Description: Today's actuarial teams dedicate substantial time and resources to maintain strong frameworks for risk management and control. Current practices typically endure this as a sunken cost, yielding minimal value beyond SOX/MAR/COSO compliance and basic error prevention. With a small up-front time investment, and a willingness to approach these activities with an open mind, the functionality of existing compliance activities can be completely transformed. Compliance activities, once a sunken time cost, can be elevated to deliver more insightful analysis to stakeholders.

Description: The author defines Enterprise-wide risk management as the management of the risks inherent in the basic model used by the enterprise to represent and understand its overall operations. However, the practice of enterprise-wide risk management is a risk in itself.

Description: This article discusses the Own Risk and Solvency Assessment ORSA Guideline that is being developed by the NAIC Group Solvency Issues working group as part of the Solvency Modernization Initatitve SMI. It looks at the purpose of the ORSA, the three sections of the NAIC ORSA and issues with current U.S. ORSA draft.

Description: This article discusses that several ERM characteristics mitigate the effects of bad corporate culture, including: • The whole firm is considered the system in view holistic characteristic. • Peers are empowered to lead in positive ways intensive management characteristic. • Risk taking should be separated from risk management objective assessment characteristic. • Risk management is a key corporate value, second only to profit maximization postmodern characteristic.

Description: In this article, the section chairperson talks about the importance of actively promoting actuarial skills and value to lead the evolution of risk management.

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: In this article, the Editor talks about the changes to the newsletter and discusses prizes available for articles.

Description: This article departs from the usual GMWB pricing approach by assuming that the policyholder is always smart enough to act in his/her own best interest.

Description: The Chairperson of the section talks about how members can participate and make a difference in the section.

Description: In this article, the author examines Nassim Taleb’s work and writings and discusses its relevance to the future of the actuarial profession.