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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
Understanding Operational Risk Governance and Designing its Effective Implementation
Most ERM frameworks lack a robust approach to address operational risks. In this session, we discuss a case study and several examples, both successful and non-successful, from multiple industry sectors including banking, insurance, healthcare, and natural resources, to illustrate how to design and implement an effective operational risk management (ORM) program:
- How to leverage the organizational culture and risk philosophy when implementing a risk management approach at the Operational level
- A method to define the priorities for operational risk when uncertainty prevails
- A proven approach for assessing the impact of organizational alignment on the identification of emerging risk and business performance
- The importance of strategic capabilities to respond to risks arising from regulatory changes
- The 4 key elements of your ORM performance
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Sandra Ross
Panelists:
Dragica Grbavac, James Kallman
Risks For Non-Financial Companies
ERM truly encompasses all kinds of organizations, not simply insurers. The arena of ERM for non-insurance commercial enterprises provides unique value creation opportunities by the highly successful disciplines of risk financing, human capital risk, operations research, industrial, and systems engineering. In this session we will present topics as diverse as supply chain management to sustainability, show how actuarial insights can be combined with the principles of ERM in non-financial sectors to help organizations quantify the key risks impacting strategic goals, improve decision making and measure the return on investment of ERM activities. We will also discuss the use of ERM techniques by non-insurers to optimize risk financing decisions and the potential role of insurance companies in managing such risks.
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Amel Arhab
Panelists:
Christopher Bohn, Thomas Wendling, Corey Gooch
Research Session: Pension Risk and Trifurcation
Enterprise Risk Management at the UK Pension Protection Fund
Trifurcation
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Amel Arhab
Panelists:
Dave Ingram, Daniel Bar-Yaacov, Martin Clarke
Preparing for the US ORSA
At its core, the purpose of the new US Own Risk and Solvency Assessment (ORSA) requirement is to enable US insurance regulators' understanding of how insurance companies identify, assess, manage, monitor and mitigate risk. To meet this new requirement, insurers with advanced ERM will need to focus primarily on how to communicate their ORSA processes to US regulators, including how to leverage ORSA reports prepared for regulators in non-US jurisdictions. However, many more insurers are dealing with the greater challenge of developing new risk and capital management practices and making them "business-as-usual." This takes time and planning, and is very difficult - if not impossible - to "fast-track" to meet a regulatory deadline. This session will provide an overview of the steps taken by a US insurer who has recently implemented, and is working to more fully embed, their ORSA processes.
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Amel Arhab
Panelists:
Jayashree Ishwar
Linkage between Risk Appetite and Strategic Planning
The session will discuss the linkage between risk appetite and strategic planning based on a research sponsored by Joint Risk Management Section of the Society of Actuaries, Casualty Actuarial Society, and Canadian Institute of Actuaries.
Risk appetite framework is playing a more important role in corporate governance. It helps the management understand the company's risk profile, find an optimal balance between risk and return, and nurture a healthy risk culture in the organization. Rating agencies and regulators give credits to companies who has a proven consistency between risk appetite statement and risk limits and who has embedded risk appetite in the business decision process.
The presentation will focus on the importance of and key considerations in integrating risk appetite framework with strategic planning. Several case studies based on real world practices will be presented covering major areas of strategic planning as listed below. Both the philosophy and numerical examples will be discussed. It is hoped that it will formalize the thinking process of linking risk appetite with strategic planning and throw a sprat to catch a herring.
Risk appetite and asset allocation
Risk appetite and liquidity management
Risk appetite and performance measurement
Risk appetite and new business budgeting
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Emily Moore
Panelists:
Kailan Shang, Mary Neumann
Interest Rate Earnings Risk Analysis for Insurers: Repricing Gap Analysis Approach
Effective interest rate risk management requires Enterprise Risk Management to monitor various risk metrics including earnings risk and economic value sensitivity. This session will address the framework for an insurer to measure interest rate risk from an earnings perspective. The panelists will demonstrate that a repricing gap analysis, similar to that traditionally used by the banking industry to quantify the earnings risk of their banking book, can be tailored to measure the interest rate earnings risk embedded in an insurance company's interest bearing portfolio.
The key component of the repricing gap analysis is the development of rate maturity profiles for interest bearing assets and liabilities. The mismatch between the liability rate maturity profile and the asset rate maturity profile represents the repricing risk which results in earnings sensitivity to interest rate movements. The panelists will review the fundamental concept of the repricing gap analysis, discuss how it quantifies earnings risk, and present examples of modeling the rate maturity profile for various insurance products.
A shortcoming of the repricing gap analysis is the inability to adequately capture complex features such as insurance product guaranteed minimum rates and the prepayment/call features in fixed income securities. The panelists will discuss how the basic repricing gap analysis framework can be augmented to comprehensively capture the earnings risk arising from these features.
