WWSituation
08-18-2005, 12:11 PM
I posted this in the pre-section - it is interesting to hear the praises and criticisms of non-actuaries in this field. I see the same stigmas where I work in asset management of actuaries, but it really validates the effort the SOA has waged in the area
Here's some content that would be of use to an ERM focused actuary
http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-08-04-11259.html
Excerpt:
As John Roberts, the risk manager of BC Ferries, in Vancouver , Canada wrote recently to me, “ERM is too broad to belong to any one discipline.” He added, “Enough of this turf war!” Roberts is right. What provoked both of us was a recent article by Larry Quinn, “Actuaries and Risk Management,” where he cited the arguments by some in the actuarial profession that they are best suited to lead ERM.
I know many actuaries and some of them could easily serve as a CRO, not only for an insurance company, where most are employed, but for other financial and non-financial organizations.
But actuaries must overcome three limitations. The first is the public view of their work and experience. The old adage that an actuary drives a car down the road by looking through the rearview mirror has more validity that many imagine.
Yes, the past often replicates itself, but real “risk,” the chance of something unexpected occurring, is seldom susceptible to rearview analysis. The public, perhaps unfairly, pigeonholes actuaries in the role of cruncher of old numbers.
Here's some content that would be of use to an ERM focused actuary
http://www.garp.com/risknews/newsfeed.asp?Category=6&MyFile=2005-08-04-11259.html
Excerpt:
As John Roberts, the risk manager of BC Ferries, in Vancouver , Canada wrote recently to me, “ERM is too broad to belong to any one discipline.” He added, “Enough of this turf war!” Roberts is right. What provoked both of us was a recent article by Larry Quinn, “Actuaries and Risk Management,” where he cited the arguments by some in the actuarial profession that they are best suited to lead ERM.
I know many actuaries and some of them could easily serve as a CRO, not only for an insurance company, where most are employed, but for other financial and non-financial organizations.
But actuaries must overcome three limitations. The first is the public view of their work and experience. The old adage that an actuary drives a car down the road by looking through the rearview mirror has more validity that many imagine.
Yes, the past often replicates itself, but real “risk,” the chance of something unexpected occurring, is seldom susceptible to rearview analysis. The public, perhaps unfairly, pigeonholes actuaries in the role of cruncher of old numbers.