CAS and SOA Agree to Joint Sponsorship of a Risk Management Section
The Casualty Actuarial Society and Society of Actuaries (SOA) recently launched a partnership that will help advance actuaries as leaders in the emerging field of enterprise risk management (ERM).
During its March 2-3, 2005 meeting, the CAS Board approved joint sponsorship of a Risk Management Section with the SOA. The Joint Risk Management Section is similar to the existing CAS special interest sections, Casualty Actuaries in Reinsurance (CARe) and Actuaries in Regulation (AIR), in that it brings together a group of interested members to study and discuss common professional interests and to contribute information on those interests to the profession through seminars and research projects.
The mission of the Risk Management Section is to advance the actuarial profession by assisting members of the Section with the educational, research, networking, and other specialized needs that arise in the risk management area of actuarial practice. The Risk Management Section is focused on developing solutions to unsolved problems, communicating the value of actuaries in providing solutions, and educating actuaries to meet market demands.
Joint sponsorship will bring combined CAS and SOA resources to bear in the evolving world of ERM. The initiative is a major step for the CAS towards its Centennial Goal that casualty actuaries be recognized as leading experts in the evaluation and integration of hazard risk with strategic, financial, and operational risk.
The CAS and the SOA have already been working together on several initiatives including risk tolerances, risk metrics, operational risk, and the world-class ERM Symposium. The joint section will create a host of additional volunteer opportunities. Most notably, both CAS and SOA members are eligible to serve on the Risk Management Section Council that guides the activities of the Section. John J. Kollar, who has worked for nearly two years on behalf of the CAS to make the joint section a reality, has recently been appointed to the Section Council as a CAS representative.
The CAS Board of Directors encourages its members who are interested in risk management to join the Risk Management Section. Annual dues are only $20 and include:
An application form can be found on the SOA website.
- Risk Management, the section newsletter, featuring topical articles and the latest on risk management activities.
- Invitations to section social/networking events.
- Mailings/e-mail communications announcing upcoming research, projects, continuing education events and other activities.