Description: This is presentations slides summarizing the many concepts presented in the research paper. “When Black Swans Aren’t: Holistically Training Management to Better Recognize, Assess, and Respond to Extreme Events”, by Guntram Fritz Albin Werther and Thomas Herget.

Description: The author discusses and provides an example of how some companies’ enterprise risk management (ERM) programs are designed and implemented in ways that can unwittingly weaken the organization.

Description: Increasing uncertainties and volatility in financial as well as real goods markets increasingly reveal that controlling systems based on deterministic and pseudo-exact values are insufficiently eligible to manage the business activities. This raises the question how management systems can be modified to generate the adequate management impulses in volatile periods. Risk management deals from identifying, evaluating and aggregating chances and risks, which again determine the potential fluctuation range of relevant performance indicators. Everyday corporate life shows that risk management is considered important; but the corresponding processes to identify, evaluate and report chances and risks are seldom part of established decision criteria. This “paradox” lets assume that risks are managed in various differing and unsystematic ways. The combination of traditional controlling methods and risk management is not primarily a methodological challenge. The behavior of the whole organization, practiced over a long-year period, has to be transferred into a new corporate culture of transparent dealing with chances and risks. This paper describes the necessary change management process, which has to come along with necessary methodological modifications.

Description: An overview of reinsurance training class provided to the Bermuda Monetary Authority (Authority) and Central Bank of Trinidad and Tobago (Central Bank) covering all aspects of reinsurance. Article also provides an overview of initiatives that the two regulators (Authority and Central Bank) are involved with.

Description: In summary, the goal of this report is to foster better industry-wide education, training and practice that decreases the future range and scope of what leading risk management professionals will henceforth label as being unpredictable as events now commonly thought to be so.

Description: The article focuses on findings from EY's survey in 2017 of CROs at 40 insurers in North America. Changing roles in the age of disruption are investigated.

Description: State regulators' review of predominant LTC Risks after review of year-end AG51 reports.

Description: Although crisis management remain often seen through a “communication lens”, it has in reality more in common with risk management than usually thought. Both crisis and risk management are anticipatory endeavors, with most of the work being carried out in peace time; both require a deep understanding of the organization’s activities and ecosystem; both have the same overarching objective to enable the organization to survive a brutal change to its usual operating conditions. Developing integration between the two functions would thus go a long way toward a more resilient organization.

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: Description of an ERM workshop delivered in Nigeria by Actuaries Without Borders in collaboration with the College of Insurance and Financial Management.