Description: Modern economies are based on the premise that all the main players look after themselves. The bankruptcy and limited liability laws gave property speculators and banks a put option on society so they could walk away from losses above their capital base, yet enjoy all the gains of such speculation. They acted in what they believed were their own interests. It seems that society – well aware of what was happening – did not effectively look after its own interest and now must pay the price.

Description: Since 2008 the Joint Risk Management Section, sponsored in partnership by the Canadian Institute of Actuaries (CIA), Society of Actuaries (SOA) and Casualty Actuarial Society (CAS), has annually conducted a Survey of Emerging Risks. As the researcher for this project, I have asked open-ended questions thought to be useful to risk managers. Andy Grove noted the importance of viewing problems from an outsider’s perspective. After a strategy he implemented had struggled, he hypothesized how the strategy would change if he was fired. This paper summarizes activities that are perceived as adding value by risk managers. Each company is unique based on the skill set of the risk team and needs of the firm, many of which are strategic and can be fulfilled through well thought out scenario testing. These can be split into eight themes.

Description: An abbreviated version of a larger chart produced by the International Actuarial Association.

Description: Patenting in the insurance business has developed into a robust discipline. Insurance company management and legal counsel must consider a variety of issues involving intellectual property rights.

Description: This article describes the impact of the global acceptance of the SOA’s Chartered Enterprise Risk Analyst credential.

Description: Feature article discussing the synergies between Principle Based Reserves and the NAIC’s Own Risk and Solvency Assessment (ORSA).

Description: A New Perspective on Risk Management: Creating Value by Managing Risk by Francis P. Sabatini and Joseph Weiss from The Financial Reporter, December 2001, Issue No. 48.

Description: The speaker will discuss the training of neural networks to compute future Greeks of liabilities (or options) without the use of nested stochastics.

Description: Risk Magnification does exist and needs to be considered in the risk aggregation and risk management processes.

Description: Models are imperfect approximations of reality. Once a bubble has been recognized, that’s the time for mechanisms of caution and prudence to kick in, even in the face of exuberance – especially in the face of exuberance. Liquidity and trust is plentiful until it’s not – it can evaporate with blazing speed and only returns slowly. Risk is contagious, which means every single employee and citizen has a vested interest in taking on the role of chief risk officer.