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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.
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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.
Corporate Governance
Dan Thomas and Tim Landick, actuaries with PricewaterhouseCoopers LLP, will describe the key considerations of a reserving process and the related best practices. The key considerations will include the role of the board and audit committee, staffing expertise, methodology, documentation, communication and public disclosures.
Source:
2008 Regional Affiliate - CAGNY
Type:
affiliate
Panelists:
E. Thomas, Timothy Landick
Keywords:
Corporate Governance
The ABCs of the Actuarial Board for Counseling and Discipline, Part 2
Mike Toothman, an actuary from Actuarial & Risk Consulting Services and a member of the Actuarial Board for Counseling and Discipline (ABCD) will present several ABCD Case Studies to further the lively, audience participation discussion he led at the last CAGNY meeting.
Source:
2008 Regional Affiliate - CAGNY
Type:
affiliate
Panelists:
Mike Toothman
Keywords:
Actuarial Board for Counseling and Discipline
Current Financial Crisis and the Insurance Industry
Dr. Steven Weisbart, Vice President of the Insurance Information Institute, will discuss the present state of the insurance market as well as implications of the current financial crisis on the industry, including impacts of various proposed "solutions" to the crisis.
Source:
2008 Regional Affiliate - CAGNY
Type:
affiliate
Panelists:
Steven Weisbart
Keywords:
Financial Crisis
CAS Update
Brian Brown, a Director of the Casualty Actuarial Society, will provide an update of CAS activities.
Source:
2008 Regional Affiliate - CAGNY
Type:
affiliate
Panelists:
Brian Brown
Catastrophes, the Credit Crunch, and the Insurance Cycle
Source:
2008 Regional Affiliate - CAMAR
Type:
affiliate
Keywords:
Catastrophes, credit crunch
The ABCDs of Counseling and Discipline
Source:
2008 Regional Affiliate - CAMAR
Type:
affiliate
Keywords:
IFRS
The Coming IFRS for Insurance Accounting
Source:
2008 Regional Affiliate - CAMAR
Type:
affiliate
Keywords:
IFRS, Insurance Accounting
Predictive Modeling - Next Steps in Pricing
Source:
2008 Regional Affiliate - CAMAR
Type:
affiliate
Keywords:
predictive modeling
Current CAS Issues and Directions
Source:
2008 Regional Affiliate - CAMAR
Type:
affiliate
Update from COPLR
Source:
2008 Regional Affiliate - CAMAR
Type:
affiliate
Keywords:
COPLR
Is ERM Still Relevant - a CRO Perspective
Chief Risk Officers (CROs) have had numerous challenges during the past year. Among these have been the subprime lending problem, the California disaster, and the liquidity crisis that arose in commercial paper markets. Questions that may be considered in this roundtable include:
* Have firms practicing enterprise risk management been more profitable or had fewer losses than their competitors? What evidence can be provided?
* How have successful CROs made their voices heard when markets are profitable? Are technical or interpersonal challenges more formidable in your role as CRO?
* How useful in practice has been the Basel focus on market, credit and operational risk? Have regulators made your risk management job easier or harder? Why?
Source:
2008 Enterprise Risk Management Symposium
Type:
general
Moderators:
Michael Toth
Panelists:
Anurag Saksena, Tim Patria, Marcello Cruz, Randy Frietag
A Dynamic Competing Risk Model for Pricing Subprime Securities
We introduce a dynamic competing risk model where both prepayment and default rates are modelled by a Cox regression model. The Cox regression model includes both static and dynamic covariates. We use ABX index prices to calibrate our model.
Source:
2008 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Gaetan Veilleux
Panelists:
Madhu Acharyya
Use of Capital Models in Guiding Management Decisions
The use of economic capital models by insurers is rapidly moving beyond simply assessing capital adequacy, with more emphasis on using the results of these models to guide management decisions. This session will examine alternative approaches to economic capital modeling and discuss how to use these models effectively to guide risk management decisions, including how to judge which approaches are appropriate for which types of decisions.
Source:
2008 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Michelle Busch
Panelists:
Nathan Schwartz
Roundtable on Global Regulatory Developments
With today's highly competitive business environment and the challenges of compliance with increasing global regulations, companies are reexamining their risk management strategies. The panelists in this session will discuss the ability of global enterprises to utilize the "chopped salad" of disparate accounting and reporting regimes in light of Basel II, Solvency II, and other initiatives throughout the globe.
