Description: With seemingly unending demands on life & annuity companies for more intense and complex calculations, as well as greater sophistication around analytics, and all of this done at speed, never before has it been so important to seek out maximum efficiency in constructing models. In this session the panelists examine how the combination of various model efficiency approaches, pulling in many different facets of modeling and making it flexible enough to dial up or down various modeling components, can bring about incredible results. Not only does it become possible to produce and expand upon financial risk metrics via a building block approach, but also enables life insurers to produce analytics and dashboards to support strategic decisions that were simply not possible or cost effectively viable before.

Description: This article talks about the role that models played in the subprime meltdown and the subsequent crisis in the financial markets in general. The models failed to provide information about the magnitude of potential 'black swans'. Extreme Value Theory [EVT] is described as a potential solution to this error.

Description: This article provides an overview of the commonly used structural credit risk modeling approach that is less familiar to the actuarial community.

Description: Article Disparate Origins Of Life And Non-Life Insurances by Beard in The Actuary, February 1979, Volume 13, Number 2

Description: 2011 SOA Enterprise Risk Management Symposium, Chicago. This is the abstract of the referenced paper.

Description: Presented at October 1996 Annual Meeting. Discusses the latest additions to the Handbook, recent developments/requirements in Canada, and current research to support the Dynamic Financial Condition Analysis Handbook.

Description: This article describes the financial modelers’ manifesto. Focus is on how difficult it is to model financial instruments when there is a human element involved.

Description: This article discusses the reliance the banking industry placed on sophisticated mathematical models.

Description: This abstract describes a paper that investigates model uncertainty arising from different ways of treating the operational loss data collection threshold.

Description: There is widespread acknowledgement in the insurance industry that cyber risk remains an untamed and seemingly ever-growing beast. It is also unique in the family of risk exposures faced by insurers in that it is both an emerging risk and an emerged risk. What are companies doing to keep on top of this risk? What are actuaries doing to contribute to cyber risk management, and what can we learn from other industries and disciplines?