Professionalism Webinar: Risk Evaluation & Risk Treatment in Enterprise Risk Management: ASOP Nos. 46 and 47

March 28, 2013
12:00-1:30 p.m. EDT

Are you current with standards of practice for the most common actuarial professional services performed within risk management systems of organizations?


Enterprise Risk Management (ERM) is fast becoming a fundamental activity for organizations seeking greater soundness through increased transparency, enhanced risk-focused performance, and more robust business continuity.
 
As such, the need for individuals with deep knowledge of the dynamics of risk is making ERM a rapidly emerging specialty within the actuarial community. In fact, with the new CERA risk management educational certification, ERM could well become an area of practice for actuaries with no tie to traditional actuarial work. The CERA is a globally recognized ERM designation supported by 13 actuarial organizations in 12 countries with rigorous educational programs.
 
Even if your current duties don’t involve ERM, it is essential for actuaries to understand how ERM can play a role in your professional responsibilities to the profession and what standards you should you follow as an actuary.
 
Presenters reviewed two newly adopted actuarial standards of practices (ASOPs) relating to ERM:
  • ASOP No. 46, Risk Evaluation in Enterprise Risk Management; and
  • ASOP No. 47, Risk Treatment in Enterprise Risk Management.
The effective date for both ASOPs was May 1, 2013.
 
ASOP No. 46 provides guidance on risk evaluation systems including designing, developing, implementing, using, maintaining, and reviewing those systems.

ASOP No. 47 provides guidance on four aspects of risk treatment: determining risk tolerance, choosing risk appetites, setting risk limits, and performing risk mitigation activities.

NOTE ON JBEA CE CERTIFICATE OF ATTENDANCE: You will not be able to receive a certificate of attendance for listening to any recorded webinars. In order to receive a JBEA CE Certificate of Attendance you must attend the live event, follow the instructions provided during the live event, and you must request your certificate by completing the online form within 30 days of attending the live event.

WEBINAR RESOURCES


 

Also learned:
  • Why ERM standards are needed.
  • How to comply with standards.
  • How the standards affect actuaries who work on ERM teams that have non-actuaries and/or may be led by a non-actuary. 
This webinar was presented by the Academy’s Council on Professionalism and co-sponsored by the ASPPA (ACOPA), CAS, CCA, and SOA.

PRESENTERS*

Maryellen Coggins, MAAA, FCAS
  • Vice President, Risk Management And Financial Reporting Council; Member, ASB Task Force on Enterprise Risk Management
Dave Ingram, MAAA, FSA, CERA
  • Chairperson, ASB Task Force on Enterprise Risk Management; Member, Academy Risk Management Committee
Moderator: Sheila J. Kalkunte, Academy Assistant General Counsel

*The opinions expressed by the panelists during this presentation do not represent the opinions of any of the boards or committees of the Academy or the Actuarial Standards Board.

 

CONTINUING EDUCATION

The American Academy of Actuaries believes in good faith that your attendance at this live professionalism webinar, “Risk Evaluation & Risk Treatment in Enterprise Risk Management: ASOP Nos. 46 and 47,” constitutes an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States. Under these Qualification Standards, an hour of continuing education is defined as 50 minutes, and fractions of an hour may be counted.