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3/4 Apr 2019 in Madrid

CERA, Module D: ERM – Economic Capital

CERA Education

The CERA qualification is open to all fully qualified actuaries who want to deepen their knowledge and expertise in the field of enterprise risk management (ERM). CERA was established in 2009, today over 4,000 qualified experts are entitled to use the credential. 27 actuarial associations around the world are CERA member associations.

The CERA credential’s mission is to advance the field of enterprise risk management worldwide by providing the preeminent qualification combining technical rigour, practical understanding and professional regulation.

The defining characteristics of the CERA credential as offered by the European Actuarial Academy are:

  •  Provides the most comprehensive and rigorous training in ERM
  • Is a fast-growing globally-recognised credential
  • Combines a range of business and professional skills with the mathematics of finance and risk
  • Equips risk management professionals to empower better business decisions and more profitable business development
  • Has a wide range of applications in insurance and finance, and well beyond
  • Is supported by actuarial associations worldwide
  • Is recognised and transferable internationally
  • Has a rigorous and advanced curriculum underpinned by actuarial science, with an emphasis on ERM and professionalism
  • Offers career choices outside the traditional actuarial markets

The Seminar ‘ERM – Economic Capital’

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

Key aspects are

  • economic valuation and performance
  • economic steering
  • key performance indicators
  • 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 Instituto de Actuarios Españoles.


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 on site).


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.

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 Ralph Schuster
Ralph Schuster is Senior Risk Analyst in the Integrated Risk Management at Munich Re. He works in the Group Actuarial Function on topics covering both, life as well as non-life. His previous positions include operative departments, product development as well as controlling. He is a member of the German Actuarial Association and active in the committee for talent development. In addition, he has a lecturing assignment with a university of applied sciences and a coaching and consultancy company. Ralph holds a PhD and master degree from the University of Freiburg.

Dr Thomas Viehmann
Thomas Viehmann is a mathematical modelling consultant and managing director of MathInf GmbH. He has years of experience with stochastic modelling of assets, insurance and risks in the economic capital models.
Beyond insurance, his modelling focus is on AI applications, in particular natural language processing, explainability and uncertainty in the context of neural networks. He also is one of the top independent contributors to the popular PyTorch AI framework. Thomas has a Ph.D. in mathematics from the University of Bonn and is a qualified actuary with the German Actuarial Association.

Dr Markus Wadé
Markus Wadé is a Senior Risk Manager in Munich Re’s Integrated Risk Management division. His field of activity includes the development of accumulation and stress test scenarios for Munich Re’s global business operations, and the refinement of risk identification tools and methods. He is also part of the editorial team for the quarterly internal risk report for the Board of Management and Supervisory Board. Before joining Munich Re, Markus worked 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 hotel

H10 Puerta de Alcalá
Alcalá 66
28009 Madrid, Spain
Hotel website

We have arranged special prices for accommodation. The special rate is 145.00 € per night, including breakfast and VAT. It is valid for bookings by 12 March 2019 out of our allotment “EAA Seminar”. Our allotment includes a limited number of rooms. Kindly book your accommodation directly with the hotel using this booking form, and note the hotel’s reservation terms and conditions and the hotel’s cancellation policy.

Participant Feedback

4.6 of 5 Points

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.