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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.
Credibility
Considering credibility in the context of ratemaking concepts, this session will review variables affecting credibility and credibility formulas, as well as practical techniques for applying and increasing credibility. Both classical and Bühlmann models will be described.
Source:
2007 Ratemaking Seminar
Type:
concurrent
Moderators:
Timothy Aman
Reinsurance
The basic functions and principles related to reinsurance ratemaking will be the focus of this session. “Reinsurance Phobia” will be cured! After that, we will introduce the basics of how the reinsurance market actually operates and the reasons and basics as to why excess of loss “layering” is so common in US reinsurance. All this is meant to help prepare you for the reinsurance experience and exposure rating session that follows.
Source:
2007 Ratemaking Seminar
Type:
concurrent
Moderators:
Leslie Marlo
Introduction to Increased Limits Ratemaking
This session will present an overview of increased limits ratemaking. Initially, the session will cover general concepts, such as calculating Limited Average Severities, and practical problems with developing Increased Limits Factors (ILFs) from a distribution of loss data. The session will also provide an overview of Excess and Deductible pricing. Finally, the session will discuss common approaches for calculating ILFs.
Source:
2007 Ratemaking Seminar
Type:
concurrent
Moderators:
Leslie Marlo
Panelists:
Joseph Palmer
Overall Indication and Ratemaking Relativities
Covering the basic foundations of the ratemaking process, this session's topics will include data organization for premium and losses, data adjustments such as current rate level, loss development and trend, determination of the expense provision and formulation of rate relativities. The presentation will have an emphasis toward personal lines. Not intended for those preparing for Exam 5.
Source:
2007 Ratemaking Seminar
Type:
concurrent
Moderators:
Leslie Marlo
Panelists:
Amy Juknelis
Ratemaking and Professionalism Abroad: U.K. Prciing Issues Taskforce (GRIP)
The U.K. Faculty and Institute of Actuaries recently commissioned a taskforce to review the role that the U.K. actuarial profession plays in the area of insurance ratemaking.
Source:
2007 Ratemaking Seminar
Type:
general
Moderators:
Jon Holtan
Keynote Address
Mark will share his view of the underwriting cycle, actuaries' past and possible future roles in managing the cycle, and the prospect for actuarial training as a background for other senior roles in the industry.
Source:
2007 Ratemaking Seminar
Type:
keynote, general
Moderators:
Jon Holtan
Economic Scenario Generation
Here's your opportunity to get a foundation on the projection of economic and financial scenarios, particularly those regarding interest rates inflation, equity returns, dividend yields, real estate returns, and unemployment. At this session the presenter will review important work in the economic, financial, and actuarial literature, including the identification and development of appropriate data sources and methodologies and the creation of a model for projecting economic scenarios. This work has relevance to any risk management application involving financial scenario modeling such as dynamic financial analysis regulatory and management tests, or cash flow testing.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
General Session 1
Strategic risk management as a universal framework is being increasingly adopted across the global marketplace. In this session distinguished panelists share the latest developments and challenges in banking insurance and energy to compare the underlying principles and applications of risk management systems in the global marketplace. The speakers will highlight the similarities as well as differences of the risk infrastructure in various sectors and industries. The goal of this session is to foster a collaborative environment in which we, as risk practitioners, can learn from each other, leveraging our experiences and expertise.
Source:
2007 Enterprise Risk Management Symposium
Type:
general
ERM: The State of the Art
As an evolving discipline, ERM's lofty goals sometimes exceed our current theoretical or practical ability to achieve them. Panelists in this session will specifically identify and describe what we need to know to practice ERM, what we actually know (at least in principle), and what we in fact do in practice. The intended result is a high-level, sophisticated, and potentially controversial review of the current status and needed future evolution of this new and powerful discipline. Examples will typically, but not exclusively, focus on financial service firms.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Risk Terminology and Measurement Modeling-Differences and Commonailities Across Organizations and Industries
Enterprise risk management has come to denote a process for bundling an organization's entire portfolio of risks and managing it as a whole. Despite this relatively simple description of ERM, its application is notably complex-not only because of the complexity and relative newness of ERM as a technical concept but because its language is evolving from a variety of perspectives. These various perspectives appear to be generating their own vocabularies, which could be limiting the growth and development of ERM techniques. The purpose of the research is to develop a better understanding of how various risk-related terms are defined and measured across organizations and industries. A survey of the key risk inputs to ERM has been completed by risk managers in a variety of industries: hospitals and clinics; pharmaceutical; utility; information technology; and insurance. This session will present a summary of definitions and measures as reported by the respondents, noting especially current similarities and differences across organizations and industries. Having transparent definitions may lead to a commonality in terminology for improved communication and more efficient working relationships.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Challenges to ERM Operations for Insurers
ERM envisions a holistic treatment of risk and opportunity across an insurer. How do traditional functions, such as underwriting, ratemaking and reserving, relate to an insurer's ERM process? What are key challenges that insurers must address to build an effective ERM process?
