18/19 Apr 2016 in Cologne
CERA, Module: Processes in ERM
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, 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 national actuarial associations have to get in touch with their association to check the possibilities to use the EAA route.
The Seminar ‘Processes in ERM’
This module deals with the challenges of implementing ERM Processes. It includes requirements on ERM Processes and the discussion of best practices. It will be presented how to define an organisation’s risk strategy, risk appetite, risk tolerances and limits. We discuss how business strategy influences risk strategy and show their necessary interaction. We demonstrate the close relationship between ERM and Value and Risk Based Management and show how financial and other risks influence the selection of strategy and how ERM can be appropriately imbedded in an entity’s strategic planning. We present the application of an internal risk control process. In the context of ERM reports to different stakeholders are required (management, supervisory body, regulators, public disclosure). We give an overview of the different reports and the main contents. Further we show examples of communication processes in the context of ERM. During the seminar we present case studies to discuss the main subjects.
The seminar is open to all persons who are interested in obtaining comprehensive skills on Enterprise Risk Management.
During this seminar, you will not need your 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 www.ceraglobal.org to get information if your association is entitled to issue the CERA designation.
Dr Nicolas RingNicholas works as senior manager for the financial services organization of Ernst & Young in Eschborn and has more than 13 years of experience in actuarial consulting. His areas of expertise include employee benefits, life reserving, actuarial modeling, ALM, IFRS 4 (Phase 2) and the implementation of regulatory requirements (MA Risk(VA), Solvency II). He holds a PhD in mathematics from the University of Bonn and is a member of the German Actuarial Association (DAV).
Andreas SchlöglAndreas Schlögl is the Head of Group Non-Life UW Risk Management and Chief Risk Officer of the Business Segment “Global Business Lines” at Generali Group working out of Milan. In this role he is responsible for all the Group Non-Life Capital Models, Catastrophe Risk Management and Business Support and is Member of the Executive Committee for “Global Business Lines”. Prior he used to work for a global consulting company and a large reinsurance company having a different set of responsibilities in Enterprise Risk Management methodology and processes. He holds a diploma in business mathematics from the University of Augsburg, is member of the DAV and holds the title as CERA. He acts as a lecturer for DAV and EAA for CERA and acted in various trainings for ORSA and Internal Models.
Alexander Thometzek Alexander is a manager within the financial services organization of Ernst and Young, based in Cologne. He focuses on the insurance industry and on the implementation of regulatory risk management requirements (pillar 2 and pillar 3) in the context of Solvency II. Additionally, he has extensive experience in auditing the insurance sector. Alexander has collaborated in the publication of several benchmark studies regarding the topic of Solvency II. Just recently he published the „European Solvency II Benchmark Study“ together with EY. He has gained a Master’s degree in Global Banking & Finance from European Business School, London.
Jacques WasserfallJacques Wasserfall is the Chief Life Actuary of Zurich Germany Life Insurance Business in Bonn. In this role he is responsible for reserving, solvency and value-based management of the Life Insurance Business. Prior he used to work for a global consulting company and a large reinsurance company having a different set of responsibilities in Enterprise Risk Management methodology and processes. He holds a bachelor of commerce from the University of Stellenbosch / South Africa. He holds the title as CERA and is a member of the German Institute of Actuaries (DAV) as well as of the Faculty & Institute of Actuaries in London (FIA) and of the Actuarial Society of South Africa (ASSA). He acted as a lecturer for DAV and EAA in various trainings for risk and value-based management.
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 3 April 2016 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
firstname.lastname@example.org. 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.