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 ‘Risk Management Tools and Techniques’
The present seminar deals with various tools and techniques available in the insurance business to mitigate risks that an insurer may not want to be exposed to. It includes a detailed and comprehensive discussion around the implications of reinsurance and securitisation. We will also present what life insurance companies subject to traditional with profit business can do to hedge their main risks. One slot will be dedicated to the measurement and management of operational risks. Further sessions include the management of credit risk, provide insight into portfolio management or explain hedging approaches for VA style insurance products.
The various sessions will be complemented with practical examples, exercises and tailored case studies.
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Hrvatsko Aktuarsko Drustvo.