The panelists will conclude the session by sharing some lessons learned from an insurance company's implementation phase of this earnings risk framework.
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Emily Moore
Panelists:
Joonghee Huh, Ikwhan Oh
Integrating ORSA Requirements Between Europe and the US
This session explores how a European based global insurer would integrate Own Risk Solvency Assessments (ORSA) requirements for both Europe and the US.
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Emily Moore
Panelists:
Barry Franklin, Stephane Loisel, Andreas Graser
ERM "Standards" of Practice vs. "Best" Practices
Enterprise Risk Management has been implemented in many sectors of the economy and continues to evolve. The International Actuarial Association is spurring a global conversation leading to the establishment of Standards of Practice for actuarial risk assessment; the Actuarial Standards Board is drafting potential ERM SOPs. Risk professionals in the asset management community have been engaged in similar conversations for over a decade. Other professions are clarifying, and in some cases codifying, what ERM means to them. Seemingly contradictory definitions of and approaches to ERM are competing for attention and resources.
This session shall discuss some broad but important themes:
Are there ERM principles that apply in all economic sectors?
Are professional Standards of Practice necessary or desirable? If so, what should they look like?
Should or can these Standards be similar across professions and economic sectors?
Are "individual"standards of practice desirable and even doable?
If so, how do they compare/contrast with corporate standards?
Audience participation in any ensuing debates is both encouraged and expected.
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Emily Moore
Panelists:
Robert Mark, Dave Ingram
Continuous Monitoring for Risk & Performance Management
Discussion and presentation on the state of the art in Continuous Monitoring and its relationship to Risk Management and Performance Management. The session will address the Continuous Monitoring debate, summarizes some of the key challenges for management and assurance and highlights some of the myths of traditional risk monitoring.
Exposing some myths and sharing some insights, the session includes a case study from a Fortune 500 organization. The aim of the session is to lay bare some of the myths of risk monitoring, share some realities of continuous monitoring and challenge the participants with some of the key questions to be addressed in such a program. The session will conclude with a discussion on challenges and best practices.
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Emily Moore
Panelists:
Dan French, Juergen Mueller
Narcotics Use in Workers Compensation
Source:
2012 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Emily Moore
Catastrophe Modeling
Source:
2012 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Benny Yuen
Getting More Out of Your Existing Data
Source:
2012 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Natasha Moore
Usage Based Insurance
Source:
2012 Regional Affiliate - CASE
Type:
affiliate
Moderators:
Natasha Moore
Current CAS Issues and Directions
Source:
2012 Regional Affiliate - MAF
Type:
affiliate
Moderators:
Jay Rosen
Predictive Modeling Best Practices
Source:
2012 Regional Affiliate - MAF
Type:
affiliate
Moderators:
Jay Rosen
Comprehensive Graduated Driver Licensing (GDL) Laws Are Proven to Help Save Teen Lives
Source:
2012 Regional Affiliate - MAF
Type:
affiliate
Moderators:
Jay Rosen
Using Novel Data for Vehicle Rating
Source:
2012 Regional Affiliate - MAF
Type:
affiliate
Moderators:
Ashley Lambeth
NAIC's Own Risk and Solvency Assessment
Source:
2012 Regional Affiliate - MAF
Type:
affiliate
Moderators:
Ashley Lambeth
Product Architecture
Source:
2012 Regional Affiliate - MAF
Type:
affiliate
Moderators:
Ashley Lambeth
Part 2 - D&O Insurance: Market Updates
Presenter will take a walk through the historical D&O exposures, trends and recent market events. The D&O environment has drastically changed since the early part of the century and many are wondering where we go from here. Discussion will center around economic, legal and behavioral changes that have impacted claim activity. The current financial times, both in the U.S. and the rest of the world (including European crisis), will be examined as to what it all means for predicting and modeling D&O Exposure.
Source:
2012 Regional Affiliate - CANE
Type:
affiliate
Moderators:
Ashley Lambeth
Part 1 - Cyber/Liability Insurance: An Update on the Market’s Hottest Product
Cyber Liability and Privacy Insurance is the hottest new line of coverage for the commercial lines industry in many years, with an estimated $800 million per year in gross written premiums (U.S.) Many carriers have brought out new products to take advantage of the opportunity, but where is it headed? Rick Betterley, who has written about Cyber Insurance since 2000 and who frequently consults on the design and development of the coverage, will give us his view of the current state of the product, and his views as to its future. He is the author of Cyber/Privacy/Media Liability Insurance Market Survey 2011, an annual examination of the Cyber insurance market.
