Description: The article provides an update on the 2019 ERM Symposium with regard to date, location and content (General Sessions and Concurrent Sessions).

Description: Actuarial activity in Azerbaijan commenced in 2008 with the enactment of the insurance law. The Actuarial Association of Azerbaijan was created in that year. The insurance law prescribes an official roster of actuaries who qualify after passing an exam. There is also the position of “appointed actuary” who reports directly to the board of directors of the insurance company. However, due to the relatively fast development of the insurance market, there is an urgent need of qualified actuaries. Actuaries Without Borders and the International Actuarial Association have thus helped in the capacity building process. This article describes the workshop that was held in Baku, in December 2019.

Description: A warning about keeping top management fully and clearly informed about enterprise risk assessments, as illustrated by some actual and fictional stories.

Description: The aim of this work is the definition of a holistic approach to assess the maturity level of ERM within an organization, following the principles defined by The Committee of Sponsoring Organizations of the Treadway Commission 2004b in the “Enterprise Risk Management—Integrated Framework.”

Description: Many top-performing businesses aren’t just risk aware, but rather risk intelligent. Such a posture helps prepare companies for a major event and can demonstrate to a regulator or auditor that an appropriately strong control framework is in place. Better still, companies gain real strategic value from a “risk adjusted” understanding not only of their threats and vulnerabilities, but also the upside opportunities associated with various risks. It starts with having both qualitative and quantitative information to identify, assess and manage risks. Strategic risk management, at its core, is about creating value by increasing transparency and accountability, and quality of information. More than a mere compliance exercise, effective risk management enables more informed strategic decision making, increased accountability and transparency, a greater likelihood of organizational success, and – ultimately – competitive advantage, as borne out by many studies that correlate risk management and financial results.

Description: Article describing key steps to develop an incentive compensation plan that aligns to the company’s risk profile, mitigate excessive risk taking, retain talent and meet the disclosure requirements. The yearly development cycle includes develop the incentive compensation program, communicate and implement and assess the plan performance on both short and long term horizon.

Description: This article presents claw-back features, option (barrier option, short put option and convertible deferred cash compensation) as possible tools in incentive compensation programs.

Description: List organizations types that does not have incentive that is aligned with public interest or interest of the organization itself.

Description: There are many ways to perform Risk Management. For an ERM system to be effective its objectives need to match up with what management wants. But most ERM systems do not have an explicit objective. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: The focus of the essay is how to use regulatory requirements like ORSA to add competitive advantage. This is accomplished by leveraging the work done for regulators in a way that helps a firm make better decisions. Looking for concentrations of risk, model shortcomings and changing correlations are considered. Stress testing, counterparty risk and changing risk appetites are all topics that help the risk manager better understand the risks accepted. Finally, the paper suggests that the risk officer job should be split into a component that focuses on the process and risk mitigation techniques. The Chief Risk and Return Officer would reside in the strategic planning area and participate in strategic decision making for the firm. Part of the essay collection "Risk Metrics for Decision Making and ORSA"