Source:
2008 Enterprise Risk Management Symposium
Type:
Concurrent
Moderators:
Joseph Lebens
Panelists:
John Eatwell, George Kaufman, Pamela Martin
Valuation and Risk of Structured Credit Portfolios: A Scenario Framework
This paper addresses:
* Consistent valuation and hedging of single name CDSs, CDOs on indices,
* bespoke portfolios, ABSs and cash CDOs
* Integrating multi-factor credit portfolio models, OAS and credit derivatives valuation
* Developing practical scenario simulations tools
* Measuring risk concentrations and in portfolios with credit derivatives and CDOs
* Computation of sensitivities, effective risk measures and economic
* capital for structured credit portfolios with loans and ABS
Source:
2008 Enterprise Risk Management Symposium
Type:
Paper
Moderators:
Julia Chu
Panelists:
Ram Kelkar
Keywords:
valuation
View from the Top
Interest rate and payment shocks to subprime mortgage holders, speculation in the energy markets or new entrants, a widening crisis in the Middle East, liquidity concerns, and a softening insurance market all had a significant impact on the markets in 2007. This session will focus on the general question: Are we learning from past mistakes or simply repeating them? Specific questions may include:
* What are the emerging risks and policy questions that will confront managers and directors in 2008?
* From your vantage point, what are lessens learned from recent market disruptions and how have ERM programs assisted firms in anticipating and coping with these stresses?
* How should non-market problems, such as global warming, technological/cultural changes and political events factor into business strategy?
* The soft insurance market of the late 1990s not only brought inadequate pricing, but also a wave of reserve increases. How will the insurance industry react this time around?
* What threats to the economy are likely to shape firm profitability and risk appetites during 2008? Are we, for example, likely to see asset bubbles in new markets or recession in 2008?
This session offers a unique face-to-face discussion with the renowned directors of some of the most prominent corporations. This session is sure to be one of the symposium's highlights, as expert presenters discuss the role of the board and answer your questions.
As clearly established in regulatory and best-practice frameworks, directors have the ultimate responsibility to ensure that an effective ERM program is in place. What is their role in ERM? What are the expectations for the management? How can they set the tone from the top and provide meaningful oversight? Are their needs being served?
Source:
2008 Enterprise Risk Management Symposium
Type:
general
Moderators:
Jason Masch
Panelists:
John Wengler, Dennis Chookaszian
Risk Governance Panel
A key to a successful ERM program is establishing a risk governance organizational and functional structure that is appropriate for the organization. Hear panelists from diverse perspectives address challenging issues on what constitutes appropriate risk governance, including such topics as: how to define risk appetite; who to include in various levels of ERM decision-making; what are the keys to a successful CRO role; what are appropriate external risk disclosures; which information to report to the Board and how frequently; and many others.
Source:
2008 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
David Homer
Panelists:
Mike Murphy, Lou DiSerafino, Todd Erkis
Multiple Criteria Analysis for Evaluation of Information System Risk
Information technology (IT) is a functional aspect of every organization, involving risks that are often not paramount in the minds of executives. This paper presents development and current status of IT risks in the enterprise risk management framework. Risks in IT in general are reviewed, with specific focus on risks associated with enterprise resource planning systems (ERP), which involve major risks to organizations due to their high cost, and their pervasive impact on organizational operations. This is accomplished within the framework of alternative means of acquiring ERP systems. We also present a demonstration of multiple criteria analysis in information system risk.
A demonstration of how multiple criteria analysis can be applied in the ERP alternative selection decision is given.
Source:
2008 Enterprise Risk Management Symposium
Type:
concurrent
Moderators:
Mike Angelina
Panelists:
Tom Bugnitz
Case Studies in ERM
Actuarial professionals have listened to many presentations that discuss the theory of moving from silo-based to enterprise-wide risk management, but they want to hear more about actual ERM implementation in practice. This panel will discuss the actual state of ERM implementation in the insurance industry, including two case studies of ERM implementations. Topics include implementing economic capital and using it as a means to foster risk-based decision making, establishing ERM governance, structuring the ERM processes within the organization, and establishing a risk-based culture.
