Description: To provide high level information on a book selected and discussed during the December book club session, The Ten Commandments of Risk Leadership. In addition, this article serves as a promotion of the SOA book club as well as the upcoming sessions.

Description: Risk management techniques do not include system science. System science requires that the uncertainty of the world is incorporated into the results. The articles explains the difference between risk and uncertainty. Learn how risk practices create an overoptimistic view of future outcomes.

Description: The Federal funds rate increased by 4.25% in 2022 with further increases in 2023, which have already resulted in a liquidity crisis for a few banks. As the rapid increase of the interest rates pushed the new money rates above the yields of many life insurers’ investment portfolios, insurance companies are facing a dilemma between compressed margins from peer pressure and the concern with liquidity shortfalls and realized capital losses should mass surrenders happen. This paper discussed main emerging risks under rising interest rate environment, and several ways to mitigate these risks.

Description: Chairperson's summary of Joint Risk Management Section (JRMS) Council accomplishments during the 2021-2022 Section Council year, as part of the December 2022 Risk Management newsletter. Includes an introduction to new council members, appreciation to those departing the Council, and introduces the new JRMS Council Leadership. Discusses the accomplishments made, areas of focus and activities underway which benefit JRMS Section members.

Description: Chairperson's summary of Joint Risk Management Section (JRMS) Council accomplishments during the 2021-2022 Section Council year, as part of the December 2022 Risk Management newsletter. Includes an introduction to new council members, appreciation to those departing the Council, and introduces the new JRMS Council Leadership. Discusses the accomplishments made, areas of focus and activities underway which benefit JRMS Section members.

Description: This is the second of a two-part article introducing and elaborating an “Adaptor” strategy for ERM. Such a strategy is intended to fulfil two purposes: first, switching among four styles of risk-coping strategies in order to track qualitative changes in a business’s risk environment; and, second, to support the business in navigating with resilience through all the seasons of a business-economic cycle, i.e., of boom, bust, moderate, uncertain. This latter requires careful study of the nature of resilience, the familiar idea of bounce back, and the less familiar idea of bounce forward. Part I of our article is underpinned therefore by a supplementary document (available from https://riskviews.wordpress.com/adaptor-exceptionalism/), which addresses the issue of structural change in a business or economy. It draws heavily on ideas taken from the discipline of control engineering, as well as some from ecology, social anthropology, and economics. The entire two-part article is thus an exercise in cross-disciplinary Systems Thinking.

Description: Feature article that discusses how insurance and banking business models have continued to grow in complexity over the past 50 years—from simple and local risk exposures to the current environment of complex and global exposures

Description: This article introduces a non-traditional type of economic scenario generator that relies on dynamic stochastic general equilibrium (DSGE) models are complex macroeconomics models and have been increasingly popular in central banks for analyzing monetary policies.

Description: There is widespread acknowledgement in the insurance industry that cyber risk remains an untamed and seemingly ever-growing beast. It is also unique in the family of risk exposures faced by insurers in that it is both an emerging risk and an emerged risk. What are companies doing to keep on top of this risk? What are actuaries doing to contribute to cyber risk management, and what can we learn from other industries and disciplines?

Description: As sponsored by the Canadian Institute of Actuaries (CIA), Casualty Actuarial Society (CAS), and Society of Actuaries (SOA), the study looks at causes of insolvency and decisions made by management, regulators, and policyholders over the life cycle of the insolvency. Further, this study considers ways the profession can be equipped to prevent or mitigate future insolvencies. In addition to directly benefitting the profession, the work is also intended to assist other insurance industry practitioners in understanding the complexities of insurance company solvency and the benefit of keeping the actuarial profession in the forefront of company management, operations, and regulatory communication

Description: Latest in our on-going series in which we have a candid discussion with one the insurance industry's most respected and high profile risk practitioners

Description: Read the August 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: The article explores the possibility of using the emerging technology for life insurers to build a monitor system for better risk and profitability management.

Description: Read the French language version of the March 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: Read the March 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: Case study evaluating CME Group US Treasury futures and options as a key rate duration (KRD) adjustment tool.

Description: This presentation investigates the empirical and practical relevance of local and global risk-minimization.

Description: Read the August 2016 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: This article discusses the Own Risk and Solvency Assessment ORSA Guideline that is being developed by the NAIC Group Solvency Issues working group as part of the Solvency Modernization Initatitve SMI. It looks at the purpose of the ORSA, the three sections of the NAIC ORSA and issues with current U.S. ORSA draft.

Description: Listing and description of key articles in August 2011 issue of Risk Management. Topics include Predictive Modeling, Risk management and Solvency II.

Description: In this article, the author discusses the need to create a systemic risk regulator.

Description: In this article, the author discusses the capital shortfall an insurer faces because of the longevity risk on immediate annuities.

