the first new credential from the SOA since it was formed in 1949. While the development of this new international credential was the work of many members over the past few years, McLaughlin was at the helm. From The Actuary Magazine October 2007

Description: 2011 SOA Enterprise Risk Management Symposium, Chicago. The stated purpose of this paper is to consider whether a more comprehensive and timely measurement framework for risk exposure is now needed and to examine one possible approach. This paper proposes a new approach to risk measurement that, along with capital measurement and more rigorous oversight, will allow banks an ability to manage risk.

Description: This panel discussion session focused on the practical applications of risk theory.

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.