Description: Update on research activities.

Description: This article is about defining risks at the proper level. To do so one must distinguish between risks and the outcome of other risks. The so-called reputation risk is an example of something that is not a source of risk, but rather an outcome of other risks. In addition to defining risks at the source, is also important to categorize risks with consistent levels of granularity.

Description: This article discusses that several ERM characteristics mitigate the effects of bad corporate culture, including: • The whole firm is considered the system in view holistic characteristic. • Peers are empowered to lead in positive ways intensive management characteristic. • Risk taking should be separated from risk management objective assessment characteristic. • Risk management is a key corporate value, second only to profit maximization postmodern characteristic.

Description: Analyzes the need for enterprise risk management for small businesses and the unique principles governing such a discipline. The paper describes a case study done by Goldenson Actuarial Research Center at the University of Connecticut and concludes with some suggestions on how ERM for small businesses can be done on a larger and sustainable scale using student resources supported by large corporations, banks and government organizations.

Description: In this article, the author discusses earthquake modeling.

Description: Is Risk/Return a sound tool for decision-making? No. It is not consistent, not objective, distorts decision and degrades governance. Why? What shall we do then?

Description: In the current environment of global competition, the question of how much, and in what way, the enterprise risk management (ERM) function contributes to the creation of shareholder value will only increase in importance and urgency.

Description: This article focuses on risk quantification at an enterprise level.

Description: Read the July 2020 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: Economic risk analysis has two dimensions: time and frequency. Asset return varies by time because of economic cycles and economic structural changes. Risk is higher during economic recessions and smaller during economic expansions. In addition, different economic structures may exist at different time scales. Risk measures calculated based on daily, weekly, monthly and yearly historical data can be very different. The appropriate frequency depends on the time horizon of the analysis. Therefore, it is important to measure economic risk at both the time level and the frequency level. However, time series analysis and statistical analysis that have been widely adopted in economic risk analysis focus on only one of the two dimensions. In this paper, wavelet models are used to enhance both time‐invariant analysis and time‐variant analysis. Wavelet models can systematically analyze risk by time and frequency and provide richer information than time series models. Using wavelet models, risk measurement can easily be adjusted based on time horizon in a consistent way. Equity VaR estimation is selected to demonstrate the application of wavelet analysis in risk management.