Description: The paper discusses the arguments supporting the need for risk culture to transition into ERM culture to be embedded across financial organizations. Creating and maintaining strong ERM culture is paramount to a lasting and meaningful ERM program. It is essential for organizations to understand what ERM culture is, how it gets established and in what way affects the process of ERM implementation. Often, the implications of financial enterprises not focusing on the significance of ERM culture manifested in severely compromised ability to generate sustainable value and market competitive advantage. This paper calls for rethinking the role of ERM culture in the context of managing risks.

Description: The article discusses modeling of variable annuity behavior risk, with a particular focus on how interaction between different behavioral assumptions complicates modeling. The article gives a brief overview of variable annuity behavior risk, discusses the challenges that behavioral interactions pose for VA modeling, and discusses three potential solutions for dealing with this complexity.

Description: This article summarizes the highlights of the 2014 Emerging Risk Survey. This is the 8th survey and this short article focuses on trends and top risks selected.

Description: Hear from the editor’s on the March 2017 issue of Risk Management published by the JRMS.

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

Description: Credit ratings have played an essential role in the financial system and have been used extensively by market participants. Despite their wide use in the financial services industry, they are actually insufficient for pricing and risk management of fixed income securities.

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

Description: Read the December 2018 issue of Risk Management published by the Joint Risk Management Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: In this article, the author explains what a CAT model is.

Description: This paper demonstrates that extreme value theory (EVT) can be used as a tool to model policyholder behavior in the extreme tail. This paper applies EVT to the study of variable annuity dynamic lapse behavior in the extreme tail. It illustrates a process whereby a company can fully model policyholder behavior, including the extreme tail, with existing data. No judgment about the extremal behavior is necessary.