Casualty Actuarial Society Unveils Project on Enterprise Risk Management

March 13, 2006

The Casualty Actuarial Society, ERM Institute International Ltd. (ERM-II), and the CAS/SOA Risk Management Section are jointly launching a major research project titled “ERM Analysis of Property-Casualty Insurance Companies.”

“We are going to establish a new theoretical foundation for enterprise risk management, with practical guidance for ERM implementation,” said Dr. Shaun Wang, executive director of ERM Institute International, and lead researcher for the project. “Many people have been talking about ERM. We want to show the world what ERM entails in actionable terms for insurance executives, underwriters, actuaries, rating agencies and regulators.”

According to John Kollar, vice president of Risk Integration and ERM for the Casualty Actuarial Society, several highly regarded practitioners have volunteered to assist the research team. “This undertaking represents a collaborative effort among scholars, professionals, and industry executives, and will take us a level further than many preceding attempts by addressing big-picture, business risk issues for property-casualty companies,” he said.

Fred Tavan, chairperson of the Research Team for the jointly sponsored Risk Management Section of the Society of Actuaries and Casualty Actuarial Society added, “This research will help establish a multidisciplinary ERM framework wherein actuaries can work with other risk professionals and contribute to solving complex risk management issues for the insurance industry at large.”

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