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27/28 Mar 2017 in Zagreb

CERA, Module C: Processes in ERM

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 Solvency II (although these focus on policyholder protection and less on opportunities). Solvency II requires 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, 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.

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 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 four 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 at least Acceding Party 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).


Sanda Cagalj
Sanda is a manager within the financial services organization of Ernst and Young, based in Munich. She has about 15 years experience in insurance industry and in the implementation of regulatory risk management requirements (pillar 2 and pillar 3) in the context of Solvency II. Additionally, as Head of Internal Audit department, she gained extensive experience in auditing the insurance sector and business process management. During her professional career she worked in Austria, Germany, Italy and Hungary. She is Certified Internal Auditor of Institute of Internal Auditors, Florida, USA, and in 2011 gained her MBA degree. Sanda fluently speaks English, German, Italian and Croatian.

Andreas Schlögl
Andreas Schlögl is the Head of Group Non-Life UW Risk Management and Chief Risk Officer of the Business Segment “Global Business Lines” (including the Generali UK Branch) 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 Management Team 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.

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 (0,95 € per person and night). This price is valid for bookings out of our allotment "EAA Seminar" until 13 March 2017. 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.