Description: In order for an organization to benefit from artificial intelligence/machine learning (AI/ML) models, it requires the involvement of different business areas. During this webcast, professionals from data analytics, audit and risk areas will address challenges and provide solutions for working together to develop, implement, use and risk manage AI/ML tools. Throughout the discussion, the presenters will discuss: • Defining and exploring the challenges and objectives between data scientists, domain experts and control functions • Risk management – model risks and other risks • End-to-end model validation • Model performance vs. interpretability/understandability trade-offs • What to audit – auditor’s challenge and solutions

Description: Note from the Council Corner providing an update to our JRMS members on recent / upcoming activities.

Description: The underlying premise of this paper is that enterprise risk management (ERM), as it continues to evolve as both a process and a collection of risk management techniques, can benefit from several different (but ultimately somewhat related) “megatrends.” The core of this paper concentrates on the impact on ERM of one of those megatrends: the emergence of a behavioral economics perspective, which is beginning to have a large impact on our understanding of the economy and on certain economic and business processes. The evolution and context of behavioral economics are described, and potential implications for the practice of ERM are discussed. The paper culminates with a variety of specific suggestions for ERM practice in response to findings from behavioral economics research, specifically a number of human cognitive dissonances inconsistent with traditional economic theory.

Description: Joint Risk Management Section chairperson's corner, June 2023

Description: This article is the result of the Leadership & Development book club on Dare Lead. The article talks about major themes in the book and relates them to other podcasts and authors thought on those themes.

Description: Findings from the 12th annual emerging risk survey.

Description: Description of the mathematics involved when looking at low probability events within a company from the perspective of the C-Suite. The accumulation of small probability events leads to a much higher probability of at least one of them happening in a given period.

Description: The traditional informal care of/by family has faced increasing geographic and economic challenges from changing family households and sources of family income. Financial planning and risk protection tools provide important resource in the changing retirement landscape toward optimal family support and crisis management, that is, with less duress and financial burden to affected family caregivers. Ultimately, maintaining family values and close communications through evolving family structures are key to a healthy society and economic welfare of the people.

Description: Recent section activities

Description: Responsibilities Of The Actuary For Communicating Sarbanes-Oxley Control in accordance With Actuarial Standards of Practice