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: Update on issues, priorities and key messages from the Joint CAS / CIA / SOA Risk Management Section Council.

Description: Tells about the top 10 risks that are ranked by insurers to be the most dangerous.

Description: An account of the trials of work ethic issues and college difficulties, and the triumphant story of overcoming obstacles through careful self-improvement.

Description: Summary of recent SOA-sponsored research on Enterprise Risk Management practices as applied to health insurers, self-insured plans, and health finance professionals.

Description: A discussion of issues and developments that threaten the collective confidence of the LTC insurance industry, including job cutting, changes in reporting requirements, and compliance audits.

Description: This essay examines several key factors that have contributed to China’s success in the economic reform spanning the past three decades and the double-edged nature of these factors going forward.

Description: The National Association of Insurance Commissioners (NAIC) is moving forward to implement a new regulatory requirement that requires U.S. insurers to perform an Own Risk and Solvency Assessment (ORSA). Before developing a response to the ORSA requirement, insurers will want to understand its genesis and the underlying rationale for it, as well as its implications. This essay provides an overview of the evolution and rationale for ORSA, as well as practical implications for insurers as they begin to design an ORSA process. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: The costly, time-consuming and complicated process of enterprise risk management (ERM) can be improved in many companies and made less tedious for managers by using reasonable data and templates obtained from peer group entities. The models used to calculate economic capital (EC) often underestimate its value because they do not consider decision-maker perception about risk. We assume here that managers, as the decision-makers, have appropriate business understanding and they can provide substantial information about risk characteristics regarding all business processes. Therefore we are focused, in this paper, on collecting data from managers across the different businesses to derive the appropriate knowledge about risky events, the importance of particular types of risk, the relationship between the risk outcomes and the level of risk control in a particular industry. We conclude that the collected data has a high potential for use as a benc hmarking reference and analysis for improving ERM models for individual businesses.

Description: Model governance must deal with the effects organizational culture, including normalization of behaviors that are inconsistent with appropriate governance.