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Washington, DC to Host RCM and ERM Seminars this Summer
by Joseph W. Wallen, Chairman, Committee on Risk and Capital Management and
Kevin G. Dickson, Member, Enterprise Risk Management Committee
Tumbling equity markets, record low interest rates, terrorism, Sarbanes-Oxley,corporate governance…it is indeed a different world that property/casualty insurers, casualty actuaries, and risk managers find themselves in today. In response, the CAS, with help from some friends, has built on its educational offerings in the arena of risk, capital, and enterprise risk management.
This year there will be several educational opportunities for CAS members and other interested parties to participate in continuing education seminars in these areas. First, the annual Seminar on Risk and Capital Management (RCM) will be held in Washington D.C., on July 28 and the morning of July 29. The Seminar on Enterprise Risk Management (ERM), cosponsored by the Casualty Actuarial Society and Society of Actuaries, will be held the afternoon of July 29 and all day July 30. Both events will be held at the Washington Hilton.
While the two seminars are closely aligned in terms of subject matter, there is a fundamental difference between the two. The RCM Seminar will focus specifically on the property/casualty insurance industry and the role casualty actuaries can play in managing risk and capital. The ERM Seminar will look at the broad financial services sector and nonfinancial companies. These seminars will be presented from both CAS and SOA perspectives. We think it is ideal for the interested actuary to attend both seminars.
Seminar on Risk and Capital Management
The annual Seminar on Risk and Capital Management is intended for professionals interested in the theory, tools, and practice of managing risk from the perspective of a property/casualty insurance enterprise. Sessions at this year's seminar will include:
A look back at industry results with a discussion of the role risk management could and should have played in this recent history;
A candid discussion of the state of DFA modeling today, both in terms of the technology as well as its acceptance throughout the industry;
New approaches to capital allocation; and
Educational sessions on the basics of capital management and the cost of capital.
As always, there will continue to be specific topics for the practitioner of dynamic financial analysis.
Enterprise Risk Management Symposium
The joint symposium came about from a realization that both the SOA and CAS are increasingly involved in risk management issues—each specializing in unique risks. They use similar techniques and they demonstrate how their activities add corporate value. The two societies realized it would be beneficial to share knowledge, broaden perspectives, and educate actuaries to play a larger role in enterprise risk management. ERM is the identification, measurement, prior-itization, and management of the broadly defined risks that face an organization. ERM is not unique to the insurance industry. In fact, both societies have benefited from learning about ERM issues and practices in the broader financial services industry. Actuaries' training and specialization make them uniquely qualified to play a role in this area.
The joint ERM Seminar will have sessions on modeling, risk metrics, capital management, and other topics. One highlight will be a general session featuring chief risk officers giving their perspectives on key risk issues facing organizations.
Look for information on the CAS Web Site and in the mail in late May. We look forward to seeing you in Washington, D.C. in late July.
Photo Credit: The Washington, DC Convention and Tourism Corp.