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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
(ECMs) and Stress/Scenario Testing: External Reviews and Independent Validation
Effective enterprise risk management (ERM) requires the thorough assessment, measurement, management and communication of risk. In an attempt to improve ERM programs and better align risk and capital management practices, many companies have begun using ECMs and stress and scenario testing to support strategic decision-making and enhance risk communication. Rating agencies continue to increase their focus on the effectiveness of ERM practices, seeking evidence that companies are truly utilizing quantitative risk analyses in addition to qualitative reviews to support their ERM programs. Regulators governed by Solvency II will require that insurers seeking regulatory approval for their ECMs for solvency purposes can first effectively demonstrate their use of these internal models as essential ERM tools.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Michel Rochette
Panelists:
Raj Gutha
Call for Papers Session: Alternative Approaches to ERM
The 2010 ERM symposium highlights select innovative cutting edge papers that explore and advance risk management topics with a focus on the analysis and practical tools related to financial and operational risks, interaction between the risks (i.e., diversification benefits), integrated ERM, and ERM value creation.
Source:
2010 Enterprise Risk Management Symposium
Type:
paper
Moderators:
Michel Rochette
Panelists:
Neil Allan, Neil Bodoff, Noel Harewood
Keywords:
ERM, Enterprise Risk Management
Risk Aggregation Leading to Risk Appetite
This session describes modeling methods successfully used to quantify aggregate enterprise risk exposure and inform development of risk appetite.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Michel Rochette
Panelists:
Sim Segal, Basil Rabinowitz, Matthew Peters
Risk Identification- The Human Element
Join us for a thought-provoking discussion on the cultural views of risk and role it plays in our society at large. Prudent risk identification techniques require the consideration that risk manifests itself not only from any exogenous events, but also from the perceptions, biases, reactions and ultimately on the decisions of people. In this session, panelists will discuss the motivations, cultural views, and behavioral biases of people and their effect on the enterprise risk management process.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Carl Groth
Panelists:
Michael Thompson
Call for Paper Session: A Quantitative Perspective on ERM (CR)
The 2010 ERM symposium highlights select innovative cutting edge papers that explore and advance risk management topics with a focus on the analysis and practical tools related to financial and operational risks, interaction between the risks (i.e., diversification benefits), integrated ERM, and ERM value creation.
Source:
2010 Enterprise Risk Management Symposium
Type:
paper
Panelists:
Gary Venter, John Manistre, Edward Sun
Keywords:
Quantitative Perspective, ERM, Enterprise Risk Management
ERM for the Smaller Company
Implementing an ERM strategy for the smaller company can be a formidable task. Resource, time and budget constraints can significantly impede an effective implementation How can the smaller company leverage its existing unique capabilities to integrate ERM? Can risk management strategies be utilized-without the need for an excessive strain on resources, time or budgets-that can help a smaller company move toward an ERM solution?
Speakers on this panel will present real life ERM implementation struggles and success stories, as well as alternate strategies for mitigating risk through, for example through product development and reinsurance solutions.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Carl Groth
Panelists:
Tim Kelly, Michael Leboeuf
Managing Risk
This session will address the questions and challenges that companies face. The topics will include: organizational structure, assessment and quantification of risk and future state expectations. This session will also include results from an industry survey of chief risk officers.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Matthew Clark
Panelists:
Giselle Lim, France Panneton
Creating Value through ERM: Integrating Risk and Performance Management
The recent evolution of risk management has shown that the integration of the ERM framework and ECM models are critical for an organization's overall risk management. Speakers will discuss how IRPM can leverage both risk and performance management into a coordinated approach to company management and decision making. They will also review applications such as strategic planning, evaluation of business strategies, business planning cycles and evaluation of opportunities. In addition, the session will include approaches for companies to link their business strategy to the risk and capital management framework. This presentation will be of interest to those organizations that have either already implemented ERM or ECM or those envisioning or designing new or revised ERM or ECM approaches. It is also for companies that anticipate coming under the regulatory regime of Solvency II and the associated "use test." As insurers are gearing up for the Solvency II initiative in Europe, regulators are expecting to see firms embed this risk-based process into how they run their businesses. As a result, companies need to start now to pilot the integration of performance and risk-based processes.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Matthew Clark
Panelists:
Aaron Halpert, Chris Nyce
Economic Capital - Making it Happen
Designing and implementing an effective enterprise-wide risk management and economic capital system is a challenging task. This session will include topics such as:
* replicating portfolios,
* curve fitting,
* generating and calibrating economic scenarios,
* risk aggregation via copulas,
* creating effective controls for internal and external audit and
* winning internal buy-in from the firm's business units.
