Description: Optimization of the liabilities to minimize the required capital, enhance the enterprise risk management and maximizing the shareholder value.

Description: Feature article that discusses the importance of developing a risk tolerance statement.

Description: The article presents a number of approaches to communicating and discussing risk with employer and retirement board members.

Description: This article discusses four approaches to managing the enterprise-wide risk: Diversification, Loss Controlling, Risk Trading and Risk Steering.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 Discussion of guaranteed minimum death benefits, guaranteed minimum income benefits, and guaranteed minimum accumulation benefits on variable deferred annuities, along with floor guarantees on variable immediate annuities. This session described the types of benefits found in the marketplace along with the associated risks. Current reserving practices, risk management techniques, and the latest American Academy of Actuaries AAA and National Association of Insurance Commissioners NAIC developments are discussed.

Description: The article has formulas for calculating the geometric return of a portfolio using the arithmetic return and the variance

Description: This paper provides a novel approach to the valuation of the market value of economic surplus that is stable and immune from “market noise”.

Description: Institutional investors seeking to hedge have no shortage of choices, and need the right framework to manage the different risks in portfolios as they arise. This article analyzes performance of different equity hedging strategies over the last 15 years, and lays out a potential hedging framework that takes into account types of risks being hedged, fundamental views, and current market pricing of protection.

Description: This article presents recent perspectives on the understanding and measurement of pandemic risk.

Description: Own risk and solvency assessment (ORSA) is emerging as a requirement for insurance companies in many countries. Enterprise risk management is also being used in banking and other industries. This provides an opportunity for actuaries to expand further into other industries, especially with the CERA credential.