INARM

The UK Actuarial Profession approves the new Chartered Enterprise Risk Actuary(CERA) qualification http://goo.gl/oO8s

A really interesting and ongoing discussion about the possibility of negative interest rates – http://goo.gl/PMc9

The Canadian Institute of Actuaries (“CIA”) has released a second booklet in its ERM series. The first was titled, “Enterprise Risk Management: Should you be doing it?” The new booklet is titled, “Enterprise Risk Management: Who is doing it?”

You can get the copies in English and French here.

“Enterprise Risk Management: Who is doing it?” English version

“Enterprise Risk Management: Who is doing it?” French version

Actuarial Society of South Africa on why they joined the Chartered Enterprise Risk Analyst (CERA) treaty – http://bit.ly/bRhIYP – Times Live

In the past month there have been two very productive exchanges on the INARM email group.  One thread titled “Do Deficits Matter” is still active and has drawn over 25 comments from 13 authors.  That group has discussed the general economics of deficits as well as the Greece situation and the US deficits.  Another thread titled “What it takes to be a CRO” drew 30 comments from over 20 different authors.  That discussion focused on the relative importance of quantitative and qualitative skills needed to be a successful CRO.  To look into those threads, you can look at the INARM email archive.  If you are interested in joining in the discussion or just getting the emails as they are circulated you can subscribe to INARM listserv here.

Dave Ingram

Learn the Latest in Risk Management: Register Now for the 2010 ERM Symposium

Attend this Symposium, April 12-14 in Chicago, where enterprise risk management (ERM) experts will be exploring hot topics in ERM. The 2010 ERM Symposium will offer general sessions featuring ERM leaders offering their perspective on key risk issues facing organizations; concurrent sessions; a call for papers program showcasing new applied research in ERM; a track of sessions featuring academics presenting ERM research from leading universities; several pre-program workshops on hot ERM issues; networking opportunities with close to 500 ERM professionals to renew and expand your list of ERM contacts; and exhibitors demonstrating their ERM services and knowledge.

Sign up today at www.ermsymposium.org.

Thanks to Prof. Gorvett for pointing us to Risks Interconnection Map http://bit.ly/5gTj5B from the World Economic Forum 2010.

INARM is on Twitter!!! Check out http://bit.ly/anfpU5 for a great discussion on what it takes to be a Chief Risk Officer.

By Jean-Yves Rioux, FCIA

In the summer of 2009, the Enterprise Risk Management (ERM) Applications Committee of the Canadian Institute of Actuaries (CIA) asked members, who listed ERM as their primary or secondary area of practice, to participate in a Strengths, Weakness, Opportunities and Threats (SWOT) survey about actuaries and ERM. The results of the survey were compiled to form a consensus view related to the following:

1. As actuaries, how can we promote ourselves in the ERM arena (Our Strengths)?
2. What are the potential areas of improvement for actuaries related to ERM (Our Weaknesses)?
3. What are the foreseeable forces and trends that will impact actuaries wanting to compete as ERM specialists?

Twenty-three percent of the 103 members who were solicited to participate responded to our survey. The members of the ERM Applications Committee reviewed the results and are confident that the responses can be used to develop promotional material for the profession, and to make recommendations on potential areas of development for actuaries.

The following four, open-ended questions were asked of those surveyed:

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Re-post from the Society of Actuaries.

The Society of Actuaries (SOA) is pleased to announce that it has signed a treaty with 13 other international actuarial organizations to establish the Chartered Enterprise Risk Analyst (CERA) as the globally recognized enterprise risk management (ERM) credential.

In making this announcement, Mike McLaughlin, SOA president, stated that this move is a significant endorsement by the global actuarial profession of the need for an international ERM credential. It sends a strong message to employers and candidates that the skill set of actuaries provides significant insight and risk management expertise, especially in this time of increased globalization.

“The adoption of the CERA as a globally recognized credential, and the respect that will gain from employers and clients, immediately strengthens the credential’s value for all CERA holders and will build the supply of actuaries ready to meet the worldwide demand for risk management expertise,” McLaughlin said. He added, “Since the recent G20 meetings in Pittsburgh, the concept of combining strong technical skills with professional standards of conduct has been gaining ground. This credential, and the discipline it represents, addresses that need directly.”

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