Description: In this article, the authors discuss “Risk Management – Principles and Guidelines” is the title of the new international standard on the practice of risk management. This article compares and contrasts the two ERM frameworks ISO 31000 2009 and COSO - ERM.

Description: Ken Mungan, founder of Milliman’s Financial Risk Management practice, talks about the latest changes in the industry and the role that risk management will play in shaping the future of the business.

Description: The editors preview this issue.

Description: The author calls for a re-examination of potential new avenues for growth for the actuarial profession, both in new areas and traditional areas.

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: In this article, the editor talks about the contents of this issue of the Risk Management Newsletter. Also mentioned are the three categories the newsletter tries to cover 1. Risk Identification, 2. Risk Response, and 3. Risk Culture & Disclosures.

Description: The article is based on a study of causes of insolvency and decisions made by management, regulators, and policyholders over the life cycle of the insolvency.

Description: The costly, time-consuming and complicated process of enterprise risk management (ERM) can be improved in many companies and made less tedious for managers by using reasonable data and templates obtained from peer group entities. The models used to calculate economic capital (EC) often underestimate its value because they do not consider decision-maker perception about risk. We assume here that managers, as the decision-makers, have appropriate business understanding and they can provide substantial information about risk characteristics regarding all business processes. Therefore we are focused, in this paper, on collecting data from managers across the different businesses to derive the appropriate knowledge about risky events, the importance of particular types of risk, the relationship between the risk outcomes and the level of risk control in a particular industry. We conclude that the collected data has a high potential for use as a benc hmarking reference and analysis for improving ERM models for individual businesses.

Description: Update on issues, priorities and key messages from the Joint CAS / CIA / SOA Risk Management Section Council.

Description: In this article, the author discusses the International interest in working toward a global ERM credential similar to the CERA designation from the SOA.