Source:
2012 Regional Affiliate - CANE
Type:
affiliate
Moderators:
Ashley Lambeth
Overview and Outlook for the P/C Insurance Industry
There are some signs that the U.S. economy is finally beginning to pick up and, other things equal, that means growth in the demand for insurance. But the growth isn't uniform, and there are obstacles/challenges that might stall or even reverse growth. The session will touch on macroeconomic forces that drive exposure growth and the current financial status of the P/C insurance industry that, in contrast to other business types in the financial services sector, came through the Great Recession extremely well.
Source:
2012 Regional Affiliate - CANE
Type:
affiliate
Panelists:
Steve Weisbart
Implications of Behavioral Economics for Actuarial Science
Behavioral economics, the branch of economic theory that is informed by the empirical study of human cognition, has become one of the most significant intellectual trends in the social sciences. And because real-world insurance executives, underwriters, actuaries and policyholders are homo sapiens-not homo economicus-behavioral economics has a number of important implications for actuarial science in particular. To provide context, this session will begin with a discussion of the classical economic notions of homo economicus and rational expectations. Next, more recent, related notions such as bounded rationality, heuristics and biases, and the "clinical vs. actuarial judgment" school of psychological research will be discussed. Various examples of biased cognition will be described and related to insurance underwriting and purchasing behavior. Two major themes will emerge: first, the dramatic success of predictive modeling in the actuarial world-and business analytics in the larger business world-is best understood in relation to the teachings of behavioral economics; second, behavioral economics is particularly relevant to insurance in that financial decisions are examples of what the behavioral economists Cass Sunstein and Richard Thaler call "fraught choices." They involve probabilistic thinking, are made infrequently, and do not provide immediate feedback. Actuaries who choose to confront these issues have the opportunity to add a new dimension to their skill sets and distinguish their employers or clients from the competition.
Source:
2012 Regional Affiliate - CANE
Type:
general
Moderators:
Gwendolyn Anderson
Emerging Risks - Knowns and Unknowns
Solar storms, coronal mass ejections and their cousin, electromagnetic pulse, are grave threats that could be imminent yet they are not well known so there is little preparation. They could have doomsday effects yet they are more likely to cause limited destruction from which we could recover.....if we prepare.
Our world is warming and the effects are starting to be felt. We'll look at the drivers of climate change and where this pattern is taking us. We've never had as many extreme natural catastrophes as we had in 2011. So what else is coming down the pike?
While climate change has been a contributor to water scarcity, there are a number of other causes and the pattern is frightening. And in turn, water scarcity is a contributor to food shortages and our food supply appears very vulnerable to a range of threats.
Another shortage of concern is fuel. What can we expect from renewables and is there anything else on the horizon? There's good news and bad news.
We've grown very dependent on the Internet but Cyber risk is more of a risk than people realize. What are we doing to deal with this? Can we deal with this?
H1N1 was not quite as bad as predicted but it taught us that we need to do more to prepare. The threat of pandemics is grave and our great medical prowess may be of little value if something very new suddenly strikes. What should we be doing to prepare?
Are earthquakes becoming more frequent? Are we causing them?
The CAS intends to expand the application of actuarial science to enterprise risks and systemic risks. This is a challenge. How do we incorporate major emerging risks into a risk management program? Not only do risk managers/actuaries know very little about these risks but they often don't know where to turn for the most accurate, most reliable information. There are many opinions but they are often based on hearsay and not on strong data. And when the risks become clearer, what is being done to mitigate them and to adapt to their impacts? There remain many more questions than answers.
* Note: CANE Business and Elections will take place at the beginning of this first General Session.
Source:
2012 Regional Affiliate - CANE
Type:
general
Moderators:
Gwendolyn Anderson
Risk Architecture: Alignment of Business Strategy and Objectives and Risk Appetite and Limits
This seminar will address the challenges faced by banks and insurance companies in building an integrated risk management function to support the efficient use of capital and management of risk. Industry practitioners and regulatory supervisors will provide insights and guidance that can help in developing a coherent risk measurement and management framework, which is aligned with business strategy, regulatory requirements, and investor return objectives. The interactive sessions and a panel discussion will cover leading practices in implementing top-down and bottom-up integration of risk and capital management. The sessions will cover:
Alignment of risk with business strategies and objectives
The need for a capital capacity, appetite and limit (CAL) framework
Comprehensive definition of risk appetite
Coherent risk and capital measures
Evolving from capital attribution to capital allocation and optimization
Harmonized return, risk and capital allocation
Emerging risks and risks interconnection
Effective governance and senior management oversight
Source:
2012 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Alex Laurie
Panelists:
Bogie Ozdemir, Leon Bloom, Colin Lawrence, Neil Cantle, Ellen Cooper, Seong-Weon Park
