2022 Virtual ERMM for CERA

Event Details

-
Monday & Tuesday: 8:00 a.m. – 5:00 p.m. (ET) | Wednesday: 8:00 a.m. – 11:45 a.m. (ET)

About This Event

This seminar will be held virtually in 2022.

The Enterprise Risk Management and Modeling Seminar for CERA Qualification is the first of two requirements of current CAS Fellows (or Associates with Exams 7 and 9) to be a credentialed CERA by the CAS. The second requirement is passing the SP9 Enterprise Risk Management Specialist Technical Exam of the Institute and Faculty of Actuaries. As this seminar is a requirement for the CERA designation, participants must attend the entire seminar and actively participate in the group activities in order to be credited with this component of the CERA designation process.

The main purposes of this three-day virtual seminar is to:

  1. Prepare attendees for active engagement in the ERM process within an organization by discussing real world approaches to ERM as practiced by companies.
  2. Increase participants' understanding of ERM processes, tools, and techniques through lectures, hands-on case studies, and role-playing.

This seminar will involve both lectures and hands-on applications through four ERM case studies ("mini-cases"). Participants will work in teams to complete technical exercises, and to role play and present their approaches to tackling various issues via the four mini-cases.

During the course, instructors will require participants to use their technical actuarial expertise in support of strategic decisions affecting risk and capital management. Participants will apply technical knowledge to real world strategic decision-making and think from the holistic viewpoint of an enterprise-wide officer. Additionally, the course will integrate actuarial science with financial economics, encouraging participants to consider risk/capital issues from a new perspective. For the mini-case work, participants will be required to bring their own laptop. Economic capital model output related to the mini-cases will be provided to registrants for downloading prior to the seminar.

Attendance is limited to a maximum of 20 participants. Attendees will be selected on a first registered, first accepted basis.

Event information

Casualty Actuarial Society's Envisioned Future

The CAS will be recognized globally as the premier organization in advancing the practice and application of casualty actuarial science and educating professionals in general insurance, including property-casualty and similar risk exposure.

 

Continuing Education Credits

The CAS Continuing Education Policy applies to all ACAS and FCAS members who provide actuarial services. Actuarial services are defined in the CAS Code of Professional Conduct as "professional services provided to a Principal by an individual acting in the capacity of an actuary. Such services include the rendering of advice, recommendations, findings or opinions based upon actuarial considerations". Members who are or could be subject to the continuing education requirements of a national actuarial organization can meet the requirements of the CAS Continuing Education Policy by satisfying the continuing education requirements established by a national actuarial organization recognized by the Policy.
 
This activity may qualify for up to 22.8 CE credits for CAS members. Participants should claim credit commensurate with the extent of their participation in the activity. CAS members earn 1 CE credit per 50 minutes of educational session time, not to include breaks or lunch.
 
Note: The amount of CE credit that can be earned for participating in this activity must be assessed by the individual attendee. It also may be different for individuals who are subject to the requirements of organizations other than the American Academy of Actuaries.

Technical Requirements

This event will be held on Microsoft Teams. For the best experience it is recommended that attendees download the Teams desktop app. Attendees may also use the web version of Teams through the following compatible browsers: Chrome, Safari, Firefox, and Microsoft Edge. Teams is not supported in Internet Explorer 11 or Opera.

Speaker Opinions

The opinions expressed by speakers at this event are their own and do not necessarily reflect the opinions of the CAS.

 

Contact Us

For more information on content, please contact Wendy Ponce, Professional Education Coordinator, at wponce@casact.org.  
 
For more information on course logistics or attendee registration, please contact Leanne Wieczorek, Meeting Services Manager, at lwieczorek@casact.org.  
 
For more information on other CAS opportunities or regarding administrative policies such as complaints and refunds, please contact the CAS Office at (703) 276-3100 or office@casact.org.

Registration information

Register

Registration is limited to 20 participants. Group registrations are not permitted.

Registration Type Registration Fee (in U.S. dollars)
If Received on/before Feb. 20, 2022 If Received after Feb. 21, 2022
CERA Candidates $1,600 $1,800


Cancellations/Refunds

The registration fee will be refunded for a cancellation received in writing at the CAS Office via email, refund@casact.org on or before the refund deadline less a $100 administrative fee. No refunds after March 7, 2022.

Technical Specifications

This event will be held on Microsoft Teams. For the best experience it is recommended that attendees download the Teams desktop app. Attendees may also use the web version of Teams through the following compatible browsers: Chrome, Safari, Firefox, and Microsoft Edge. Teams is not supported in Internet Explorer 11 or Opera.

