Description: Increasing uncertainties and volatility in financial as well as real goods markets increasingly reveal that controlling systems based on deterministic and pseudo-exact values are insufficiently eligible to manage the business activities. This raises the question how management systems can be modified to generate the adequate management impulses in volatile periods. Risk management deals from identifying, evaluating and aggregating chances and risks, which again determine the potential fluctuation range of relevant performance indicators. Everyday corporate life shows that risk management is considered important; but the corresponding processes to identify, evaluate and report chances and risks are seldom part of established decision criteria. This “paradox” lets assume that risks are managed in various differing and unsystematic ways. The combination of traditional controlling methods and risk management is not primarily a methodological challenge. The behavior of the whole organization, practiced over a long-year period, has to be transferred into a new corporate culture of transparent dealing with chances and risks. This paper describes the necessary change management process, which has to come along with necessary methodological modifications.

Description: July 2018 issue of The Stepping Stone by Leadership & Development Section. practical information for actuaries, trends that impact section, section activities

Description: Preview of the LTC section's sessions at the SOA Annual Meeting in October 2008, including claims management, litigation and public relations, preparing for PBA and stochastic modeling, pricing, research studies, and securitizations and reinsurance.

Description: Excellent big picture view for planning a social insurance system with pay-as-you-go, required self-funded, and voluntary plans.

Description: Chairperson’s column discussing a few of the important initiatives of the Financial Reporting Section

Description: Effective communication

Description: In order to better develop skill in predictive analytics, the author suggests looking to professionals who design innovative predictive models and, more importantly, find effective ways to communicate their findings to a large audience.

Description: Many top-performing businesses aren’t just risk aware, but rather risk intelligent. Such a posture helps prepare companies for a major event and can demonstrate to a regulator or auditor that an appropriately strong control framework is in place. Better still, companies gain real strategic value from a “risk adjusted” understanding not only of their threats and vulnerabilities, but also the upside opportunities associated with various risks. It starts with having both qualitative and quantitative information to identify, assess and manage risks. Strategic risk management, at its core, is about creating value by increasing transparency and accountability, and quality of information. More than a mere compliance exercise, effective risk management enables more informed strategic decision making, increased accountability and transparency, a greater likelihood of organizational success, and – ultimately – competitive advantage, as borne out by many studies that correlate risk management and financial results.

Description: The Society of Actuaries is making a commitment to focus on diversity and inclusion in the profession, including the creation of a standing SOA Inclusion and Diversity Committee.

Description: A preview of the articles in the May 2009 issue of Long Term Care News, with a theme of focusing on the pure fundamentals of actuarial work.