Description: Essays advocating for incentive compensation linked to the level of risk in an organization.

Description: Reminding that incentive compensation needs to hit the target on average, needs to have variability related to the level of control over company’s fortune and ensure people are participating.

Description: The author recommends the use of "minimally destructive scenarios" as part of an ORSA process, in order to deal with cognitive bias that can occur in risk decision-making. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: Demonstrating that incentive maximization could lead to failure using game theory. This is illustrated by the optimum strategy for the Prisoner Dilemma single period, multi period and infinite period that could be mutually destructive or beneficial.

Description: Some of the uncertainties related to catastrophe models are explored, leading to the suggestion that the actuary is well suited to understand and use these in the context of an ORSA exercise. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: When using models a company can develop blind spots to risks. This article explains how to recognize the weaknesses in the models by recognizing the markets response to the innovation within the insurance product. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: This article discusses pointing out flaws in Incentive Compensation program using short term financial metrics like Total Shareholder Return may miss non-short term financial risk and non-financial risks.

Description: The actuary’s key role in the ORSA process should be to quantify the uncertainty surrounding the future financial results of the firm. By providing relevant standardized reports that clarify the uncertainty in terms easily understood by all stakeholders, the actuary will provide an essential element in the ORSA process. The dictum, "You can't manage what you can't measure." demonstrates the need to quantify risk, not just describe it qualitatively. While the ability to provide firm estimates of aggregate risk for complex organizations may not exist currently, doing so should be a target for the profession. The end result will be to enhance the financial security of the insurance industry at a time when all financial institutions are facing stakeholders skeptical about their financial condition. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: Discusses the necessity and the difficulty to take management actions into account in ORSA (Own Risk and Solvency Assessment). If management actions were ignored, multi-period scenarios could be too artificial. On the other hand, it is of course very hard to predict management actions. We propose a certain number of characteristics that the ORSA should feature. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: The essay briefly discussed the impacts from implementing ORSA to the main stakeholders in the insurance industry. Those stakeholders include: insurers, regulators, policyholders, investors, rating agencies, insurance industry employees and general public. Part of the essay collection "Risk Metrics for Decision Making and ORSA"