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: Continuation of article from previous issue. This article illustrates the practical and financial implications of applying nested stochastic techniques to a sample product.

Description: Part I of a four-part series on insurance product regulations around the world. Provides a good high-level summary of the regulations as of 2002.

Description: The article is a series of question and answers related to microinsrance with the editors of the book "Actuaries in Microinsurance".

Description: This is Mr. Gerber's proof of the Schuette-Nesbitt formula.

Description: In this article, the chairperson addresses the section regarding content creation.

Description: Three simple actions to take right now at your workplace in the absence of company-sponsored learning and development programs.

Description: The editor of the newsletter provides a running list of articles included in the issue highlighting such topics as the applicability genetic algorithms, the power of group dynamics, judgmental forecasting, improvement in mortality and complexity science.