CERA Designation

On October 8, 2011, the CAS announced that it is a CERA Award Signatory. The CAS's recognition to award the CERA designation and its eventual credentialing of CAS members will help strengthen the standing of qualified CAS members in the field of risk management. More information about the CERA credential can be found on the global CERA website.

Speakers

The instructors are Kevin Madigan and Rick Gorvett.

Kevin Madigan, ACAS, MAAA, CERA, PhD

Kevin Madigan is a consulting actuary with a global professional services firm, and has almost 25 years of broad industry, consulting, research, and teaching experience. A former academic mathematician, Kevin’s P&C industry experience includes 6 years in the Bermuda reinsurance market as a pricing actuary and Deputy CUO, and 6 years at the start of his insurance career as a direct primary and excess commercial lines pricing actuary. Much of his career in industry was focused on capital adequacy and allocation, and dynamic risk modelling. Kevin has advised clients for years on design and implementation of ERM programs and ORSA processes and procedures. He is a frequent writer and speaker on underwriting, actuarial, and risk management topics. Examples include “Linking Insurer Strategy With ERM” at the 2018 International Congress of Actuaries (Berlin, Germany); “Underwriting against a Backdrop of Enterprise Risk Management” at the 2017 Underwriting Collaboration Seminar sponsored by the CAS and the CPCU Society; “The Underwriting Cycle – Is It Economics or Behavior or Both?”, the opening general session of the 2016 Casualty Actuarial Society Annual Meeting; and “Catastrophe Issues” at the 2014 International Congress of Actuaries (Washington, DC).

Additionally, Kevin is an adjunct lecturer at Columbia University’s School of Professional Studies, where he teaches classes on Underwriting, Strategic Communication, and Insurance Risk Management. He is an Associate of the Casualty Actuarial Society, a Chartered Enterprise Risk Analyst, and a member of the American Academy of Actuaries. Kevin holds a BS in Mathematics from Auburn University, and an MA and PhD in Mathematics from the University at Albany - SUNY.

 

Rick Gorvett, FCAS, CERA, MAAA, ARM, FRM, PhD

Rick Gorvett is Professor and Chair of the Mathematics Department at Bryant University in Smithfield, RI.

Prior to joining Bryant this Summer, Rick was the first Staff Actuary of the Casualty Actuarial Society, where his primary activities involved research, education, and being a spokesperson for the CAS. He is also editor-in-chief of Variance, the CAS’s scholarly publication, has served on the board of directors of the CAS, and has been president of the Midwestern Actuarial Forum.

Until January 2016, Rick spent 12 years as a professor and the director of the Actuarial Science Program at the University of Illinois at Urbana-Champaign, where he was the State Farm Companies Foundation Scholar in Actuarial Science. While at the University of Illinois, he won the LAS Dean’s Award for Excellence in Undergraduate Teaching and the Campus Award for Excellence in Undergraduate Advising, and appeared on the campus excellent teacher list 46 times. Rick has published over 40 articles, won six research awards, given over 80 scholarly presentations, and been active in developing and delivering over 40 professional education seminars and online courses. Prior to entering academia, Rick was a corporate and consulting actuary, including Senior VP of a large commercial insurer.

Rick is a Fellow of the Casualty Actuarial Society, a Chartered Enterprise Risk Analyst, a Member of the American Academy of Actuaries, an Associate in Risk Management, and he has the Financial Risk Manager designation. He has a B.S. in mathematics from the University of Illinois at Chicago, an MBA in statistics and econometrics from the University of Chicago, and a Ph.D. in finance from the University of Illinois at Urbana-Champaign.

Schedule

Download the schedule for the March Seminar.

 

All times are listed in EASTERN time.

 

