Description: Article is a detailed discussion of the Risk Management and Own Risk and Solvency Assessment (RMORSA) Model Act that was recently approved by the NAIC and is being adopted by legislatures across the country.

Description: Part 2 of a 2 part series. Tells about 5 concepts that can be thought to frame ERM. This article is about Alignment, Adaptability and Resilience.

Description: Complete issue of the August 2014 Risk Management newsletter.

Description: In a very general setting this paper describes a straightforward, non-parametric approach to aggregate "stand-alone" or marginal distributions with desired correlations without imposing additional assumptions on those marginals. We then develop two optimizations for the enterprise, one based on maximizing return on economic capital and the other based on a mean -semivariance efficient frontier from the investor point of view.

Description: This essay explores the role that the emerging defined contribution retirement system may be playing in the growth of wealth inequality in the United States. The current system leaves many Americans with little or no retirement savings. Those with higher accumulation levels appear to invest proportionally more in equities, which may have an exponential effect of balances over long time periods. The author hypothesizes that willingness to take investment risk involves the relationship between the amount an investor has accumulated and what she/he needs in order to cover basic costs of living. This is one reason that investors with greater accumulation levels may be able to earn higher rates of return. The essay concludes by suggesting that the U.S. defined contribution system should include all workers and provide additional fiduciary guidance. Examples reforms, both in the U.S. and other countries, are provided.

Description: The editorial calls on actuaries to have “guts” and take chances on new risk management opportunities for the profession.

Description: Letter From The President column for the October/November 2012 edition of The Actuary magazine discussing the importance of actuaries staying relevant in today’s and the future’s work force.

Description: A comprehensive approach for risk appetite, with enterprise level limits and tolerances, a monitoring system, and cascading to the line level when appropriate.

Description: Is Risk/Return a sound tool for decision-making? No. It is not consistent, not objective, distorts decision and degrades governance. Why? What shall we do then?

Description: This article describes the allocation of FATCA withholding risk in cross-border reinsurance arrangements and discusses practical considerations in regards to the drafting of those agreements.