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

Description: A risk map is an effective and dynamic tool in helping companies develop a broader view of their risks.

Description: The author suggests ways to strengthen a company's enterprise risk management process, including the development of an "effective resilience factor," a risk metric that reflects an organization’s exposure and response to an adverse event, and measures the ability of the organization to mitigate the reduction in its operating level.

Description: ICP 16 and its requirement for an Own Risk and Solvency Assessment (ORSA) will offer opportunities for the actuarial profession to provide uniquely well-educated and professional assistance to this process.

Description: The authors introduce an alternative to Tail Contribution Analysis TCA for analyzing business segments and strategies called Economic Profit Analysis EPA. They discuss EPA’s key feature, “volatility replication,” an intuitively appealing process of building investor expectations and capital market information into the risk-and-return measurements used to evaluate strategic decisions. Finally, they illustrate the benefit of using EPA in overcoming the problems of TCA and thereby providing concise reliable information for business decision making.

Description: This paper develops a conceptually rigorous formulation of the cost of capital method for estimating margins for mortality, lapse, expense and other forms of underwriting risk.

Description: This article will examine four approaches under two different methods (eight in total) used to combat the non-additivity of key rates and will compare them under a number of rate environments.

Description: Introduces the concept of total risk analysis, a methodology used to answer questions like "what are the chances we will lose more than $1 million"

Description: Review of The Improbability Principle: Why Coincidences, Miracles, and Rare Events Happen Every Day, by prominent statistician David J. Hand.