DAY 1 – Monday, March 14
Time (ET) Activity
8:00-8:15 AM Introduction
8:15-9:15 AM Lecture 1: Overview of ERM
9:15-10:00 AM Lecture 2: Sources of Risk and Their Measures
10:15-10:30 AM Break
10:30-11:15 AM Lecture 3: Risk Tolerance and Behavioral Finance
11:15-12:15 PM Lecture 4: Building the Risk Framework
12:15-1:00 PM Lunch
1:00-2:00 PM Mini-Case 1: Work Session – Qualitative ERM
2:00-2:30 PM Team Presentations of Mini-Case 1: Review of Sample Solution
2:30-2:45 PM Break
2:45-3:30 PM Lecture 5: Quantitative Analysis for Financial and Insurance Risks
3:30-4:30 PM Lecture 6: Risk Aggregation, Copulas, and Extreme Value Theory
4:30-5:00 PM Roundtable Discussion: ERM Failures
DAY 2– Tuesday, March 15
Time (ET) Activity
8:00-8:15 AM Recap of Day One; Intro to Day Two
8:15-9:15 AM Mini-Case 2: Work Session Copulas
9:15-9:45 AM Team Presentations of Mini-Case 2: Review of Sample Solution
9:45-10:00 AM Break
10:00-11:00 AM Lecture 7: Reinsurance: Development and Analysis of Strategy
11:00-11:45 AM Mini-Case 3: Work Session – Reinsurance Analysis
11:45-12:15 PM Team Presentations of Mini-Case 3: Review of Sample Solution
12:15-1:00 PM Lunch
1:00-1:45 PM Lecture 8: Capital Allocation by Line of Business
1:45-2:45 PM Mini-Case 4: Work Session – Capital Allocation
2:45-3:00 PM Break
3:00-3:30 PM Team Presentation of Mini-Case 4: Review of Sample Solution
3:30-4:15 PM Lecture 9: Derivatives, Synthetic Securities and Financial Contracting
4:15-5:00 PM Lecture 10: Credit and Counterparty Risk
DAY 3– Wednesday, March 16
Time (ET) Activity
8:00-8:15 AM Recap of Day One; Recap of Day Two; Intro to Day Three
8:15-9:00 AM Lecture 11: Topics on ESG and Asset Risk
9:00-9:45 AM Lecture 12: Risk Classification, Principal-Agent Risk, and Risks Not
Included in Models
9:45-10:00 AM Break
10:00-10:45 AM Lecture 13: Internal Capital Models: Externalities
10:45-11:30 AM Lecture 14: Mapping Output to Actions
11:30-11:45 PM Wrap-Up; Awarding of Certificates
Schedule

Download the schedule for the March Seminar.

 

All times are listed in EASTERN time.

 

DAY 1 – Monday, March 14
Time (ET) Activity
8:00-8:15 AM Introduction
8:15-9:15 AM Lecture 1: Overview of ERM
9:15-10:00 AM Lecture 2: Sources of Risk and Their Measures
10:15-10:30 AM Break
10:30-11:15 AM Lecture 3: Risk Tolerance and Behavioral Finance
11:15-12:15 PM Lecture 4: Building the Risk Framework
12:15-1:00 PM Lunch
1:00-2:00 PM Mini-Case 1: Work Session – Qualitative ERM
2:00-2:30 PM Team Presentations of Mini-Case 1: Review of Sample Solution
2:30-2:45 PM Break
2:45-3:30 PM Lecture 5: Quantitative Analysis for Financial and Insurance Risks
3:30-4:30 PM Lecture 6: Risk Aggregation, Copulas, and Extreme Value Theory
4:30-5:00 PM Roundtable Discussion: ERM Failures
DAY 2– Tuesday, March 15
Time (ET) Activity
8:00-8:15 AM Recap of Day One; Intro to Day Two
8:15-9:15 AM Mini-Case 2: Work Session Copulas
9:15-9:45 AM Team Presentations of Mini-Case 2: Review of Sample Solution
9:45-10:00 AM Break
10:00-11:00 AM Lecture 7: Reinsurance: Development and Analysis of Strategy
11:00-11:45 AM Mini-Case 3: Work Session – Reinsurance Analysis
11:45-12:15 PM Team Presentations of Mini-Case 3: Review of Sample Solution
12:15-1:00 PM Lunch
1:00-1:45 PM Lecture 8: Capital Allocation by Line of Business
1:45-2:45 PM Mini-Case 4: Work Session – Capital Allocation
2:45-3:00 PM Break
3:00-3:30 PM Team Presentation of Mini-Case 4: Review of Sample Solution
3:30-4:15 PM Lecture 9: Derivatives, Synthetic Securities and Financial Contracting
4:15-5:00 PM Lecture 10: Credit and Counterparty Risk
DAY 3– Wednesday, March 16
Time (ET) Activity
8:00-8:15 AM Recap of Day One; Recap of Day Two; Intro to Day Three
8:15-9:00 AM Lecture 11: Topics on ESG and Asset Risk
9:00-9:45 AM Lecture 12: Risk Classification, Principal-Agent Risk, and Risks Not
Included in Models
9:45-10:00 AM Break
10:00-10:45 AM Lecture 13: Internal Capital Models: Externalities
10:45-11:30 AM Lecture 14: Mapping Output to Actions
11:30-11:45 PM Wrap-Up; Awarding of Certificates

Keep up with the latest CAS news