Description: The academy generator is widely applied in actuarial practice. Initially confined to regulatory reserving, companies are increasingly using the AAA/SOA generator over an ever widening range of applications testing the limits of the academy generator's intended function. The session will give a brief overview of the academy generator and the asset classes it can be used to model. It will also analyze the statistical properties of the academy scenarios and discuss the scenarios relative to standard validation criterion. Some of the challenges that actuaries face in using this framework will be reviewed and options for addressing these challenges will be offered.

Description: The paper argues that Risks Evaluation at its core is a psychological process that can lead to the special type of chaos described in modern Chaos Theory. It will argue that quantification and scientific modeling does not exempt risk assessment from the potential for deep biases. Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries, April 12-15, 2010.

Description: Essays advocating for incentive compensation linked to the level of risk in an organization.

Description: The adoption of FAS 158 forces sponsors of post-employment health benefit plans to consider how to manage the volatility that changes in medical care inflation create in the other postemployment benefits (OPEB) liability. By choosing carefully how the nominal discount rate used for the liability is decomposed into real rates and inflation, I illustrate that the true exposure to an OPEB plan is to the spread of medical care inflation above (or below) the overall inflation rate. The implication is that an effective immunization strategy exists that can eliminate most of the volatility in the OPEB account.

Description: Enterprise risk management ERM is for the measurement and the management of all significant risks of the business holistically irrespective of types and sources. The study offers significant advances in the current debate on the performance of enterprise risk management, in particular, minimizing the existing gap between the academic understanding and practitioners’ experience on the topic.

Description: This article reviews the sixth survey of Emerging Risks, sponsored by the Joint Risk Management Section and completed in fall 2012.

Description: This article reviews the dynamics of surrender risk, briefly discusses current valuations in the Interest Rate option markets and presents some tailored structured hedging instruments that can be used to manage this risk.

Description: Panelists discuss the importance of credit-worthiness to the customer of an insurance company, a brief history and description of the Standard & Poor's and Moody's rating systems, the efforts an insurance company goes through in obtaining ratings by outside agencies, the efforts required to maintain the ratings, and the importance of the ratings to the insurance company. From the 1987 Record of Society of Actuaries Vol. 13, No. 3.

Description: Presented at September 1994 Valuation Actuary Symposium. Discusses analyzing and projecting financial risk in group health plans.

Description: The article provides an update on the 2019 ERM Symposium with regard to date, location and content (General Sessions and Concurrent Sessions).