Description: The editor introduces the articles in this issue of the Risk Management newsletter, June, 2010. Topics include an IAA project on risk assessment, systemic risk and other risk management subjects.

Description: In this article, the author discusses the future of Risk Management and of the Joint Risk Management Section.

Description: Letter to the editor addresses concerns with C3 Phase 3 and risk-based capital RBC.

Description: Feature article describing the proceedings and results of the International Actuarial Association (IAA) in The Hague in May 2013.

Description: Canadian Institute of Actuaries (CIA) and Casualty Actuarial Society (CAS), has annually conducted a Survey of Emerging Risks. As the researcher for this project, I have asked open-ended questions thought to be useful to risk managers. In this article, I will summarize one of those questions from the 2015 and 2016 surveys and provide some perspectives for Canadian actuaries: Are there lessons learned that you would like to share with risk managers developing an enterprise risk management (ERM) framework (e.g., what worked, what did not)?

Description: Crises are devastating. They leave behind a high amount of entropy unemployment, poverty, lack of safety. But this is half the truth. The other half says that crises are to some extend good, because they provide a natural crash test to discover current practices’ risks and limitations, and in response, give rise to more efficient regulation, to financial innovations and to the wakening of the vitalizing powers of society, as the old and corrupted die and new ideas emerge and give us the opportunity to reflect upon the future we want to have.

Description: The liquidity crisis and the insufficient depth of the market led to a strong correlation crisis: many risks that could be considered as close to mutually independent in the classical regime suddenly became strongly positively dependent. More correlation crisis may happen in the future. We need to be more careful with black-box tools and to train what I would define as “quanlitative analysts” “Quanls” in the Enterprise Risk Management ERM process, that is risk managers who are able to lead interdisciplinary ERM studies from a jointly qualitative and quantitative point of view, with an emphasis on dynamics.

Description: Models are imperfect approximations of reality. Once a bubble has been recognized, that’s the time for mechanisms of caution and prudence to kick in, even in the face of exuberance – especially in the face of exuberance. Liquidity and trust is plentiful until it’s not – it can evaporate with blazing speed and only returns slowly. Risk is contagious, which means every single employee and citizen has a vested interest in taking on the role of chief risk officer.

Description: This document is a research study conducted by Derrick FUNG Wing Hong, PhD, FSA, CERA, from The Hang Seng University of Hong Kong, sponsored by The Society of Actuaries Research Institute. It investigates the impact of COVID-19 on insurers and the relationship between Enterprise Risk Management (ERM) sophistication and insurers' resilience.

Description: This survey tracks the relative rankings of risk managers about emerging risks across time. It is the 18th survey of emerging risks sponsored by the Casualty Actuarial Society (CAS), Society of Actuaries (SOA) and Canadian Institute of Actuaries (CIA), administered by the Joint Risk Management Section.