Risk Management Task Force - ERM Wooking Group Minutes

Risk Management
Task Force

Enterprise Risk Management (ERM) Minutes

Enterprise Risk Management (ERM) – Working Group Minutes
March 18, 2005
1:00 p.m. Central Time

Participants
Jenny Bowen (Leader), Renee Cassell, Charlene Collins, Armand DePalo, Kevin Dickson, Juan Kelly, Zenaida Samaniego, John Stark, Julie Young (SOA), Mark Yu

ERM Specialty Guide
We discussed Jenny’s March 9th e-mail regarding issues that had been raised with respect to certain sections which Charlene had drafted.

We discussed the extent to which we should discuss COSO, how we should characterize its presumed role, and what we should say about our views regarding its actual value in ERM.

We agreed that we should keep the amount of COSO information that is currently in the Specialty Guide. Charlene will add a few paragraphs at the beginning of the COSO summary, to clearly position its role and our views of its value.

ACTION ITEM: Charlene will submit the additional text to Jenny for incorporation in the next version of the Specialty Guide.

We discussed Armand’s previous comment about legal council review on the case studies; he was satisfied that as long as we were not divulging any inside information, there should not be a problem.

Armand suggested that Tom Bakos could provide valuable feedback on the Specialty Guide.

ACTION ITEMS: Jenny will e-mail Tom Bakos to let him know of our activities and give him the opportunity to provide feedback.

Jenny has been reluctant to submit the document for professional editing when there is so much left to flesh out in substance. But the Specialty Guide is scheduled to be presented at the May ERM Symposium, so we don’t have the luxury of waiting any longer to get started.

ACTION ITEM: Jenny will contact Fred Tavan to obtain the services of a professional editor.

ACTION ITEM: (All) Identify anything in the document that needs more depth. Send your comments to Jenny by March 24. It will be helpful if you could also volunteer to fill such holes, either by providing the needed text or by finding some other source that we can refer to or provide a link to. But please provide your comments on what more is needed, whether or not you are volunteering to help solve the problem. Remember to include the specific comments in an e-mail, not the whole document with comments noted.

ACTION ITEM: Jenny will compile the comments and send a memo out by April 1 to the entire RM Section, asking for help to fill the gaps that are not already in the process of being filled.

Next Call
April 14, 2005 at 1 p.m. Central Time.