Description: While COSO describes guiding principles for a comprehensive and robust ERM framework, it is anything but prescriptive. This article describes one path toward the realization of a framework consistent with COSO and highlights several challenges and solutions.

Description: In this article, the author discusses the considerations and advantages of implementing an integrated enterprise risk management program for a health insurance company, and presents a summary of Aetna's experience with ERM as a case study.

Description: Risk adjustment is needed under IFRS 17 to reflect the compensation that a company requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk. Companies are also required to disclose the method and confidence level used for the calculation of the RA. However, IFRS 17 doesn’t specify a method and a confidence level, nor does it provide a list of specific risks that are considered to be non-financial risk. Companies need to define them based on their own preferences or existing practices. This article will introduce available approaches and discuss the confidence level approach with potential consideration stemming from industry preferences and illustrative examples.

Description: Managed strategies as underlying investments in VA/FIA products have seen spectacular growth since the financial crisis. The speakers of these sessions will share their views on the development of this market and what is expected to unfold over the next 12 months in regard to the next generation of products and fund-based strategies.

Description: Regulatory change and increased focus on internal risk management are driving a renewed interest in model efficiency. In this session, we will review several new and existing tools, that show significant promise for advanced modeling of equity linked products. These include: • Clustering • Use of unique--and potentially a different number of--scenarios for each policy • Semi Monte Carlo (SMC) – this is a proprietary technique that is similar to a combination of Monte Carlo and numeric integration • Using a neural network approach to optimize some of the more complex and manual aspects of clustering and improve the fit of the clustered model • Combining SMC with the use of unique scenarios per policy

Description: Insurance is a technically demanding, risk-based, capital intensive business. It is therefore not surprising that the industry is fertile ground for the development of technical models used to measure and price risk and manage capital. This session presents the forces which have significantly influenced the evolution of risk and capital management techniques and organization in the insurance industry, including regulatory changes, financial market instability, enlightened self-interest and ultimately a focus on shareholder value creation. Combining over 20 years in the industry in risk and finance roles with a rigorous academic approach, the presenter will provide insights into the most important business questions which insurers face today and the technical tools and frameworks used to answer them.

Description: This webcast will explore hedge strategies that can take advantage of synergies with existing business, improve liquidity and collateral management, incorporate opportunistic design-making, and reflect a company’s appetite for certain risks where excess returns can be earned.

Description: The mismatch between how interest rate impacts the value of assets and liabilities could have material negative impact to companies’ earnings and surplus. To quantify and mitigate the impact of such mismatches, companies have used matching a combination of duration and convexity. I will review these measurement techniques and their limitations.

Description: The mismatch between how interest rate impacts the value of assets and liabilities could have material negative impact to companies’ earnings and surplus. To quantify and mitigate the impact of such mismatches, companies have used matching a combination of duration and convexity. I will review these measurement techniques and their limitations.

Description: This article will highlight the issue that the sum of key-rate metrics does not add to metrics derived by parallel shift to the entire curve, even at very low shift size. Additionally, in the article I will outline how to define a single rate change to be applied to a key rate (or the entire curve) since the rate changes are generally not level or parallel.