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JMO
05-05-2005, 11:29 AM
Are you in the SOA special interest section? If member of other groups, please feel free to comment.

Brad Gile
05-05-2005, 09:44 PM
Are you in the SOA special interest section? If member of other groups, please feel free to comment.

I am a member of both SOA (Fellow) and CAS (Affiliate), and I think this new section will be valuable even though I think ERM, like DFA, is way overhyped. Had I not recently retired, I would have joined this section.

Brad

Titania
05-06-2005, 09:32 AM
I was at the Academy meeting this week.

The presidents of the organizations were touting ERM as the savior of us all.

I'm not even sure what it is.

Anyone have a clear definition, and any idea how one would go about getting into that area?

JMO
05-06-2005, 10:20 AM
Titania, one suggestion is to go visit the SOA website, special interest sections, Risk Management. Take a look at the newsletter.

Titania
05-06-2005, 10:51 AM
Titania, one suggestion is to go visit the SOA website, special interest sections, Risk Management. Take a look at the newsletter.I guess...I try to avoid that site, lest I be guilted into taking another exam while I"m there, but I'll do it.

Chuck
05-06-2005, 11:50 AM
I was at the Academy meeting this week.

The presidents of the organizations were touting ERM as the savior of us all.

I'm not even sure what it is.

Anyone have a clear definition, and any idea how one would go about getting into that area?

I am always a little leary of trendy terms that make things sound more exotic and mysterious than they really are. There are lots of articles, but I liked this one:

http://library.soa.org/library-pdf/AFN0504.pdf

I discovered I've been doing a lot of ERM my whole career, I just didn't know it had a fancy name. Basically what I got from this is that ERM is when you build models of your business to identify, measure and manage the risks of making/losing money (or whatever your business objective is).

The rest, I think, although I am not an expert, is just details.

Chuck

JMO
05-06-2005, 12:27 PM
I discovered I've been doing a lot of ERM my whole career, I just didn't know it had a fancy name. Basically what I got from this is that ERM is when you build models of your business to identify, measure and manage the risks of making/losing money (or whatever your business objective is).

The rest, I think, although I am not an expert, is just details.

Chuck

Yes, you're right. The point of ERM is that it takes a business perspective, as opposed to a narrow actuarial formula, i.e., for calculating reserves. I like the questions that the ER task force has been raising. See, for example,
http://rmtf.soa.org/rmtf_erm.html

Note that it doesn't fight with Norton Ad Blocking, the way some parts of the SOA web site do. . .

Titania
05-06-2005, 03:06 PM
Thanks. I printed out about 30 pages of the March newsletter...I'll probably read it over the weekend.

JMO Fan
10-26-2005, 12:23 PM
I'm pushing for more involvement; so far the CFO (CPA) handles it.