Casualty Actuarial Society

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Collection of Essays on Risk Management, Part 2: Systemic Risk, Financial Reform, and Moving Forward from the Financial Crisis

01/14/2011 —

The e-book, “Risk Management: Part Two – Systemic Risk, Financial Reform, and Moving Forward from the Financial Crisis,” was sponsored collaboratively by the SOA/CAS/CIA Joint Risk Management Section, the SOA Investment Section, the International Network of Actuaries in Risk Management (IN-ARM) and the Enterprise Risk Management Institute International (ERM-II).

Congratulations to the following essayists whose essays were selected as the top three prize-winning essays:

  • First Prize: The Financial Crises: Why Won’t We Use the F(raud) Word? By Louise Francis
  • Second Prize: Perfect Sunrise–A Warning Before the Perfect Storm By Max Rudolph
  • Third Prize: Who Dares Oppose a Boom? By David Markel

The 20 essays in the e-book have been grouped into the following six key resonating themes:

  1. The unintended uses of models and risk metrics and their contribution to systemic crashes.
  2. The Role of Government to safeguard the public vs. the Role of the Private Sector to Optimize Innovation and Efficiency
  3. A New Normal World Yet to be Developed Under “Emerging’ Systemic Risks
  4. Potential Approaches and Solutions in Treating Systemic Risk
  5. Appropriate Role of Company Management and Company Board of Directors in Managing Systemic Risk
  6. Effectiveness of Government Regulation and the Frank-Dodd Financial Reform Bill

This e-book is a follow-up to the first e-book published at the end of 2008, “Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications,” which included 35 short essays highlighting key lessons learned from the crises, in the interest of inspiring prudent risk management practices for years to come.

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