Description: The CRO Forum addresses this topic from an insurance industry perspective and will focus on the implications of the crisis on Enterprise Risk Management and regulation in the industry as a whole.

Description: Update on research activities.

Description: Analyzes the need for enterprise risk management for small businesses and the unique principles governing such a discipline. The paper describes a case study done by Goldenson Actuarial Research Center at the University of Connecticut and concludes with some suggestions on how ERM for small businesses can be done on a larger and sustainable scale using student resources supported by large corporations, banks and government organizations.

Description: Presentation from the Actuarial Research Conference describing risk management at a leading Canadian Bank.

Description: This article is about defining risks at the proper level. To do so one must distinguish between risks and the outcome of other risks. The so-called reputation risk is an example of something that is not a source of risk, but rather an outcome of other risks. In addition to defining risks at the source, is also important to categorize risks with consistent levels of granularity.

Description: Financial regulators, rating agencies and many commentators have blamed weak Risk Culture for many of the large losses and financial company failures of the past decade. But their exposition regarding a strong Risk Culture only goes as far as describing a few of the risk management practices of an organization and falls far short of describing the beliefs and motivations that are at the heart of any culture. This discussion will present thinking about how the fundamental beliefs of Neo Classical Economics clash with the recommended risk practices and how the beliefs that underpin Enterprise Risk Management are fundamentally consistent with the recommended risk management practices but differ significantly from Neo Classical Economics beliefs.

Description: Is Risk/Return a sound tool for decision-making? No. It is not consistent, not objective, distorts decision and degrades governance. Why? What shall we do then?

Description: Risk management techniques such as stress testing and setting capital targets are fairly well established for life insurers; however, the implementation of these techniques can vary considerably. A fundamental question is how to manage multiple valuation perspectives, and the list of possibilities keeps growing. Companies can potentially consider some or all of the following: U.S. reporting measures (Stat, GAAP), internal measures (EV, VNB, economic capital), international reporting measures (IFRS), rating agency models or other developing standards (ICS, NAIC group capital). This session will begin with a quick overview of the defining characteristics of different valuation frameworks. We will then provide more focused and practical considerations for managing risk and capital under different frameworks, using specific examples to highlight key trade offs.

Description: Today's actuarial teams dedicate substantial time and resources to maintain strong frameworks for risk management and control. Current practices typically endure this as a sunken cost, yielding minimal value beyond SOX/MAR/COSO compliance and basic error prevention. With a small up-front time investment, and a willingness to approach these activities with an open mind, the functionality of existing compliance activities can be completely transformed. Compliance activities, once a sunken time cost, can be elevated to deliver more insightful analysis to stakeholders.

Description: This article focuses on risk quantification at an enterprise level.