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 something not per se to be avoided, but to be optimally exploited within the framework of a company’s risk appetite. ERM goes beyond traditional risk management in that it is holistic and encompasses strategic risk management as well as risk culture. Actuaries should see this as an opportunity to broaden their role and to show that they are ideally equipped to carry out tasks in the field of ERM. 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 globally recognized education and examination system of the German Actuarial Association, the EAA offers a series of four training courses and exams (through DAV) to study for the CERA designation to all actuaries who want to deepen their knowledge in ERM. Additionally, the EAA offers a preparation course without an exam to prepare for the four modules of the CERA cycle:
- CERA, Module 0: A Refresher Course in Financial Mathematics and Risk Measurement
- CERA, Module A: Quantitative Methods of ERM
- CERA, Module B: Taxonomy, Modelling and Mitigation of Risks
- CERA, Module C: Processes in ERM
- CERA, Module D: ERM – Economic Capital
