Enterprise Risk Management for Actuaries for 2013 and Beyond
The Actuarial Standards of Practice (ASOP) recently issued ASOP No. 46 (Risk Evaluation in Enterprise Risk Management) and ASOP No. 47 (Risk Treatment in Enterprise Risk Management) which took effect in May of this year. These two standards require actuaries to consider the financial strength, risk profile, risk management system and risk environment of an organization when performing ERM work. As ERM is increasingly becoming a vital activity in every business, actuaries need to understand how to use it to paint a complete picture for their clients.
The Knowledge Group has assembled a team of distinguished practitioners and thought leaders who will help you understand the most important aspects and latest updates to these standards. They will present valuable information and insight along with best practices to comply with ASOP No. 46 and ASOP No. 47 in a two-hour live webcast.
Mike Schmitz , FCAS, Principal and Consulting Actuary ,
- Enterprise Risk Management Standards of Practice
- ASOP 46 – Scope of Risk Evaluation Standard
- Risk Evaluation Considerations
- Use of Models including Economic Capital
- Stress Testing
- Emerging Risks
- Communications and Disclosures
- ASOP 47 – Scope of Risk Treatment Standard
- Risk Treatment Considerations
- Use of Models in Risk Treatment
- Organizational Risk Parameters
- Risk Mitigation
- Communications and Disclosures
Elisabetta Russo, Principal and Head of Solvency for USA, FIA,
Deloitte Consulting LLP
- Juggling the different views on Enterprise Risk Management
- ERM requirements and expectations of the US insurance regulators
- International convergence of ERM supervisory standards
- Implementation challenges for domestic and international insurers
- Views from other professional organizations
- Lessons learnt from the banking sector
R. Timothy Muth, Shareholder,
Reinhart, Boerner, Van Deuren s.c.
- Managing the Legal Risk of Enterprise Risk Management Consulting
- The Role of Professional Standards in Professional Liability Litigation
- Enterprise Risk Management Litigation
- Scenarios which might expose consultants to liability
- Impact of ASOPs 46 and 47 on potential liability of actuaries
- The importance of documentation.
Who Should Attend:
- Risk Managers
- Finance Executives
- Financial/Accounting Managers
- Treasury Managers
- Risk Analysts & Controllers
- Compliance Officers
- And other interested professionals
Michael Schmitz is a principal and consulting actuary in the Milwaukee office of Milliman and has been with the firm since 1993. Mike manages a practice dedicated to financial risk such as mortgage guaranty, financial guaranty and credit enhancement products.
Mike has assisted in structuring and pricing credit enhancement mechanisms for securitizations, both in the United States and internationally, and has spoken at conferences on this topic as well as others. He has also served as the lead consultant on many assignments, assisting the largest banks in the United States in their management of credit risk. Mike has assisted both banks and insurance companies in analyzing the risk associated with residual value exposure on several classes of assets. In addition to working with financial guaranty insurers, he has consulted to the majority of the insurers that comprise the private mortgage insurance industry and to banks and other financial institutions on topics including reserving, pricing, financial analysis, mortgage portfolio credit risk, product development, structured transactions, risk transfer analysis and capital model design and validation.
Michael Schmitz is a principal and consulting actuary in the Milwaukee office of Milliman and has been with the firm …
Elisabetta is a qualified P&C actuary with 15 years of experience. She joined Deloitte in November 2011 to lead Deloitte’s insurance solvency practice in the United States dealing in particular with issues relating to Solvency II and the Solvency Modernization Initiative (SMI). Prior to the USA, she served for 5 years as Head of Actuarial, Insurance, Risk and Capital in Central Eastern Europe (CEE) in another Big Four organization and the previous 10 years in London (UK). She was a member of that firm’s Solvency II Steering Committee for Europe, advising the largest European insurance groups on all 3 pillars (capital assessment, ERM&ORSA, risk reporting). She has also worked with several insurance regulators. She is a Fellow of the Institutes of Actuaries in the UK, Italy and Russia.
Elisabetta is a qualified P&C actuary with 15 years of experience. She joined Deloitte in November 2011 to lead Deloitte’s …
R. Timothy Muth is a litigation shareholder at Reinhart, Boerner, Van Deuren in Milwaukee, Wisconsin where he leads the firm’s financial litigation group. Muth also co-chairs the firm’s Interdisciplinary Insurance team. His clients include large consulting firms and a wide range of financial and other professionals including actuaries, accountants, auditors, appraisers and securities brokers. Muth’s practice focuses on malpractice claims against financial professionals, and he also has significant experience in computer and Internet law and litigation. Muth represents actuaries and other financial professionals in actions filed in state and federal courts around the country.
Muth’s financial litigation practice also includes securities class actions, FINRA arbitrations, federal court litigation involving the liability of securities brokers and litigation regarding insurance broker liability. He is the author of the Actuary Law blog at actuarylaw.com.
R. Timothy Muth is a litigation shareholder at Reinhart, Boerner, Van Deuren in Milwaukee, Wisconsin where he leads the firm’s …
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Milliman is among the world’s largest providers of actuarial and related products and services. The firm has consulting practices in employee benefits, healthcare, property & casualty insurance, and life insurance and financial services. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visitmilliman.com.
About Deloitte Consulting LLP
Deloitte’s Consulting practice is a leading global business and technology consultancy. The firm operates in three primary areas – human capital, strategy and operations, and technology – and serve clients in a number of industries, including consumer business, energy and resources, financial services, life sciences and health care, manufacturing, technology, media and telecommunications, and the public sector. Deloitte counts among its clients a broad cross-section of governmental, insurance, health care, business and industrial enterprises. The firm has served virtually every type of enterprise, including state agencies, municipalities, corporations, partnerships and joint ventures, regulatory bodies, universities, nonprofit organizations, and professional and trade associations.
About Reinhart, Boerner, Van Deuren s.c.
Reinhart, Boerner, Van Deuren s.c. is a full-service, business-oriented law firm with offices in Wisconsin, Illinois, Colorado and Arizona. With more than 200 lawyers, the firm serves clients throughout the United States and internationally with a combination of legal advice, industry understanding and superior client service. Reinhart’s litigation practice handles trials, arbitrations, alternate dispute resolution and appeals as well as providing legal risk management advice to its clients so that they can avoid litigation altogether. Within the litigation department, a team of lawyers focuses on financial litigation, especially claims against actuaries and other financial professionals. The full range of the firm’s services are described on its website at www.reinhartlaw.com.