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Landmark Event is Part of Packed Calendar for ERM Experts

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The importance of enterprise risk management (ERM) continues to grow apace, with more and more employers, clients, and professionals seeing the value of taking an overall, enterprise-wide approach to minimizing risk.

Increasing numbers of actuaries are moving into this expanding field, and a large number of them were among the hundreds of attendees at a key event for risk managers: the ERM Symposium that took place last week in Chicago, IL.

Those who enjoyed the eleventh such global conference included Shannon Patershuk (pictured above), one of the CIA members who have taken part in our series of profiles of ERM practitioners. Shannon, Chair of the Enterprise Risk Applications Committee, said: "There is always a great deal of Canadian content at the symposium, which makes attending well worthwhile for CIA members.

"This year alone there were sessions on how ERM improves financial management in British Columbia’s healthcare and elsewhere, and how countries like Canada fared relatively well in the financial crisis.

"It is also a useful opportunity to meet other ERM practitioners from Canada and elsewhere and discuss important issues."

The symposium featured keynote addresses from Professor Charles Perrow, Professor Emeritus of Sociology at Yale, and Sheila Bair, former chair of the Federal Deposit Insurance Corporation. It also included seminars on lines of risk and improving the forecasting and management of extreme events, plus sessions on such topics as jet fuel hedging, suboptimal risk disclosures, interconnectedness and contagion, and effective ERM programs.

However, it is only one of the broadening range of events designed to ensure ERM practitioners remain up to date and promote their expertise among the business community. This year’s other ERM-related meetings include:

  • Actuarial Enterprise Risk Management Part I, presented by the European Actuarial Academy in Budapest, Hungary, from May 28–30 (Part II takes place from September 3–5);
  • The Professional Risk Managers’ International Association’s (PRMIA) seminar on managing longevity risk, which will be hosted by the PRMIA’s Montréal chapter on May 29;
  • This year’s CIA Annual Meeting, which will include sessions on such ERM topics as scenario construction for effecting stress testing, risk appetite frameworks, Own Risk Solvency Assesment, risk governance, and more; and
  • The AFIR/ERM–PBSS–LIFE Colloquium in Lyon, France, from June 24–26, organized by three sections of the International Actuarial Association, including the Actuarial Approach for Financial Risks/Enterprise Risk Management section.
The remainder of the year will also witness webcasts, seminars, and other events from organizations both within and outside the actuarial profession.

ERM practitioners are playing a larger role than ever in the financial world, both at home and abroad. The popularity and prevalence of these events demonstrates that more and more actuaries are embracing the opportunities and challenges offered by ERM.

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