Description: The world of the local S&Ls, the partner-owned investment bank and Bretton Woods isn’t coming back. So what does that leave us to do next? Part of me is persuaded by the second law of thermodynamics, which says that existence gets progressively more and more disordered with the passage of time, since any work done to address the current crisis expends more energy and causes more disorder than it fixes.

Description: The system of using securities exchanges and commodity futures contract exchanges is inadequate to the task. Neither can transfer the risks of derivative financial contracts to the capital markets. Regardless of the degree of regulation or the financial incentives, this system is insufficient. A new type of exchange is needed that copes with fast price changes – even from “long” to “short” – without inviting bankruptcy.

Description: In this article, the section chairperson talks about the importance of actively promoting actuarial skills and value to lead the evolution of risk management.

Description: In this article, the Editor talks about the changes to the newsletter and discusses prizes available for articles.

Description: The Chairperson of the section talks about how members can participate and make a difference in the section.

Description: In this article, the author examines Nassim Taleb’s work and writings and discusses its relevance to the future of the actuarial profession.

Description: In this article, the author discusses the need to create a systemic risk regulator.

Description: This article provides some insights in how to bring risk management into product development for VA guarantees.

Description: Feature article discussing the four main perspectives of ERM.

Description: How can actuaries innovate solutions to the challenges posed by policyholder behavior risks?