Description: This paper discusses both the theoretical and the application aspects of stress testing in managing enterprise risks. Effective stress testing maximizes the risk adjusted enterprise profit by controlling major risks financial, strategic, operational and hazard upon identifying risk metrics and modeling the correlations. A case study is included for demonstration purposes.

Description: This study addresses some aspects of the financial impact on women under the Social Security benefits reform or redistribution.

Description: This paper addresses issues and techniques for advanced age mortality study using data mining techniques, a new technology on the horizon with great actuarial potential. Seven factors were considered in this study, the influences of these factors on advanced-age mortality distribution were identified and models were derived for projecting advanced age mortality.

Description: This paper addresses the evaluation of long-term returns when the short interest rate is modeled by a general diffusion process. By deriving the long-term return dynamics and invoking the Feyman-Kac formula, the long-term return is represented as the solution of a partial differential equation. A finite difference method is derived for the valuation of the long-term return. The method could be used for hedging interest rate risk, pricing and managing interest rate derivatives and interest rate sensitive insurance products. Numerical examples are included.

Description: Traditional mean-variance method does not take skewness of the random rate of return into consideration. It only considers minimum variance for a given acceptable rate of return, which limited the probability of obtaining higher rate of return. If the skewness of return for the portfolio is incorporated into model of traditional approach, then the resulting non-linear programing model is not computational efficient, which certainly is complicated. On the other hand, possibilistic programming provides more efficient techniques to solve the imprecision nature of rate of return and also preserves the original linear model.