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11/12 Mar 2020 in Barcelona

CERA, Module D: ERM – Economic Capital

CERA Education

The European Actuarial Academy is one of the main providers of actuarial education – especially when it comes to Enterprise Risk Management (ERM). The concept of ERM has gained significant momentum in the insurance industry and beyond.

We offer a series of four training courses and exams (through DAV) to all actuaries who want to deepen their knowledge in Enterprise Risk Management and gain the international ERM-credential CERA. 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 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  Collegi d’Actuaris de Catalunya.


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 Anja Blatter
Anja Blatter is a professor for quantitative methods in finance. She teaches courses in predictive analytics and quantitative risk management. Prior to her professorship, Anja was employed by Munich Re. She served as a Senior Actuary in the Life Risk Management unit. Moreover, she is experienced in risk modelling and biometric studies.

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

Sallés Hotel Pere IV
Calle Pallars 128-130
08018 Barcelona, Spain
Hotel website

We have arranged special prices for accommodation. A single room costs € 115 per night, including breakfast and VAT, but excluding city tax (€ 1.21 per person and day). This price is valid for bookings out of our allotment "EAA2020" by 9 February 2020. Please book your accommodation directly with the hotel by sending an email to Kindly book early, as our allotment includes a limited number of rooms, and note the hotel’s cancellation policy. 

Participant Feedback

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.