The panelists and attendees will address these and other issues regarding ERM.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Scientific Paper 3
The symposium highlights innovative cutting edge papers that explore and advance risk management topics with a focus on the analysis and practical tools related to financial and operational risks, interaction between the risks (i.e., diversification benefits), integrated ERM, and ERM value creation.
Source:
2007 Enterprise Risk Management Symposium
Type:
Paper
Corporate Risk Management
Update your know-how on risk management techniques used by nonfinancial companies. Our experienced panelist will explore supply chain and logistics risk management, operations risk management, energy risk management, and information risk management. The panelist will then present a framework to categorize these risks as transferable vs. nontransferable and tactical vs. strategic.
The session will also address the challenges in implementing a risk management program for manufactured goods that lack traded markets for futures and options contracts, as well as the application of real-options methodology in such situations. This session is a great way to explore the similarities and differences in risk management techniques in use across a range of industries.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Economic Capital Based on Stress Testing
This session will describe the stress-testing approaches used by European and North American insurers to calculate EC for individual risks and then aggregate the risks. Panelists will discuss the ICA assessment required in the U.K., as well as the process for calculating required capital under Solvency II. The panel will also lead a discussion of the steps required in creating a coherent and effective framework for using stress testing to develop EC.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Alphas, Not just Betas, Drive Economic Capital Calculations
Economic capital calculations are important tools for financial institutions in ERM. Alpha represents the expected profitability for a business segment relative to a benchmark fair rate of return. The moderator will demonstrate how ERM analysis can help to project alpha values, and how the recognition of alphas can improve the robustness of calculated economic capitals.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Scientific Paper 2
The symposium highlights innovative cutting edge papers that explore and advance risk management topics with a focus on the analysis and practical tools related to financial and operational risks, interaction between the risks (i.e., diversification benefits), integrated ERM, and ERM value creation.
Source:
2007 Enterprise Risk Management Symposium
Type:
Paper
Scientific Paper 1
The symposium highlights innovative cutting edge papers that explore and advance risk management topics with a focus on the analysis and practical tools related to financial and operational risks, interaction between the risks (i.e., diversification benefits), integrated ERM, and ERM value creation.
Source:
2007 Enterprise Risk Management Symposium
Type:
Paper
Value of ERM
As companies invest in ERM, they are increasingly looking for a return on that investment. Connecting ERM to the company's strategy, having a more formal management perspective on risk-taking, and linking ERM processes to tactical business decisions and ongoing capital management are critical to the realization of value from ERM. Impediments include inconsistent risk metrics and processes within different parts of the business, immaturity of risk measurement models, and lack of progress on achieving a risk culture. Panelists from several companies will discuss how to overcome the obstacles and realize the potential value of ERM.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Measuring Operational Risk Interdependcies using Interpretive Structural Modeling
The typical insurance firm is subject to a wide variety of risks. Understanding and quantifying the interrelationships between individual risk elements is a significantly important but complex challenge. If we view all the risks in a firm as an integrated system, we can apply a computer-assisted learning process called Interpretive Structural Modeling (ISM) to construct a structural graph and illustrate those risk interrelationships. In this paper, we use ISM concepts and techniques to better understand an insurance company's overall risk profile. Dephi techniques can be used to "parameterize" this process according to group consensus regarding risk elements and interrelationships. An Analytical Hierarchy Process (AHP) can then be used to quantify relationships and weigh the significance of different risks. Such a modeling approach can be of great value to a firm's enterprise risk management (ERM) process.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Parameter Risk Credit Risk Analysis
This session features presentations on two key areas-Parameter Risk and Credit Risk analysis. Parameter risk-one of the most challenging and elusive issues in enterprise risk management: Attempting to quantify parameter risk by definition means putting a number on what we've failed to put a number on... a daunting task! Further complicating the issue are the often long development periods between the time an initial estimate is made and when the final results are reasonably known. And even when we have an estimate of parameter uncertainty, it may not be clear how to present the implications of that uncertainty in a concise and meaningful way to facilitate effective decision making.
