Description: New column centered on enterprise risk management.

Description: This article provides an overview of the evolution and rationale for Own Risk Solvency Assessment (ORSA), as well as practical implications for insurers as they begin to design an ORSA process.

Description: Demonstrating that incentive maximization could lead to failure using game theory. This is illustrated by the optimum strategy for the Prisoner Dilemma single period, multi period and infinite period that could be mutually destructive or beneficial.

Description: The editors provide highlights of the articles included in the August 2015 issue of Risk Management.

Description: ERM has methodology for quantifying the risk to capital, but to determine optimal capital, the impact of capital level on firm value is needed. This gets into the realm of valuation. Also capital allocation provides risk quantification for business units, but comparing return among units is fundamentally a risk-pricing exercise. When considering risk pricing, optimal returns on allocated capital are not necessarily constant across business units. The current ERM methodology, as well as actuarial literature on valuation and pricing, are reviewed, and possible directions for application of pricing and valuation methods to risk management problems are outlined.

Description: The editors provide highlights of the articles included in the April 2016 issue of Risk Management.

Description: In this article, the author examines how a seemingly impossible event becomes a harsh or startling reality.

Description: Presented at September 1994 Valuation Actuary Symposium. Discusses analyzing and projecting financial risk in group health plans.

Description: The Global Risks Report 2016 draws attention to ways that global risks could evolve and interact in the next decade.

Description: Feature article that defines strategic risk management (SRM) and discusses ways to design and optimize a company’s SRM process.