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29 Feb - 1 Mar 2016 in Zagreb

CERA, Module: ERM – Concept and Framework

CERA Education.

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:

  • Strengthen international recognition of the actuarial profession’s enterprise risk management (ERM) expertise
  • Promote the development of more actuaries internationally with training in ERM
  • Present new opportunities for actuaries worldwide to use their expertise in an expanding range of areas
  • Send a strong message to employers and candidates that the skill set of actuaries offers significant risk management expertise

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 - Concept and Framework'

The seminar deals with the concepts of risk and ERM, with the contribution of ERM to value creation, with ERM culture, reporting, monitoring and governance, explains to approach the choice of a suitable ERM framework, covers stakeholders and standards and gives an overview over the 42 central elements of ERM.

The sessions will be complemented with practical examples, exercises and case studies.

Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Hrvatsko Aktuarsko Drustvo.


The seminar is open to all persons who are interested in gaining an overview over the area of Enterprise Risk Management. It is also suited for non-actuaries because the mathematical aspects are treated lightly.

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. Please visit to get information if your association is entitled to issue the CERA designation.


The language of the seminar will be English. The exam will be, as per your preference, in German or English (to be chosen onsite).


Dr Irene Merk, SCOR SE
Irene Merk holds the position of “team leader risk reporting and monitoring” at SCOR Global Life SE in Cologne, and is a Certified Enterprise Risk Actuary (CERA). She joined the German Actuarial Association DAV in 2004, where she is member of the Risk Management working group, and lecturer for various seminars Irene Merk read physics and computer science at RWTH Aachen and joined the reinsurance industry in 2001.

Dr Peter Brühne

Eberhard Müller, Hannover Re
Dipl. Math. Eberhard Müller, born 1950, studied mathematics in Hamburg. He joined Hannover Re in 1982. Today he is Chief Risk Officer and Managing Director of the Group Risk Management division (GRM), reporting to the chairman and working with more than 60 employees. Eberhard Müller is member of the DAV since 1994. He represents Hannover Re in the CRO Forum and is member of several national and international working parties.

Axel Wolfstein, Direct Line
Axel Wolfstein, born 1960, read mathematics and became a member of the German Actuarial Association DAV in 1995. From 1989 to1995 he worked in the statistical department of the German insurance association (GDV), and went on from 1995 to 2005 as Head of statistical department of the Verband öffentlicher Versicherer (association of public insurers). Since 2005, he is director of product management at Direct Line Versicherung AG, and member of the extended board. He is member of several working groups and lecturing also for the actuarial exam.

Venue & Accommodation

The seminar will take place at the hotel

ARCOTEL Allegra Zagreb
Branimirova 29, 10000 Zagreb, Croatia
Tel.: +385 1 4696 000
Fax: +385 1 4696 096

We have arranged special prices for accommodation. A single room costs 80 € per night, including breakfast and VAT, excl. city tax (1 € per person and night). This price is valid for bookings out of our allotment “EAA Seminar” until 13 February 2016. Please book your accommodation directly with the hotel. Kindly book early, as our allotment includes a limited number of rooms, and note the hotel’s cancellation policy.

Participant Feedback

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CERA Exams

The CERA exams are organised by the Deutsche Aktu​arvereinigung e. V. (German Association of Actuaries) in German and English. View details.
For further information and exam registrations, please contact Tim Kampmann at 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.