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14/15 Mar 2018 in Vienna

CERA, Module D: ERM – Economic Capital

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.

The Seminar ‘ERM – Economic Capital’

The present seminar is concerned with the question of economic capital in corporate management.

  • Key aspects are 
  • economic valuation
  • economic performance
  • economic steering
  • value based management

A simplified 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.

Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Österreichische Förderungsgesellschaft der Versicherungsmathematik (ÖFdV) GmbH.


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 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 in German or English (to be chosen onsite).


Dr Martin Leitz-Martini
Martin Leitz-Martini is Head of Risk Steering and Reporting at Stuttgarter Lebensversicherung. 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, Nationale Suisse, Switzerland, and Süddeutsche Krankenversicherung. 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 holds the CERA title as well.

Dr Ralph Schuster
Ralph Schuster is Senior Risk Analyst in the Integrated Risk Management at Munich Re. In addition, he has a lecturing assignment with a coaching and consultancy company. 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 Schierl
Benedikt 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 Viehmann
Thomas 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 Markus Wadé
Markus Wadé is a Senior Risk Manager in the Group Accumulation and Emerging Risk team at Munich Re. He is responsible for developing accumulation and stress test scenarios for Munich Re’s global business operations. Another focus of his work is the refinement of risk identification tools and methods. Before joining Munich Re, Markus worked about ten years in quantitative credit risk management in various financial institutions. He holds a PhD for a thesis about the estimation of country risks for credit portfolio models. Markus studied economics at the University of Regensburg and Wesleyan University (USA).

Venue & Accommodation

The seminar will take place at the

Seminarhotel Springer-Schlössl
Tivoligasse 73
1120 Vienna, Austria
Phone: +43 1 813392935

We have arranged special prices for accommodation. A single room costs 85 € per night, including breakfast, VAT and city tax. This price is valid for bookings out of our allotment "EAA Seminar" until 26 February 2018. 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.