Description: This article discusses specific challenges in model risk management, and practical solutions to those challenges, which are critical to building a model risk management capability. Through our experience working with insurers to build a model risk management capability, we have identified four areas in need of special attention: model definition, model governance and policy, model validation, model documentation. Addressing the challenges within these areas early on can help prevent more complex problems from arising later in a model's life cycle.

Description: This brief article details my observations as a senior consultant for a leading actuarial consultancy across the Middle East and South Asia regarding ORSA. It highlights key challenges, potential solutions and describes the dichotomy of management and consultant paradigm.

Description: Hear from the editor’s on the August 2016 issue of Risk Management published by the JRMS.

Description: The ORSA (Own Risk and Solvency Assessment) for ERM frameworks and processes is continuing to be implemented by organizations.

Description: Read the French language version of the December 2016 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: Hear from the editor’s on the August 2016 issue of Risk Management published by the JRMS.

Description: Other articles that will be of interest to readers.

Description: This 2000 word essay won the Joint Management Risk Section 2016 Essay Prize, summarizing the present challenges, potential solutions and Actuarial opportunities.

Description: The editors provide highlights of the articles included in the August 2015 issue of Risk Management.

Description: In this article the author discusses pegging, the history and Impact on insurance industry from risk perspective