Description: Joint Risk Management Section chairperson's corner, June 2023

Description: The 2024 Dangerous Risks survey shows respondents react to recent increases in "old favorite" risks as technology evolves and the environment moves away from the pandemic.

Description: Economic risk analysis has two dimensions: time and frequency. Asset return varies by time because of economic cycles and economic structural changes. Risk is higher during economic recessions and smaller during economic expansions. In addition, different economic structures may exist at different time scales. Risk measures calculated based on daily, weekly, monthly and yearly historical data can be very different. The appropriate frequency depends on the time horizon of the analysis. Therefore, it is important to measure economic risk at both the time level and the frequency level. However, time series analysis and statistical analysis that have been widely adopted in economic risk analysis focus on only one of the two dimensions. In this paper, wavelet models are used to enhance both time‐invariant analysis and time‐variant analysis. Wavelet models can systematically analyze risk by time and frequency and provide richer information than time series models. Using wavelet models, risk measurement can easily be adjusted based on time horizon in a consistent way. Equity VaR estimation is selected to demonstrate the application of wavelet analysis in risk management.

Description: While COSO describes guiding principles for a comprehensive and robust ERM framework, it is anything but prescriptive. This article describes one path toward the realization of a framework consistent with COSO and highlights several challenges and solutions.

Description: This article discusses the current state of the IAIS' initiative on their group Insurance Capital Standard.

Description: An abbreviated version of a larger chart produced by the International Actuarial Association.

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 author discusses the International interest in working toward a global ERM credential similar to the CERA designation from the SOA.

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

Description: This article departs from the usual GMWB pricing approach by assuming that the policyholder is always smart enough to act in his/her own best interest.