Description: This article focuses on how a risk appetite framework can help a company manage the “three-headed monster” and why a risk appetite framework is critical to effective business and risk management at both the corporate and product levels.

Description: This article discusses how the industry as a whole is revisiting its risk management strategies in the wake of the financial crisis.

Description: In this article the author compares ERM issues, strategies and scenarios to the process of driving to work on a four-lane highway.

Description: This article discusses the system in systemic risk and suggests management approaches for dealing with systemic events.

Description: Summary of recent SOA-sponsored research on Enterprise Risk Management practices as applied to health insurers, self-insured plans, and health finance professionals.

Description: Description of the increased gamma of the liabilities of a portfolio of variable annuities. Discussion of the sensitivity of gamma due to changes in policyholder behavior.

Description: This article focuses on risk mitigation strategies and intends to demonstrate how an organization, a financial institution in this case, realized significant positive impact on its bottom line by integrating risk management in its overall business development strategy.

Description: Feature article summarizing a talk given by Andrew Lo at the SOA 2009 Annual Meeting on the credit crisis and why risk management failed to stop the excessive risk taking.

Description: Final installment of a series on the evolution of risk management with a close look at high profile failed corporations.

Description: Current risk management approaches for variable annuity business are not working very well in today's market turmoil.

Description: The management of The Guardian Life Insurance Company of America Guardian decided during 2006 to perform an economic capital EC analysis, with results to be delivered in the spring of 2007. A second generation EC analysis EC 2.0 was conducted from fall 2007 through spring 2008. This article describes EC 2.0.

Description: In this article, the author compares sailing to risk management.

Description: This article provides an overview of the commonly used structural credit risk modeling approach that is less familiar to the actuarial community.

Description: Article discussing the use of enterprise risk management in the health care industry.

Description: This article serves as a Solvency II primer by first introducing the Solvency II framework and then identifying several implementation issues that are still being resolved.

Description: This article provides some insights into risk appetite and how it relates to ERM.

Description: Part 2 of a six-part series on the evolution of risk management continues with this article on dynamic financial analysis.

Description: ERM in the Brazilian market

Description: A study on stochastic simulation literature as it applies to a health actuary.

Description: The article discusses how strategic planning and strategic risk management are intertwined.

Description: The articles discusses how Principles-based approaches PBA to setting reserves and capital can be combined with Enterprise Risk Management to create a competitive advantage for an insurance company. Those companies can leverage these models by combining unique risks and strategies to measure and manage risk.

Description: Chronicles the journey made by Allstate to enhance its process for managing risk and ultimately find ways to better exploit risk opportunities.

Description: This article describes how insurers can expand the reach of their efforts with regard to Economic Capital EC into the broader enterprise risk management process. Some experts contend that can be done by shifting the focus towards value. EC has the potential to shed new light on valuable opportunities for insurers.

Description: The thrust of this article is that while ERM starts out as a compliance and corporate governance tool, well managed companies use ERM as a strategic tool that will help them increase shareholder value. To do so requires a synthesis of the actuarial techniques of insurance and the capital markets perspectives of corporate finance.

Description: In this article, the author describes the skills needed for the Chief Risk Officer and he offers why actuaries may, or may not, be best suited to fill the role.

Description: This is an interview with Prakash Shimpi who talks about enterprise risk management, research and development. From News Direct, September 2005, Issue No. 51.

Description: The intention of this piece is to introduce the general premise of ERM to those of you who are just now starting to hear about it.

Description: Describes the current enterprise risk management, ERM, model for beginners.

Description: Discussion of how non actuaries are taking on many of the enterprise risk management roles of insurance companies. Discusses changes actuaries need to make to re-assert their roles. Also discusses roles actuaries can play in enterprise risk management outside of the insurance and pension industries

Description: This article discusses the growing exposure of ERM and where it's headed in the future. The author predicts that the ERM discipline will go deeper to reflect better the realities in our enterprises and that the science of ERM will leap forward through combining analytical skills and business knowledge, and through blending the insights of financial economics with the tools of management science.

Description: The future for risk management is bright. Regulators and managers are recognizing the importance of risk management as a way to minimize losses and improve business performance.

Description: An overview of the recent Advanced Risk Management Seminar New York, December 2002.

Description: The author makes 10 predictions of how risk management will change over the next decade.

Description: Risk Management and Actuaries—SOA Risk Management Task Force Update

Description: This articles describes some of the industry issues that new-generation risk modeling technologies can address and the emerging technology of simultion as it applies to risk modeling.

Description: A New Perspective on Risk Management: Creating Value by Managing Risk by Francis P. Sabatini and Joseph Weiss from The Financial Reporter, December 2001, Issue No. 48.

Description: Segregated Funds Seminar Illuminates Equity Guarantees Risks by G. Thomas Mitchell from The Financial Reporter, February 2000, Issue No. 41.