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

Description: In this article, the authors discuss “tail events,” market dislocations deemed a priori, to be statistically improbable.

Description: Risk management and capital budgeting are two critical components of the corporate decision process. They often need to be considered jointly at the corporate level because of their natural interaction through the dependent risk exposures and other synergetic relationships within an intricate corporate structure in a dynamic business environment. . This paper develops an integrated framework that aligns these two important corporate strategies across business divisions to optimize the streamlined enterprise strategic goal in a multi-period setting. The proposed integrated framework can serve as a practical guideline for corporate executives to optimally coordinate capital budgeting and risk management at the enterprise level.

Description: Top down approach to retirement results in wasting the human capital of retirees. We should concentrate, instead on allowing our clients to use their human capital to the fullest extent possible, and structure retirement products around that premise.

Description: A discussion about the increasing risks associated with the National Flood Insurance Program in the U.S., including discussion of its history as well as key issues associated with its continuation in its present form.

Description: This article summarizes the highlights of the 2014 Emerging Risk Survey. This is the 8th survey and this short article focuses on trends and top risks selected.

Description: The paper discusses the arguments supporting the need for risk culture to transition into ERM culture to be embedded across financial organizations. Creating and maintaining strong ERM culture is paramount to a lasting and meaningful ERM program. It is essential for organizations to understand what ERM culture is, how it gets established and in what way affects the process of ERM implementation. Often, the implications of financial enterprises not focusing on the significance of ERM culture manifested in severely compromised ability to generate sustainable value and market competitive advantage. This paper calls for rethinking the role of ERM culture in the context of managing risks.

Description: This article discusses the results of the annual survey.