Description: Shapiro 1990 documented some of the criteria used by actuaries when selecting the assumptions for actuarial valuations. He noted, however, that many of these criteria are often were in conflict with one another. This paper uses expected utility theory to model this process of choosing actuarial assumption when faced with potentially conflicting criteria. The three criteria considered are prudence, best estimate and conservativeness.

Description: A panel of chief risk officers CROs discuss their roles, responsibilities and challenges in implementing and managing risk within an insurance enterprise. Topics related to the measurement and management of risk to be covered are: organization of the risk management function key CRO responsibilities measurement infrastructure process of measuring and managing risk risk culture and assimilation of risk into the organization management buy in and support operational risk credit risk risk aggregation the role of risk economic capital and Committee of Sponsoring Organizations COSO enterprise risk management framework. From the Record of the Society of Actuaries, Volume 30, No. 2, Spring Meeting, San Antonio, TX, June 14-15, 2004, Session 20PD.

Description: What does “accountable” mean? You will see how the accountability culture can transform spectators into protagonists following the Four Steps to Accountability.

Description: How is Your Management Quotient? by Stephen N. Patzman from The Financial Reporter, May 1999, Issue No. 39.

Description: Fourth installment in an ongoing series of articles adapted from Michael Carroll's "Awake at Work", applying Buddhist principles to the challenges faced by actuaries. This installment examines the often chaotic work circumstances faced by actuaries and encourages the reader to see such situations as opportunities for personal and professional growth.

Description: The author describes his recent experience taking in only water and vegetable juice for 2 days and translating his lessons to actuarial practice.