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Positioning the profession within an evolving practice

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By Jean-Yves Rioux, FCIA


Risk management attracted a lot of attention recently as many risk professionals reviewed the impact of the financial crisis and reassessed what worked well and what had to be improved. There is no doubt that higher importance and priority is now placed on developing a strong enterprise risk management (ERM) framework.
 
I am pleased to have been appointed Chair of the ERM Applications Committee guiding and coordinating the efforts of talented individuals sharing a common vision: "the positioning of the profession within the ERM space". This positioning faces many challenges, including competition from other risk professionals and the fact ERM is an evolving practice.
 
I see the committee’s activities falling in four key areas under which we have a number of initiatives, many of them included in the latest CIA strategic plan. The following summarizes them by area:

Promotion within and outside the profession Education and Continuing Professional Development Technical knowledge
Collaboration, relationships and
opinions
Actuaries’ profiles in (e)Bulletin

ERM booklets

Strengths, weaknesses, opportunities and threats (SWOT) survey

Qualification brochure(s)

Elevator speeches

Reaching out
Annual Meeting ERM Track

ERM webcast


Feedback to Eligibility and  Education Council from SWOT survey
Joint Risk Management Section (JRMS) research dissemination

ERM web-based index
JRMS relationship

Chartered Enterprise Risk Analyst (CERA) relationship

Committee on Risk Management and
Capital Requirements (CRMCR) relationship


Recommendations related to public policy research

In addition to the above initiatives, the committee is contemplating other potential activities such as supporting specialty seminars, contributing to e-learning and other CPD initiatives and developing a risk framework.
 
The SWOT exercise completed last year, which entailed surveying actuaries with interest in the ERM field, allowed us to develop a consensus on our weaknesses and strengths in competing for leading roles in the ERM space. The survey results can feed into many of our projects, including the promotion initiatives and recommendations for the education and continuous development activities.
 
Examples of visible products from the committee include the production over the past couple of years of two booklets (Enterprise Risk Management:  Should you be doing it? and Enterprise Risk Management:  Who is doing it?) and the supporting of the production of 35 essays on the financial crisis, jointly published by the CIA, Casualty Actuarial Society and Society of Actuaries. I encourage you to read these pieces if you have not had the opportunity to do so. They are available at:

As we are working on delivering on those initiatives and planning for others, we realize the need to add to our team of volunteers. If you are interested in helping toward this vision, please contact the Institute and mention your interest in volunteering with the ERM Applications Committee by going to the Members Site > Toolkit > Update Committee/Task Force Interest.
 
Jean-Yves Rioux is Chair of the Enterprise Risk Management Applications Committee.
 

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