Source:
2008 Annual Meeting
Type:
concurrent
Moderators:
Thomas Ho
Panelists:
Michael Belfatti, Eberhard Mueller
Keywords:
ERM implementation, ERM governance, structuring the ERM processes within the organization, and establishing a risk-based culture
Underwriting Audits - What Should Actuaries Do?
You are a pricing or reserving actuary and you've been asked whether you need to accompany a colleague, an underwriter, on an underwriting audit. Do you need to go? What information will be useful to you in order to price or set reserves for the business?
Underwriting Audits are critical when the major underwriting function is delegated to a managing general agency (MGA) for primary business or the responsibility of a ceding company for reinsurance transactions.
Checking on the classes of business written, limits and deductibles (or attachment points) of the business provides a wealth of information to an actuary involved in pricing and reserving, particularly if the business profile has changed over time. Also, an actuary's presence may help identify critical operational issues before they impact the company’s bottom line or show up in the data well after the time period for correcting the issues.
This panel will discuss how the actuary can become more actively involved in the underwriting audit process.
Source:
2008 Annual Meeting
Type:
concurrent
Moderators:
Thomas Ho
Panelists:
Helina Smosna, Janet Grace
Keywords:
underwriting audit, underwriter, ceding company for reinsurance, pricing and reserving
Timeline Simulation: Theory and Practice
The notion of timeline simulation is introduced. Examples are given where it is the natural and transparent formulation, in contrast to the collective risk model. The underlying mathematical and practical bases are discussed, and the ability to duplicate current technique is demonstrated as well as some situations where one might not want to do so. The practical application in a developed software system is shown on various interesting problems.
Source:
2008 Annual Meeting
Type:
concurrent
Moderators:
Ser-Huang Poon
Panelists:
Steven White, Rodney Kreps
Keywords:
Timeline Simulation: Theory and Practice
New Claims Practices
A panel of claims professionals will discuss emerging trends in workers' compensation and liability claims administration. The discussion will touch on how companies are applying new practices to improve claim outcomes and maximize efficiency. Topics will include the latest development in workers' compensation medical networks and other cost management techniques, new data mining approaches to identify and contain cost drivers, legal decisions impacting claim settlements, and other productivity enhancements such as document imaging and outsourcing.
Source:
2008 Annual Meeting
Type:
concurrent
Moderators:
Ser-Huang Poon
Panelists:
Brian Stoll, Joel Raedeke, Minh Vu
Keywords:
emerging trends in workers' compensation and liability claims administration, data mining approaches, legal decisions
Healthcare Industry - Issues affecting both SOA and CAS Actuaries
The delivery of healthcare services is one area involving both sides of the actuarial world, the SOA and the CAS. CAS actuaries measure and forecast medical malpractice losses and the medical costs of workers compensation. SOA healthcare actuaries price the expected costs of delivering the healthcare services to a specified group of people.
CAS actuaries would benefit from hearing the perspectives of SOA actuaries on:
* Health Care Delivery: Trends in Utilization and Costs
* Medicare reimbursement rules for “Never Events”
* Predictive Modeling of Health Care Costs
* Employer initiatives to control costs
* Uninsured individuals
* Electronic Records and transactions
* Fee Schedules (Workers’ Compensation versus commercial versus Medicare/Medicaid)
* Topics from the floor
Source:
2008 Annual Meeting
Type:
concurrent
Panelists:
Arthur Baldwin, Scott Jones
Keywords:
measure and forecast medical malpractice losses, medical costs of workers compensation, healthcare industry
Cost of Capital and Discounting Loss Reserves
For most long-tailed lines of insurance, the United States does not post discounted reserves in statutory financial statements. This is in contrast to practices prevalent internationally. The rationale for this treatment is that the amount of the discount provides an implicit risk load.
In other US insurance areas, such as pensions, the discounting of liabilities has historically been allowed. This session will bring together the current thinking on the assessment of P/C reserve risk, potential "lessons learned" from the treatment of risk in pension liabilities, and the international proposals for reserve risk margins.
Source:
2008 Annual Meeting
Type:
concurrent
Moderators:
Angeles Yanez
Panelists:
Glenn Meyers, Timothy Atwill
Keywords:
discounted reserves in statutory financial statements, P/C reserve risk
