Description: Increasing uncertainties and volatility in financial as well as real goods markets increasingly reveal that controlling systems based on deterministic and pseudo-exact values are insufficiently eligible to manage the business activities. This raises the question how management systems can be modified to generate the adequate management impulses in volatile periods. Risk management deals from identifying, evaluating and aggregating chances and risks, which again determine the potential fluctuation range of relevant performance indicators. Everyday corporate life shows that risk management is considered important; but the corresponding processes to identify, evaluate and report chances and risks are seldom part of established decision criteria. This “paradox” lets assume that risks are managed in various differing and unsystematic ways. The combination of traditional controlling methods and risk management is not primarily a methodological challenge. The behavior of the whole organization, practiced over a long-year period, has to be transferred into a new corporate culture of transparent dealing with chances and risks. This paper describes the necessary change management process, which has to come along with necessary methodological modifications.

Description: It is about what I learned from a survival training and how it is related to my daily life.

Description: Highlighting the new era in African opportunities and the broad range of areas where the skills of actuaries can be utilised to drive sustainable development.

Description: Article The Actuarial Politician by McCrossan in The Actuary, December 1979, Volume 13, Number 10.

Description: This article provides advice and guidance to young actuaries looking to influence their leaders and senior management.

Description: Review of 2010 events and accomplishments of the Untapped Opportunities work group for the Health Section: market research analyzing the perceptions and potential roles of actuaries in the broader health care industry, educational programs on medical and clinical matters, planned research destined to expand brand awareness of health actuaries, and building organizational partnerships.

Description: The chairperson reports on Health Section activities: papers by the joint workgroups with the AAA's Health Practice Council to inform the public and congressional staff, papers on capital requirements under proposed health care reform and on proposed taxing of Cadillac plans, new research on IBNR reserving methods and on measuring the quality and efficiency of health care delivery systems.

Description: Many top-performing businesses aren’t just risk aware, but rather risk intelligent. Such a posture helps prepare companies for a major event and can demonstrate to a regulator or auditor that an appropriately strong control framework is in place. Better still, companies gain real strategic value from a “risk adjusted” understanding not only of their threats and vulnerabilities, but also the upside opportunities associated with various risks. It starts with having both qualitative and quantitative information to identify, assess and manage risks. Strategic risk management, at its core, is about creating value by increasing transparency and accountability, and quality of information. More than a mere compliance exercise, effective risk management enables more informed strategic decision making, increased accountability and transparency, a greater likelihood of organizational success, and – ultimately – competitive advantage, as borne out by many studies that correlate risk management and financial results.

Description: Insights from chief accounting, legal and tax actuary on best practices for collaboration on product development and financial reporting.

Description: Accomplishments of the past year and a look at initiatives for the year ahead.