Description: 2011 SOA Enterprise Risk Management Symposium, Chicago. The stated purpose of this paper is to consider whether a more comprehensive and timely measurement framework for risk exposure is now needed and to examine one possible approach. This paper proposes a new approach to risk measurement that, along with capital measurement and more rigorous oversight, will allow banks an ability to manage risk.

Description: 2011 Enterprise Risk Management Symposium, Chicago. This is the abstract of the referenced paper.

Description: 2011 SOA Enterprise Risk Management Symposium, Chicago. This paper reviews a risk management theory that deals with correlated, non-normally distributed factors, and then applies risk management techniques to the U.S. steel industry using futures contract hedging.

Description: This article reviews why financial reporting controls are relevant to actuaries. It also discusses the impact of LDTI on controls and the strategic decisions that insurers need to make.

Description: Standard & Poor’s Ratings Services’ stable outlook on the U.S. life reinsurance sector reflects improved new business profits and improving availability of capital at low cost through securitization and other markets. Reinsurance Section News, November 2007, Issue No. 61.

Description: A critical step in valuing a company for the purpose of financial reporting is the computation of the market value of economic surplus (MVES). This article provides a novel approach to the valuation of MVES that is stable and reasonably immune to “market noise.” Current approaches to the calculation of economic surplus of an insurance company generally define such surplus as the market value of the assets (MVA) supporting the liabilities less the market value of liabilities (MVL). While MVA is observable in the market, MVL is typically computed directly, without regard to the underlying supporting assets. Subtracting MVL from any value of assets that changes with market movements results in an unstable surplus. Consequently, a surplus that is not fully reflective of market sentiment has been rejected by many. This same approach is further used in the calculation of market consistent embedded value (MCEV) when a balance sheet approach is used .

Description: Read the September 2019 issue of Risk Management, published by the Joint Risk Management Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Recurring column that lists recent publications in risk management of note to readers.

Description: Patenting in the insurance business has developed into a robust discipline. Insurance company management and legal counsel must consider a variety of issues involving intellectual property rights.

Description: Risk Management and Actuaries—SOA Risk Management Task Force Update