Committee Profile: Enterprise Risk Management Applications Committee


By Hélène Baril, FCIA

The mission of the Enterprise Risk Management Applications Committee is to promote the application of actuarial science to enterprise risk management, to market actuaries as ERM specialists, and to provide ERM practitioners with support and tools to help them evolve in their practice area.

Over the past year, the committee undertook a number of projects, including the Enterprise Risk Management Resources page on the CIA website and the third instalment in a series of booklets on enterprise risk management.

Enterprise Risk Management Resources Page

Launched in October, the Enterprise Risk Management Resources page presents articles, research papers, videos, and other material on enterprise risk management from a variety of Canadian and international sources in a number of categories including the following:

This is a valuable resource for both actuaries practicing in the ERM area and those who are interested in learning more about ERM.

Enterprise Risk Management: How do we govern it?

In December, ERMAC published the third instalment in a series of three booklets on ERM. Enterprise Risk Management: How do we govern it? joins the two previous booklets (Enterprise Risk Management: Should you be doing it? and Enterprise Risk Management: Who is doing it?) as ERM resources aimed at non-ERM specialists. Each booklet contains a series of short articles on ERM. The articles on risk governance in the newest booklet include, in particular, the following:

We encourage you to share the booklet with interested colleagues.

Liaising with External Organizations and Committees

During 2015, the committee developed and maintained relationships with organizations and committees that are bringing value to our practitioners. One such organization is the Global Risk Institute (GRI), which provides applied research and education programs to encourage evidence-based debate about risk management in the financial services sector. GRI not only met with the committee to explain what they are doing, they also contributed to the production of the new ERM booklet, and have posted it on their website.

Looking Ahead to 2016

In the coming year, ERMAC would like to support the creation of an ERM practice committee to develop guidance and technical papers for ERM actuaries. We think that the practice area is at a point where the Actuarial Standards Board needs to develop its own standards of practice in this area, not just relying on what international bodies are doing with ERM, but building on their work by adding Canadian ideas and approaches for Canadian ERM practitioners.

We have developed a Skills and Knowledge Inventory for ERM practitioners that should be available in the next few months. During the year we will sponsor ERM webcasts and host sessions on ERM at the Annual Meeting in June. We are co-sponsors, with the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) of April’s ERM Symposium in Arlington, Virginia. In the fall, we will sponsor a one-day forum on ERM topics relevant to Canadians.

As you can see, ERMAC is a very active committee. If you are interested in learning more or becoming involved, don’t hesitate to contact me at

Hélène Baril, FCIA, is Chair of the Enterprise Risk Management Applications Committee.

Canadian Institute of Actuaries/Institut canadien des actuaires