Presented by: Cecil Bykerk, SOA President December 5, 2008

Transcription

1 Presented by: Cecil Bykerk, SOA President December 5,

2 Overview 2

3 Overview The Chartered Enterprise Risk Analyst (CERA) credential encompasses the most comprehensive and rigorous demonstration of enterprise risk management (ERM) expertise available. 3

4 Definition of ERM ERM is the discipline by which an organization in any industry assesses, controls, exploits finances and monitors risks from all sources for the purpose of increasing the organization s short- and long-term value to its stakeholders. --Casualty Actuarial Society Adopted by the Society of Actuaries 4

5 Overview SOA identified need for new credential to demonstrate ERM competence in traditional and broader financial services marketplace First new credential introduced by SOA since

6 Overview June 2005: SOA Board of Governors approves development of Chartered Enterprise Risk Analyst credential Launched in July 2007 Currently over 275 CERAs in the workforce 6

7 Significance of CERA Credential ERM is a best practice Brings consistency and standardization to ERM practice Expands actuarial skill set into nontraditional sectors, such as Broader Financial Services 7

8 Key Benefits 8

9 Key Benefits Enhance awareness and understanding of actuarial techniques, training and perspectives in practice of ERM Assist members in competing for risk management roles in traditional-sector firms Obtain foothold for SOA members in broader financial services Attract new candidates to the profession Meet evolving market and employer needs 9

10 Benefits Global Marketplace Employers Candidates 10

11 Global Marketplace Benefits Enables organizations to be transparent Helps companies meet financial reporting and control requirements Addresses security and technology issues Prepares for disaster and business continuity in post-9/11 world Helps companies remain competitive in a global marketplace 11

12 Employer Benefits Helps internal ERM program Potential to differentiate firm as ERM expert CERAs possess strong quantitative and financial assessment skills Converts risk into opportunity 12

13 Candidate Benefits The most comprehensive and rigorous ERM training available Expands employment opportunities Differentiates them from other risk professionals Advances the field of ERM Expands professional network by being a member of the SOA 13

14 Curriculum 14

15 CERAs Key Points Are to be considered actuaries Will complete an alternative ASA pathway and will receive their ASA designation at the same time as their CERA designation 15

16 Curriculum Approximately 3-4 years to obtain the CERA credential Includes actuarial science, ERM principles and professionalism 16

17 CERA Requirements For individuals new to the field: Exam P Exam FM (2007 and later) VEE Economics Exam MFE (2007 and later) Exam C (2007 and later) Advanced Finance/ERM Exam CERA Operational Risk Module Associateship Professionalism Course (APC) 17

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19 Obtaining the CERA Credential 19

20 Obtaining CERA Option for SOA, CAS, UKAP and IAAust members: Experienced Practitioner s Pathway Traditional Exam Pathway 20

21 Experienced Practitioner s Pathway Members of the SOA, CAS, UKAP and IAAust with 3+ years of seniorlevel, substantive experience Application process review team Attendance at two-day seminar 21

22 EPP Experience Requirements Applicants should meet several of the following: Performed work at a senior level in ERM field Advanced actuarial profession within ERM field Significant visibility in ERM field Made substantial contributions to the ERM field Experience as a risk officer Key contributor to organization s risk committee 22

23 EPP Experience Requirements Applicants should meet several of the following: Managed interactions between multiple risks Developed or implemented methodology for monitoring, measuring and managing of risk Academic research has resulted in practical industry ERM applications Go to for more information 23

24 Exam Process Current Fellows Advanced Finance/ERM Exam Current Associates Advanced Finance/ERM Exam CERA Operational Risk Module 24

25 CERA - Marketplace 25

26 CERA - Marketplace CERAs will be employed to a greater extent than traditional ASAs in banking and broader financial services Marketing efforts will be directed at publicizing the unique skill set of CERAs 26

27 Marketing and Communications Plan Build awareness and bring new students into the profession Promote credential to existing candidates, ASAs and FSAs Partner with appropriate organizations and associations to enhance marketing efforts 27

28 Marketing and Communications Plan Redesigned Web site, Advertising in business and trade media (will be expanded in 09) Development of electronic toolkits Press room 28

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30 CERAnalyst.org Provides an overview of the CERA credential Features current CERAs and their work in the ERM field The CERA curriculum and registration Information about the SOA 30

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32 Placeholder for toolkit photo 32

33 Placeholder for Press Kit photo 33

34 Q&A 34