Description: In this article, the author discusses the International interest in working toward a global ERM credential similar to the CERA designation from the SOA.

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

Description: In this article, the editor talks about the contents of this issue of the Risk Management Newsletter. Also mentioned are the three categories the newsletter tries to cover 1. Risk Identification, 2. Risk Response, and 3. Risk Culture & Disclosures.

Description: In this article, the author compares risk identification to the computer game, FreeCell.

Description: The author calls for a re-examination of potential new avenues for growth for the actuarial profession, both in new areas and traditional areas.

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

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: In this article, the authors discuss “Risk Management – Principles and Guidelines” is the title of the new international standard on the practice of risk management. This article compares and contrasts the two ERM frameworks ISO 31000 2009 and COSO - ERM.

Description: The purpose of this article is to share with fellow risk or asset-managers a few strategies to manage credit risks in their portfolios.

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.