Description: The ORSA should be more than a compliance requirement -- its process should be an integral element of a company's governance and risk and strategic planning process used by both management and the board on a regular feedback loop basis. Similar to that used for ERM, it along with a carefully constructed set of metrics should serve as the springboard to be used to identify, control and mitigate short- and long-term risks, as well as to enable exploitation of opportunities to add shareholder and policyholder value. Risk can represent an opportunity from which insurers can leverage their knowledge and risk management capabilities to find and maintain a competitive edge. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: This paper outlines a risk measurement framework in which risk measures are derived by qualifying cash-flow-based risk measures on the state of the firm's debt capacity. This risk framework overcomes some of the weaknesses of the popular 'at-risk' framework. From 2007 Enterprise Risk Management Symposium, M-AS07-1.

Description: The intent of this paper is the analysis of the influence of risk that took place during winter and summer 2006 on economic results of utilities selling power to final customers. Efficient risk management requires the restructuring of the approach to company management. From 2007 Enterprise Risk Management Symposium, M-AS07-1.

Description: Comments on Robert North’s paper, a real case study of disclosing MVL in a public employee retirement system.

Description: The article provides a summary of the Drake Risk & Opportunity Forum held on October 21, 2022. The forum was a hybrid conference that attracted more than 200 attendees from 17 states, two countries, 48 employers, and five universities. Following an introduction by the Zimpleman College of Business Dean, the forum held six sessions. First was an insurance company CRO panel followed by a panel of non-insurance company CROs. Gary Zhu shared his outlook for interest rates and capital markets. The fourth panel discussed insurance capital models. The fifth panel discussed environmental, social, and governance (ESG) criteria when building insurance company investment portfolios. The final session of the day was a discussion about the NAIC, how they operate, and their priorities for the coming year.

Description: Our previous article, “Introduction of Cashflow Matching Strategic Asset Allocation (SAA) Framework,” introduced the concept and included a real-world case study that developed a liability-driven investment strategy for a single line of business (LOB) for a life insurer. This article expands the framework and the case study from a single LOB to simultaneously optimize asset allocation across multiple LOBs. It discusses how this multi-line SAA framework can enable an insurance company to efficiently tag its asset holdings to each LOB, identify opportunities in the public and private asset markets to enhance risk-adjusted returns, and develop a deeper understanding of the trade-off between the degree of cashflow matching and risk-adjusted returns across LOBs.

Description: A response to the comments on the paper.