Participants will learn how insurance companies are moving from the whiteboard to implementation. Speakers will detail the practical ways taken to tackle the challenges and will provide their insight on how to successfully build and roll out an effective risk and economic capital management system.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Panelists:
Curt Burmeister, Patricia Matson, Mike Dorsel
Developing an Emerging Risk Strategy
Recent events have shown the importance of identifying emerging risks as early as possible. Panelists will present the annual emerging risk project completed by the SOA/CAS/CIA Joint Risk Management Section along with ways companies are strategically managing emerging risks to gain competitive advantage. Tools such as Delphi techniques, expert opinion, risk maps, and simulations will be described.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Matthew Clark
Panelists:
Beverly Barney
ERM and Regulatory Reform
In the wake of the financial crisis, it has become clear that real reform will necessitate some fundamental changes to our regulatory framework for the financial services industry. The current regulatory framework resembles a patchwork quilt of regulations, resulting in overlapping oversight as well as unregulated products and transactions. A modern regulatory framework must be built on a foundation of sound risk management principles. How can our regulatory framework be designed to leverage an institution's ERM practices? Are regulators equipped to oversee how companies manage the risks they face? How can risk management and public policy intersect most effectively? This session will examine these questions and others related today's dynamic regulatory environment.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Matthew Clark
Panelists:
David Sandberg
Research Paper Session: Holistic Approach to Setting Risk Limits: ERM for the Masses
Enterprise risk management and its holistic approach appear to have attained permanency as a best-in-class approach to risk management. Yet, we continue to see insurers utilizing risk limits that have been set in isolation and remain untested from an enterprise-wide perspective. Explanations range from "our conservative approach to setting individual risk limits renders the holistic approach unnecessary" to "we simply don't have the resources to tackle this problem." In our paper, we demonstrate that not thinking holistically leads to sub-optimal decision making and, with the availability of introductory tools such as Dynamo (aka the public access DFA model), resource constraints should not be seen as a valid reason for not doing ERM.
Source:
2010 Enterprise Risk Management Symposium
Type:
paper
Moderators:
Dan Rodriguez
Panelists:
Gerald Kirschner, John Burkett, Timothy Pratt, Diana Rangelova, Jennifer Cheslawski
Keywords:
ERM, Enterprise risk management
Reports from the Trenches
This session will focus on successful and unsuccessful case studies in which ERM was implemented into the decision making context. The session will cover lessons learned regarding what has worked and what has not.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Dan Rodriguez
Panelists:
John Wengler, John Beckman
Successes and Challenges in Integrating an Economic Capital Allocation and Risk/Return Framework
As companies continue to integrate ERM deeper into their organizations, economic capital allocation and risk/return attribution take on increased importance. The benefits of such a framework include consistent performance measurement across the organization, actionable insight that drives proactive decisions based on risk/return tradeoffs, and integration with the enterprise perspective with the objective of enhancing firm value. While this remains a noble goal of ERM, implementing change is difficult, so firms struggle to get there for various reasons. How do we address the roadblocks to reach our goal to drive enterprise-level value enhancement?
Presenters will discuss successes, challenges, and lessons learned from their experiences in developing an economic capital and risk/return framework and obtaining buy-in from management and across business units. The session will also include an interactive dialogue, where attendees will be encouraged to offer additional perspectives from similar work in their organizations.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Dan Rodriguez
Panelists:
Drew Golfin, Anand Borawake, Steve Verney
Call for Paper Session: Behavioral Risk Management
The 2010 ERM symposium highlights select innovative cutting edge papers that explore and advance risk management topics with a focus on the analysis and practical tools related to financial and operational risks, interaction between the risks (i.e., diversification benefits), integrated ERM, and ERM value creation.
Source:
2010 Enterprise Risk Management Symposium
Type:
paper
Moderators:
Dan Rodriguez
Panelists:
Dave Ingram, Russell Sears, Adam Wadecki
Keywords:
Behavioral Risk Management
Do You Know the Rules of the Road?
This session provided professionalism continuing education as the panel and audience considered various case studies.
Source:
2010 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Lynn Gehant
Keywords:
professionalism
Update on CAS Issues
His presentation covered possible future education methods (FEM) being explored for basic education, a proposed CAS Policy on Continuing Education, expanded options for continuing education including University of CAS, the status of the new CAS ERM designation (CERA), and the Board's response to issues identified through the Five-Year Membership Survey.
Source:
2010 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Brian Brown
Practical Considerations for Estimating Reserve Variability
This session identified some practical issues that actuaries must address to endeavor to estimate reserve variability - including choice of data, model selection, handling various reinsurance structures, and aggregation of results across lines and entities.
Source:
2010 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Ben Walker
Keywords:
Estimating Reserve Variability
After the Crisis: The P/C Insurance Industry in the Wake of the "Great Recession"
His presentation examined the impacts of the recent financial crisis in the context of financial, investment and underwriting performance, premium growth, and exposure impacts.
