23/24 Apr 2015 in Cologne
CERA, Module: ERM – Economic Capital
Over the last decade, the concept of Enterprise Risk Management (ERM) has gained significant momentum in the insurance industry and beyond. This came with the recognition of risk as being something not per se to be avoided, but to be optimally exploited in the frame of a company’s risk appetite. ERM is going beyond traditional risk management in that it is holistic, and encompasses strategic risk management as well as risk culture.
Many of these developments are reflected in regulatory changes, such as the MaRisk in Germany, or the upcoming Solvency II (although these focus on policyholder protection and less on opportunities). Solvency II will require an actuarial and a risk management function in all (re-)insurance undertakings. Actuaries should see this as an opportunity to broaden their role, and to show that they are ideally equipped to carry out these tasks.
Against this backdrop, in November 2009, several actuarial associations launched the CERA credential as a global risk management designation for actuaries. CERA pursues the following goals:
Based on the 2011-implemented education und examination system of the German Actuarial Association (DAV), the EAA offers a series of training courses and exams (through DAV) to study for the CERA designation to all actuaries who want to deepen their knowledge in Enterprise Risk Management.
By passing this training and examination course, members of the German Actuarial Association gain their CERA designation. Members of other actuarial associations have to get in touch with their association to check the possibility to use the EAA route.
The Seminar ‘ERM - Economic Capital
The present seminar is concerned with the question of economic capital in corporate management.
Key aspects are
A case study for a German life insurer shows in a nutshell the central aspects of corporate management in practice.
The course consists of lectures and workshops. Participants are encouraged to bring their own topics to discussion.
The seminar is open to anybody who is interested in obtaining comprehensive skills on Enterprise Risk Management. The seminar is suitable for actuaries who deal with the issue of corporate control from a risk management perspective.
During this seminar, you will not need a laptop.
Purpose and Nature
This seminar is one part in a course that consists of six modules. They can be booked as a whole series to fulfil the requirements for receiving the CERA designation, or individually as CPD training. Written exams on the course are offered subsequently.
Please contact your actuarial association regarding the recognition of the seminars and the exams. The national association has to be an Award Signatory of the CERA Global Association so that an actuary who passes this course may receive the CERA credential.
Dr Martin Leitz-MartiniMartin Leitz-Martini is Head of Risk Management at Süddeutsche Krankenversicherung. He holds a diploma in mathematics from University of Leipzig and a PhD from University of Tübingen. In previous positions he was in Allianz Lebensversicherung, Württembergische Versicherung and Nationale Suisse, Switzerland. Martin worked in risk management, in actuarial teams as well as in accounting and controlling. He is a member of the German Actuarial Association and the Swiss Actuarial Association.
Dr Ralph SchusterRalph Schuster is Senior Risk Analyst in the Integrated Risk Management at Munich Re. In addition, he has a teaching assignment at the University for Applied Sciences Munich. Ralph holds a PhD and master degree from the University of Freiburg. In previous positions, he worked in operative departments, in product development as well as in controlling. He is a member of the German Actuarial Association and active in the committee for talent development.
Benedikt SchierlBenedikt Schierl is an actuarial Consultant at BELTIOS GmbH. He holds a diploma in mathematics from LMU Munich. Benedikt worked in several Projects on ALM- and Projection-Tools. He is a member of the German Actuarial Association.
Dr Thomas ViehmannThomas Viehmann is a consulting actuary at B&W Deloitte in Munich. He develops models for valuation and risk measurement, in particular in the context of Solvency II and ALM. An additional focus of his work is on capital market and asset modelling for insurance and non-parametric Bayesian regression models for nested stochastics. Thomas has a Ph.D. in mathematics from the University of Bonn and is a member of the German Actuarial Association.
Dr Gudrun Schmitt-HoermannGudrun Schmitt-Hoermann works at Munich Re in the Group Controlling department with special focus on internal steering metrics in light of Solvency II. She holds a diploma in mathematics and economics from the University of Ulm, a master of science in mathematics from the University of Wisconsin, Milwaukee, and a PhD from the University of St. Gallen. In previous positions, Gudrun worked in the Integrated Risk Management of Munich Re in the field of risk strategy and asset liability risk management as well as in the controlling and funds management of US secondary life insurance funds. She is a member of the German Actuarial Association and the Swiss Actuarial Association.
Venue & Accommodation
The seminar will take place at the
Leonardo Royal Hotel Koeln am Stadtwald Dürener Straße 287, 50935 Cologne, GermanyPhone: +49 221 46760Fax: +49 221 433765 Hotel website
We arranged special prices for accommodation. The special price is 110 € per night, including breakfast. It is valid for bookings by 25 March 2015 out of our allotment “EAA”. Kindly book your accommodation as soon as possible directly with the hotel, as our allotment includes only a limited number of rooms, and note the hotel’s cancellation policy.
The CERA exams are organised by the Deutsche Aktuarvereinigung e. V. (German Association of Actuaries) in German and English.
For further information and exam registrations, please contact Tim Kampmann at
email@example.com. If this would be your first CERA exam, please kindly send a certificate confirming that you are a full member of your actuarial association via e-mail in addition.