Ninette MeyerCERA, Manager, Actuarial and Advanced Analytics, Deloitte, London, UK
"Being skilled in ERM is extremely useful because the principles are applicable to all organisations."
After passing the general insurance Fellowship exam in 2010, I found that my work increasingly required an understanding of the practical application of the principles of risk management. Having built models to produce numerical answers to capital and regulatory questions, I needed to help the organisation integrate those numbers into its risk and capital management processes in a meaningful way that added real value. This would often involve advising on the improvement, development or embedment of those processes. I felt that there was a gap in my knowledge around ERM that the ST9 exam could help close.
Understanding current thinking around ERM and the struggles that organisations typically face on their journey towards developing a mature risk management framework enables me to provide deeper insights and useful advice that extends beyond regulatory compliance. I found that the technical material was useful in providing a strong theoretical grounding to many of the techniques I was already using in practice, such as copulas and extreme value theory, and also introduced me to new applications of my statistical training.
My advice to someone considering studying the qualification – explore the many ERM resources available on the internet to get an idea of what the subject matter entails. Being skilled in ERM is extremely useful because the principles are applicable to all organisations. I am aware of actuaries with the CERA qualification who are working in fields very different from the traditional financial services, such as energy and mining.