Risk Management
Task Force

Enterprise Risk Management Subgroup

 

 

Credit Risk Management | Economic Capital Calculation and Allocation
Enterprise Risk Management | Equity Modeling | Extreme Value Models
Health Risk Management | Policyholder Behavior in the Tail
Pricing for Risk | Risk Based Capital Covariance | Risk Management Metrics


Enterprise Risk Management
Jenny Bowen, Leader

Goals

  • to research enterprise risk management in life insurance companies and related financial services institutions
  • to document enterprise risk definitions and common ERM practices

Initial Product and Process

  • Develop definitions of, and measurements tools for the Economic Value of a Life Insurance Company
  • Define Operational Risk and Enterprise Risk Management
  • Discuss the role of the Chief Risk Officer
  • Determine methods to manage Operational Risk
  • Discuss how ERM can be used as a tool in creating shareholder value
  • Document the frameworks for Enterprise Risk Management in practice today
  • Document current practices and specific techniques used in Enterprise Risk Management
  • Document how to measure, monitor and manage exposure to uncertainty within the ERM framework
  • Develop the characteristics of a robust measurement framework

Documents & Links

ERM Speciality Guide
This is a working document, first drafted August 30, 2005.

Preliminary work products:
AEGON Risk Management - Tom Grondin
Bibliography of Published Materials on the Topic of Enterprise Risk Management
SOA ERM Mini-Seminar –
Operational Risk Management
SOA ERM Mini-Seminar – James Lam
Ten Predictions for Risk Management – James Lam
A Framework for Operational Risk – James Lam

Recent Meeting Minutes:
ERM Working Group Minutes - September 30, 2005
ERM Working Group Minutes - May 5, 2005
ERM Working Group Minutes - March 18, 2005

SOA ERM Mini Seminar Notes Tom Grondin

ERM Resources
The Committee of Sponsoring Organizations of the Treadway Commission (COSO):
   Enterprise Risk Management – Integrated Framework
SOA Response to the COSO Framework
CAS/SOA Bowles Enterprise Risk Management Symposium – Chicago April 2004

Final Report of the CAS Advisory Committee on Enterprise Risk Management

ERM Events
CNN interview with Prakash Shimpi

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