Casualty Actuarial Society

Exams & Admissions

CAS Online Course
Introduction to Enterprise Risk Management

September 19 - October 6, 2014

  

Course Information

At this time attendees should obtain and read the Lam text, Enterprise Risk Management: From Incentives to Controls, chapters 1-4, 9, 13, 14, 16, 19 and 20.

Instructors

Professor Emeritus Stephen P. D’Arcy, FCAS
University of Illinois at Urbana-Champaign

Professor Richard W. Gorvett, FCAS, ARM, FRM, CERA
University of Illinois at Urbana-Champaign

Professor Mark C. Vonnahme Director, Finance Program
University of Illinois at Urbana-Champaign

Overview

Watch the Preview for the ERM Online Course

Enterprise Risk Management (ERM) is the application of basic risk management principles to all risks facing an organization.  Under ERM, considerations of all types of risks - hazard, financial, strategic, and operational - are integrated into a single, holistic framework.  ERM is an increasingly important and widespread process, due in part to the Sarbanes-Oxley Act of 2002 that put greater responsibility on the Boards of Directors for managing an organization’s entire portfolio of risks, and also due to more recent regulatory initiatives such as Solvency II and ORSA.  Furthermore, although the initial focus of ERM was on avoiding potential derivative disasters which affected many firms, it has now developed into a process for helping to optimize firm value and within which to consider different operational strategies.

Enterprise Risk Management (ERM) is the application of basic risk management principles to all risks facing an organization.  Under ERM, considerations of all types of risks - hazard, financial, strategic, and operational - are integrated into a single, holistic framework.  ERM is an increasingly important and widespread process, due in part to the Sarbanes-Oxley Act of 2002 that put greater responsibility on the Boards of Directors for managing an organization’s entire portfolio of risks, and also due to more recent regulatory initiatives such as Solvency II and ORSA.  Furthermore, although the initial focus of ERM was on avoiding potential derivative disasters which affected many firms, it has now developed into a process for helping to optimize firm value and within which to consider different operational strategies.

The readings for the course include selected chapters from a textbook - James Lam, 2003, Enterprise Risk Management: From Incentives to Controls (to be purchased separately by each participant) - plus additional readings that have been published by the CAS, the SOA, in academic journals, and other online sources.  Throughout the course, participants are expected to take part in a forum devoted to discussions of questions and issues related to ERM and the course.

The lectures in this course cover the following topics:

  1. Introduction to ERM
  2. ERM in Context
  3. ERM in Practice
  4. ERM Framework
  5. Hazard Risk
  6. Financial Risk
  7. Operational Risk
  8. Strategic Risk
  9. Risk Metrics
  10. Application of ERM
  11. COSO Framework:  PROs and CONs
  12. Conclusion

The course presumes no prior knowledge of enterprise risk management.  Enrollment is limited to a maximum of 40 participants.  Those enrolled in the course will be given a user name and password that must be used to gain entrance to the course website. The login information will be distributed approximately one month prior to the course.

Note: To insure all participants receive the course materials in a timely manner, Registration for this course will close on September 12, 2014.

Registration Information

  

When registering for this event online, please select your reg type to see the event fees available.

Registration Fees (in U.S. Dollars) Received on/before
September 5
Received after
September 5

CAS Member or Active Candidate*

$525 $625
Non-Members $725 $825

* An active candidate has attempted at least one actuarial exam in the last two years.

CANCELATION/REFUNDS: Registrations fees will be refunded for cancellations received in writing at the CAS Office, refund@casact.org, by September 12, 2014 lessa $100 processing fee.

Please contact Leanne Wieczorek with any questions or problems.

 

Quick Poll

How do you think the industry will change in 10 years?

Multiple Choice

Annual Meeting

 

The CAS Roundtable

Posted on 10/29/2014
By Genevieve O'Toole

Read More