ERM vs. Traditional Actuarial

[promise]

Hi! All,

Would appreciate your inputs/views on these topic.

1. What is the differences between ERM and the traditional actuarial?
2. In terms of skill sets, daily work and etc?

Thanks!
Best Regards,
Promise

[lipman]

Very broad topic, but I will give it a quick pass over.

Traditional actuarial work focuses mainly on the liability side of things. Pricing, reserving, modeling. It deals with the actual products.
ERM focuses mainly on the asset side of things. Well, maybe not just on the asset side of things, but it takes a much more wholistic view of the company that extends beyond the liabilities. It deals with interactions between the products and investments, as well as general practices of the company.

[JMO]

Welcome! We hope you enjoy using the AO. :wave:
However, just so you know, we generally discourage posting the same question in different sections of the forum. Oddly enough, the answer here is better than the answer up in the professional part of the AO.

[DudeMan]

Very broad topic, but I will give it a quick pass over.

Traditional actuarial work focuses mainly on the liability side of things. Pricing, reserving, modeling. It deals with the actual products.
ERM focuses mainly on the asset side of things. Well, maybe not just on the asset side of things, but it takes a much more wholistic view of the company that extends beyond the liabilities. It deals with interactions between the products and investments, as well as general practices of the company.

In addition to this, ERM develops qualitative plans for extreme (catastrophic) circumstances. How does the compnay continue operations in the event of (1) stock market crash; (2) natural disasters; (3) pandemics; (4) terrorist attack; etc.

[promise]

Very broad topic, but I will give it a quick pass over.

Traditional actuarial work focuses mainly on the liability side of things. Pricing, reserving, modeling. It deals with the actual products.
ERM focuses mainly on the asset side of things. Well, maybe not just on the asset side of things, but it takes a much more wholistic view of the company that extends beyond the liabilities. It deals with interactions between the products and investments, as well as general practices of the company.

Thank you for your input. It is really meant a lot to me.
Have a nice day!