CERA: Actuaries on a new track

Actuaries are taking a new step towards professional risk management.

After the U.S. started in 2007 the initiative for this new direction in the actuarial profession, this month the Society of Actuaries (SOA) signed a treaty with 13 other international actuarial organizations to establish the Chartered Enterprise Risk Analyst (CERA) as the globally recognized enterprise risk management (ERM) credential.



The designation will recognize actuaries globally who meet stringent education requirements in ERM and are governed by a strong code of professional conduct. The “CERA” letters after an actuary’s name indicates to the business world that there is no other type of risk professional better equipped to take a 360-degree view of an organization’s risk profile.

CERAs don’t merely speak to what we can lose, they focus on what we can gain.

Enterprise Risk Management isn't just about dealing with financial risk. ERM is an attitude, a new way of thinking. CERAs will become the boards most reliable advisors, they can't do without.

Sources:
- SOA
- CERA

Reward Wisdom

We all know the quote

'If you pay peanuts you get monkeys'

Unfortunately the opposite is also true:

"If you pay bonuses, you get donkeys"

There is nothing against an attractive yearly bonus reward, based on challenging but nevertheless realistic (long term) goals in line with a confirmed and balanced risk approach.

Excessive bonus rewards however, seduce people to inferior (selling) methods or taking unacceptable (covered) risks.

An excessive bonus reward system always poisons the company and attracts the 'wrong' people. Your company doesn't need high risk takers or 'luck seekers'. Think twice....

Risk IQ Test

What's your Risk IQ?

In a few minutes you'll know by taking this RISK IQ Test.

Actuaries are often born CROs (Chief Risk Officers), so this test will probabely be a peace of cake for any actuary with CRO aspirations.....

Simply scroll through the next Powerpoint presentation from Fintools.

Each slide contains a multiple choice question.
Think about the answer and then scroll (click on the right part of the presentation) to the next slide for the final answer...
RiskIQ

Hope you succeeded....

If not... get some training at Fintools

Original Source: Fintools