Description: This article defines operational risk, gives some real-life examples of improperly managed operational risks and the consequences thereof, and provides advice on steps necessary to mitigate operational risk.

Description: Article from Risk Management Newsletter, July 2005, Issue 5 on operational risk in IT projects. Operational risk can sometimes be a broad and elusive concept. A definition is thus necessary. The accepted definition within the financial community is to define operational risk as the risk of direct and indirect losses resulting from inadequate or failed internal processes, systems, people or external events.

Description: Article from Risk Management Newsletter, November 2005, Issue 6 is an update on the continuing education activities of the Risk Management Section.

Description: In this article the author discusses the many hats an actuary wears and how risk management comes to play in each one. The roles discussed: 1. Pricing actuary. 2. Catastrophe modeling actuary. 3. Ceding reinsurance actuary. 4. Corporate actuary. 5. Loss reserving actuary. 6. Predictive modeling actuary. 7. Marketing actuary. 8. Underwriting actuary. 9. Investment actuary.

Description: This article is about the annual call for ERM-related research papers that present the very latest in ERM thinking and move forward principles-based approaches. The call discussed in this article was issued in October 2005 and attracted nearly 30 entrants, from which there was one winner and eight more that were selected for presentation at the 2006 ERM symposium. They were listed in the article and can be found, along with the 20 other entrants on the ERM Symposium Web site at: www.ermsymposium.org.

Description: Article from Risk Management Newsletter, March 2006, No. 7, discusses the Committee of Sponsoring Organizations (COSO). Actuaries like to think of COSO as a euphemism for accountants taking over the world, especially in view of its sponsorship. The COSO has as its primary goal the improvement of corporate financial reporting, which makes it a stronghold in the emerging practice of Enterprise Risk Management.

Description: The focus of this article is that while Economic Capital can be a valuable component of the ERM process for insurance companies, an over-emphasis on EC, to the point of neglect of other steps in the ERM process, can reduce the effectiveness of an ERM program.

Description: August issue of the Joint Risk Management section’s newsletter.

Description: December French issue of the Risk Management Section newsletter.

Description: March issue of the Joint Risk Management Newsletter