In this session we will examine the types and sources of parameter uncertainty, examine some case studies illustrating the potential magnitude and effect of parameter uncertainty in real business situations, discuss some approaches for quantifying parameter error, and spend some time comparing different ways parameter risk can be incorporated into an ERM analysis. We will then contrast the various methods for illustrating the effect of parameter risk on the analysis results. Credit risk analysis in an ERM world: Managing credit risk is one of the most crucial elements of managing risk at any insurance company. A panelist will discuss how credit lines of business (commercial credit, political risk, structured credit, surety, and trade credit) are analyzed by leading credit analysts. In addition, the panelist will briefly discuss how directors' and officers' (D&O) liability can be viewed and treated as a financial product. The discussion will then examine the reasons why incorporating correlation-as practiced in modern credit modeling-is vital to credit lines' financial products and, ultimately, to ERM. This presentation will conclude with the proposition that credit analysis must include correlation and has to be conducted at portfolio and enterprise level in order to effectively manage enterprise risk in an insurance/reinsurance company.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Optimizing ERM Through Integrated Governance, Risk Management, and Compliance
Regulations have produced risk and compliance silos of similar processes and procedure at many companies. This has resulted in duplicative efforts that are inefficient, unreliable, and unnecessarily burdensome on business units. Developing an integrated approach to risk and compliance activities so that data becomes more reliable and inefficiencies are eliminated is key. This should include a common language framework and approach for implementing the various processes, including self-assessments across all the risk management silos. The COSO enterprise risk management framework offers 110 general risk management principles that are grouped into 10 principle categories. By applying these principles to risk management activities companies can identify overlaps and redundancies reduce inefficiencies cut costs increase effectiveness and improve overall accountability. The session will also cover the following: Finding common ground between operational risk management efforts and compliance with Sarbanes-Oxley Act, consolidating IT operational risk management systems and tools into a single system, developing organizational structures that enhance risk management efforts, developing common ground for measuring a company's tolerance for operational risk, and evaluation of software programs that help companies develop a common approach to managing risk and compliance activities.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Reinsurance for Risk and Capital Management
Reinsurance purchasers tie their reinsurance program design into larger strategic objectives such as increased earnings, surplus stability, and capital management. ERM analytics can be effective in determining whether contemplated reinsurance programs are aligned with these corporate objectives. The ability of DFA economic capital models to simulate thousands of possible insurance events allows for the comparison of the effects on risk metrics for reinsurance provisions and to determine the amount of risk that a cedent transfers for such exposures like accumulated casualty under-reserving risk or property catastrophes. The result of this analysis is an understanding of the cost of reinsurance relative to the level of risk being ceded (i.e., the amount of capital in essence "borrowed" by the reinsured). In this vein, the panel will also discuss the ERM implications of the recent Florida statute that increased its state-sponsored Florida Hurricane Catastrophe Fund capacity by $16 billion.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Terrorism/Extreme Event/Emerging Risk: Decision Making Under Extreme or Emerging Risks
Advance planning for extreme or emerging events can help your organization survive their impacts. Presenters will discuss tail events that could influence the economy and society in general, with a focus on the financial impacts and ways to reduce the impact of unusual events. Panelists will discuss topical events including avian influenza, bioterrorism, hyperinflation, dirty bomb detonation, radioactive contamination, meteor impact, catastrophic earthquake, and a major market discontinuity.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
Enterprise Risk Management, Value Maximization, and Market Frictions
This session will examine economic capital modeling at the enterprise level in a multiline firm to assess the impact of market imperfections on optimal pricing, mixes of business, and capitalization. Capitalization and pricing decisions are critical to firm value maximization. Market imperfections, including frictional costs of capital such as taxes, agency costs, and financial distress costs, are an important motivation for enterprise risk management. Insurers operate in imperfect markets where demand elasticity of policyholders and preferences for financial quality of insurers are important determinants of capitalization and pricing strategies. In this session, the optimization of enterprise or firm value in a model with market imperfections is examined. Frictional costs, imperfectly competitive demand elasticity, and preferences for financial quality are explicitly modeled and considered. A realistic model of an insurer is developed and calibrated. The impact of market imperfections on enterprise value is quantified as well as the implications for enterprise risk management.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
ERM in Energy
Energy firms are increasingly being called upon to provide substantiation for current risk practices. From ratings agencies to external regulators, a trend has emerged that measures current ERM practices in the energy sector to those practices in financial services. What risk management problems are faced by the ever-dynamic energy sector? What issues are topical? What trends are expected? This session provides a look at this challenging and rewarding economic sector from an ERM perspective. Expert panelists will share their assessment of existing and developing energy-related risk models, address the evolution of environmental financial products and sustainable development, and will discuss new tools being developed to help mitigate energy-related exposures. The audience will be challenged to learn how the traditional risk management tools and techniques are applied or modified or both in new and unexpected ways in this dynamic sector.
Source:
2007 Enterprise Risk Management Symposium
Type:
concurrent
