Casualty Actuarial Society

Exams & Admissions

CAS Online Course
Introduction to Enterprise Risk Management

Reading List

September 2010

Lecture 1 - Introduction to ERM

D’Arcy, S., 2001, “Enterprise Risk Management,” Journal of Risk Management of Korea, 12:1, pp. 207-228.

Shimpi, Prakash, 2009, “Financial Crisis: Time to Improve ERM,” Emphasis, 2009/1, pp. 10-13.

Lecture 2 - ERM in Context

Lam, Chapters 1-3.

Lecture 3 – ERM in Practice

Standard & Poor’s, 2005, “Insurance Criteria: Evaluating the Enterprise Risk Management Practices of Insurance Companies.”

Lecture 4 – ERM Framework

Lam, Chapters 3 and 4.

D’Arcy, S. P., 2009, “Risk Appetite,” Risk Management, 15, pp. 38-41.

Lecture 5 – Hazard Risk

Insurance Information Institute, 2006, Commercial Insurance, section on “Types of Policies.”

Lecture 6 – Financial Risk

Lam, Chapters 13 and 16

Chicago Mercantile Exchange, About Futures Tutorial.

Lecture 7 – Operational Risk

Lam, Chapter 14.

Lecture 8 – Strategic Risk

Kocourek, P. and Newfrock, J., 2006, “Are Boards Worrying about the Wrong Risks?” The Corporate Board, March /April, 2006.
Download Reading (.pdf)

Lecture 9 – Risk Metrics (D’Arcy)

Lam, Chapter 9
CAS ERM Committee, 2003, Overview of ERM, pp. 14-26

Lecture 10 – Application of ERM

Harrington, S. and Niehaus, G., 2003, “United Grain Growers: Enterprise Risk Management and Weather Risk,” Risk Management and Insurance Review, 6:2, pp. 193-208.

Banham, R., 2003, “Fear Factor: Sarbanes-Oxley offers one more reason to tackle enterprise risk management,” CFO Magazine (June).

Lecture 11 – COSO Framework: Pros and Cons

COSO, September, 2004, Enterprise Risk Management-Integrated Framework, Executive Summary.

Samed-Kahn, A., 2005, “Why COSO is Flawed,” OpRisk Advisory, January 2005, pp. 1-6.

Mestchian, P., Makarov, M., Mirzai, B., 2005, “Operational Risk-COSO Re-examined,” Journal of Risk Intelligence, 1:4, pp. 19-22.

Lecture 12 – Conclusion

Lam, Chapters 19 and 20.

Summary of Course Readings

Primary text

Lam, James, 2003, Enterprise Risk Management: From Incentives to Controls, (John Wiley & Sons).

Other Readings

Banham, R., 2003, “Fear Factor: Sarbanes-Oxley offers one more reason to tackle enterprise risk management,” CFO Magazine (June).

CAS ERM Committee, 2003, Overview of ERM, pp. 14-26.

Chicago Mercantile Exchange, About Futures Tutorial.

COSO, September, 2004, Enterprise Risk Management-Integrated Framework, Executive Summary.

D’Arcy, S., 2001, “Enterprise Risk Management,” Journal of Risk Management of Korea, 12:1, pp. 207-228.

D’Arcy, S. P., 2009, “Risk Appetite,” Risk Management, 15, pp. 38-41.

Insurance Information Institute, 2006, Commercial Insurance, section on “Types of Policies.”

Kocourek, P. and Newfrock, J., 2006, “Are Boards Worrying about the Wrong Risks?” The Corporate Board, March /April, 2006.

Mestchian, P., Makarov, M., Mirzai, B., 2005, “Operational Risk-COSO Re-examined,” Journal of Risk Intelligence, 1:4, pp. 19-22.

Samed-Kahn, A., 2005, “Why COSO is Flawed,” OpRisk Advisory, January 2005, pp. 1-6.

Standard & Poor’s, 2005, “Insurance Criteria: Evaluating the Enterprise Risk Management Practices of Insurance Companies.”