Source:
2010 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Bob Hartwig
Keywords:
P/C Insurance Industry, investment and underwriting, financial
GLMs - the Good, the Bad, the Ugly
His presentation critiqued GLMs as a technique - identifying strengths, weaknesses, and limitations.
Source:
2010 Regional Affiliate - MAF
Type:
affiliate
Panelists:
Chris Cooksey
Keywords:
GLMs
What went wrong? Risk Management Lessons from the Crisis
What were the causes of the worldwide financial crisis? Was there a breakdown related to risk management? Were simple rules of risk management broken or were overly complicated structures at fault or both? What was the worst - bad models, bad assumptions or bad human behavior? Was regulation the problem or is it the solution? Which statement more correctly describes the future-"things will never be the same" or "nothing in essence will change"? What lessons can be learned to help prevent the next crisis? The panel will discuss lessons to be learned from what transpired related to banks, bond insurers, rating agencies and insurers and will discuss how the financial landscape might shape up in the future.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Dan Rodriguez
Panelists:
Jeffrey Brown, Melissa Hees
Model Risk
Actuarial analysis has changed from making estimations based on extrapolation from a few data points to highly detailed demonstrations made by projection models utilizing hundreds, perhaps thousands, of data points. As companies look back over events of the past year and attempt to assess what happened, how many are looking at the development and functioning of their models as contributing to their problems?
Model risk is a subset of operational risk. This session explores how companies identify and address model risk in their processes. Have companies considered whether the models they use to quantify other elements of risk are providing appropriate answers and are these answers leading to appropriate downstream decision-making? You'll learn about relevant considerations that companies may think about, as well as some observations from the past 18 months in the insurance industry.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Terri Dalenta
Panelists:
Thomas McIntyre, John Esch
Making Better Decisions Using ERM
We will examine ERM from the perspective of how a company's strategic decisions are made and how these may drive the ERM process. In particular, we will discuss how different stakeholders and their various incentives influence strategic decision making. Parameters involved include growth targets, profitability targets, capital levels, risk tolerance and planning horizon. Stakeholders include chief executive officers, financial officers, employees, the board of directors, shareholders/owners, Wall Street analysts, credit rating agencies, regulators, agents and policyholders. Each of these is seeking a set of results from the company and these may conflict, currently or at some time in the future. Since the relative positions of each stakeholder may greatly influence the resolution of these conflicts, this can be a threat to sound ERM principles, whether reflected at the corporate, line of business or functional level. In this session, the speaker will discuss approaches for minimizing this threat.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
David Ingram
Panelists:
James Ramenda
Modeling Tail Events
In this session, two topics will be covered - preparing for the implications of a pandemic and concentration risk measures based on marginal PML at enterprise level.
The first topic will explore the recent emergence of the H1N1 influenza virus, on the heels of SARS and avian influenza incidents, has renewed interest in preparing for the implications of a pandemic. While pandemics fortunately do not occur regularly, the potential impact to financial services companies is significant in many areas including product liabilities, capital and solvency, business continuity, and basic services. The speaker will discuss various considerations in pandemic preparedness for a financial services company including:
* Product impact-life insurance/annuity, auto insurance frequencies, including capital & solvency
* Business continuity-staffing, critical processes, customer service, etc.
* A sample scenario illustrating impacts to the financial services industry and to the company, including ancillary effects from other industries.
For the second topic, the panelist will present several concentration risk measures based on marginal PML at enterprise level and will discuss the optimal de-concentration strategies under various business scenarios. A case study will follow to demonstrate the approaches. The property and casualty industry has experienced large catastrophe losses from property lines in recent years. A critical task of enterprise risk management is to measure the concentration risk and develop a strategy on geographic mix. A traditional method on concentration risk is to compare the market share of territories (or state, county, ZIP, agency). If market share is well above the average, it may represent a concentration risk. The market share approach provides a direct and straightforward measure of concentration. However, the measure does not directly reflect the right tails of insurance losses, which are the subject of interest in concentration analysis.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
David Ingram
Panelists:
Andrew Wunsch, Luang Fu
The Keys to Successful Risk Identification
Since risk identification is the first step in the ERM process cycle, most assume that by now standard practice must be best practice, but this is not the case. Learn the five common mistakes that can derail an ERM process, and how to avoid them. In addition, this session uses a case study to highlight a significant risk faced by most ERM programs-having an incomplete program by neglecting non-financial risks. This uneven focus often leads to companies focusing on the wrong risk, over-mitigating some and under-mitigating others, incorrectly calculating their enterprise risk exposure, and resulting in sub-optimization of the risk-return profile.
Source:
2010 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
David Ingram
Panelists:
Sim Segal
