Description: This paper incorporates a jump-diffusion process into the original Lee-Carter model, and uses it to forecast mortality rates and analyze mortality securitization.

Description: This abstract describes a paper that studies the probability of a systemic event occurring within a financial network.

Description: The article provides an update on the 2019 ERM Symposium with regard to date, location and content (General Sessions and Concurrent Sessions).

Description: When regulators examine financial institutions, one of the most important areas on which they focus is capital requirements. This essay argues that we can’t push for neither too high nor too low default probabilities. Regulate too high and you introduce rigidity to the system: you choke the economy. Regulate too low and you introduce softness in your foundations: they cannot for long sustain the economy. Therefore, regulation should be set to provide a 'window for business'.

Description: The article provides an update on the 2019 ERM Symposium with regard to date, location and content (General Sessions and Concurrent Sessions).

Description: In this mortgage crisis, it appears mortgage brokers and mortgage originating bankers were similar to unchecked MGAs. These brokers and banks had an incentive to produce mortgages that would generate fees for them. Those mortgagees would then be sold to investors, generating additional fees – but it appears there were often no incentives to align the interests of those mortgage producers with the purchasers of these mortgages. The brokers and banks “did not have any skin in the game.”

Description: Summary of the July, 2013 newsletter with an executive overview of each article.

Description: Climate change is making a significant economic impact into the work that actuaries do. Actuaries working in general insurance have been at the forefront of this work for many years. Now, actuaries in investments, pensions, life and health insurance as well as enterprise risk management are considering the risks of climate change and quantifying the impact of climate change in their modeling. Actuaries can expect to hear of these developments in actuarial circles with speakers representing the Society of Actuaries, the Canadian Institute of Actuaries, the Casualty Actuarial Society, the Institute and Faculty of Actuaries (UK) and/or the International Actuarial Association.

Description: This paper examines the potential impact of increasing negative commentary by social media users in multiple forums, which can erode the “reputation capital” of a utility. It also offers an approach for successfully addressing that risk and integrating social media risk management practices into existing utility enterprise risk management (ERM) programs.

Description: This essay argues against the securitization of residential mortgages. The originating lending institution should have significant skin in the game when it makes a loan, but the securitization process removes this important financial control.