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May 04, 2005
CAS Board Launches Partnerships to Pursue Enterprise Risk Management Strategy
At its March 2-3 meeting, the CAS Board of Directors took actions to help the actuarial profession benefit from new opportunities in Enterprise Risk Management (ERM) by launching partnerships with the Society of Actuaries and the ERM Institute International, Ltd. (ERMII).
The CAS Board approved a proposal to jointly sponsor the Risk Management Section with the Society of Actuaries and also passed a resolution to become a founding member of ERMII. In addition, the Board approved a new Vice President position that will coordinate these and other ERM-related activities while serving on the CAS Executive Council. These initiatives are major steps for the CAS towards its Centennial Goal that casualty actuaries be recognized as leading experts in the evaluation of hazard risk and the integration of hazard risk with strategic, financial and operational risk.
"These actions will both underline the casualty actuary's position as the leading expert in insurable operational risk and help to expand the role of actuaries in wider applications of enterprise risk management," CAS Board Chairman Mary Frances Miller said.
The mission of the Joint CAS/SOA Risk Management Section is to advance the actuarial profession by assisting members of the Section with the educational, research, networking, and other specialized needs that arise in the risk management area of actuarial practice. The Section is focused on developing solutions to unsolved problems, communicating the value of actuaries in providing solutions, and educating actuaries to meet market demands.
ERMII is a non-profit educational and research organization, initiated by an international group of universities and professional organizations with a focus on education, research and training in ERM conceptual framework, quantitative methods and tools, and best practices. The missions of ERMII include:
1. To develop and promulgate international standards for quantitative risk education intended to be the core foundation for risk managers in all major economic sectors including banking, insurance, investment, energy and other utilities, and non-financial industries (manufacturing, retail, transportation, health services, government, etc.).
2. To promote multi-disciplinary, international, research in the emerging discipline of enterprise-wide risk management, by developing innovative concepts, effective quantitative tools, and strategies.
3. To help existing and future institutions and organizations to improve professional standards of education, conduct, and competence in the modeling and management of risk on an enterprise-wide basis.
The Casualty Actuarial Society is an organization dedicated to the advancement of the body of knowledge of actuarial science applied to property, casualty and similar risk exposures. The primary goal of the Casualty Actuarial Society is to provide education and research to help its members become leading experts in the evaluation of hazard risk and the integration of hazard risk with strategic, financial and operational risk.
Posted by Tom Troceen