News from Member Associations On this page you will learn more about key activities happening in the CERA Treaty Member Associations.


Institute of Actuaries of Australia
Effective 1 January 2015 all Australian insurers and banks must comply with a new cross-industry prudential standard on risk management. Among a number of stricter risk management requirements, a key change is the need for each regulated institution to have a dedicated Chief Risk Officer (CRO). There are restrictions on who can perform this role, to avoid conflicts of interest.

A working group at the Actuaries Institute has prepared a paper on developing the risk appetite framework of a life insurance business.
Brett Riley has been elected RMPC Convenor, to replace Joshua Corrigan.

Canadian Institute of Actuaries

ERM News from Canada

The CIA’s ERM Applications Committee (ERMAC) will publish a new short booklet, in English and French, on risk governance for senior managers and board members. Enterprise Risk Management: How do we govern it? (La gestion du risque d’entreprise : Comment la gouverner?) is a compilation of eight short articles by ERM experts, including What is our Governance Structure?, What is our Risk Culture?, How is ERM Helping to Inform Our Strategic Direction?, and What is our Risk Capacity? You can take a look at the booklets now.

Need to find the French equivalent of an English insurance or ERM term? Or the reverse? Coming in late-January will be a completely overhauled Lexicon. This web tool contains almost 12,000 terms and helps those who need a fast reference.

As mentioned in our last update, ERMAC met with the Actuarial Standards Board to discuss the establishment of actuarial Standards of Practice for ERM, and will next be connecting with the CIA’s Practice Council to start the process of launching an ERM Practice Committee to produce guidance and technical documents for practitioners.

In Canada, what actuaries need to know about a practice area is contained in documents called SKIs (Skills and Knowledge Inventory). ERMAC has produced an ERM SKI which is ready for editing. Also in the planning stages are several webcasts and an ERM track at the Annual Meeting in June.

The Canadian Institute of Actuaries (CIA) established the ERM Applications Committee (ERMAC) in 2007 to help promote ERM inside and outside the profession. Today, of a total CIA membership of 5,125, we have 178 members who tell us that ERM is their Primary Practice Area and 218 who say it is their Secondary Practice Area, for a total of 396. There are currently 198 members who hold the CERA qualification.

The CIA is a partner in the Joint Risk Management Section (JRMS) of the SOA. ERMAC supplies several volunteers to the JRMS ERM Symposium Organizing Committee; organizes four webcasts each year for Canadian members; develops an ERM track at the CIA Annual Meeting; is about to publish a booklet on Risk Governance for Board Members and senior executives; has helped the creation of an ERM Research Subcommittee which has an joint RFP with JRMS for the development of a Country Risk Officer role to advance the practice of ERM at a country level to serve the public, beyond its traditional applications in the financial sector; has just launched a Resource Page on the CIA website with links to works of research, documents, videos and other items of interest to the ERM community and is opening discussions with the Actuarial Standards Board in Canada with the goal of eventually establishing actuarial Standards of Practice for ERM.


Institut des Actuaires (France)
In 2015, l’Institut des Actuaires celebrates its 125 years anniversary. For the occasion, our annual Congress will take place in Paris on 15 June. It will be followed by a gala evening. For more information, visit

Deutsche Aktuarvereinigung e.V. (Germany)
The Deutsche Aktuarvereinigung e.V. (DAV) is pleased to welcome 21 new CERA designees to the association. So far, 144 members of DAV have earned the credential and the DAV is looking forward to celebrate its 150th CERA member.

Israel Association of Actuaries
In October 2014 there was a presentation to the membership on ERM and the CERA programme. The presentation highlighted the growing significance of ERM as part of the actuarial profession.

In December 2014 the association established a Risk Committee. The purpose of the Committee is to promote ERM to the membership and other stakeholders of the association. The immediate objectives of the Committee are to populate the association's website with links to ERM resources and to organize speakers on various topics related to ERM.

At the beginning of March a two day ERM seminar directed at actuaries was hosted by the Magid Institute in cooperation with the association. The purpose of the seminar was to give a practical overview of the application of ERM in financial institutions and to present a portion of the syllabus not covered by ST9. Participation in the seminar and successful completion of a summary exam provided credit towards the CERA qualification. Nearly 20 participants completed the exam.

During 2015 a number of actuaries are planning to sit the CT9 exam. A study group has been formed by some of the candidates to prepare for the exam.

The Institute of Actuaries of Japan
The association awarded 14 new CERAs on 4 March 2015.

Institute and Faculty of Actuaries (IFoA) UK

The number of CERA holders grew by 20.8% in 2015 and has now reached a total of 3070 worldwide.  The IFoA saw average growth of just over 10 CERAs a month, bringing our total to 459.

ST9 continues to be the second most popular exam in the ST series and we have increased the number of CERA seminars held each year by 25% to accommodate the increased level of interest. Already the first four seminars of the year are fully booked, with the next available space in December.

Following a surge of interest, the Institute and Faculty of Actuaries (IFoA) has increased the frequency of CERA seminars held during the year. We will hold five seminars in 2016, representing a 25% increase in the number of potential new CERA holders that can be created through the IFoA in the year. The CERA seminar aims to enable delegates to investigate and discuss more practical applications of enterprise risk management, which is not possible in the time allowed for the ST9 exam. The seminars take place in London and we will release dates for 2016 on 5th October.

Society of Actuaries (USA)

Enterprise Risk Management Stakeholder Buy-In  


Many businesses employ enterprise risk management (ERM) processes and frameworks to support its objectives and minimize the impact of risk on capital and earnings. Yet at times Chief Risk Officers and others responsible for developing a company's ERM strategy may fail to gain acceptance/buy-in for proposed ERM methodologies and direction from company leadership and other key stakeholders.

The purpose of this project is to examine why this occurs and identify poor and strong practices for achieving internal buy-in for proposed ERM strategies. The research can then be applied to industry to help enhance collaboration between ERM staff leadership and key company decision makers to improve overall company performance.

This RFP is open to individuals knowledgeable in the subject matter.


The Joint Risk Management Research Committee is seeking researcher(s) to perform a study examining practices for gaining acceptance of a proposed ERM strategy. The researcher(s) will identify the factors, processes and practices that lead to both poor and strong levels of stakeholder acceptance. A multidiscipline approach to examining the topic recognizing the risk management, sociological, behavioral, psychological, and economic influences is preferred. Research methodologies to be used for the study have deliberately been undefined in order to give researchers sufficient latitude in the development of proposals.

Among the issues to be addressed in the study include but are not limited to the following:

  1. What type of ERM framework supports a strong level of stakeholder acceptance?.
  2. How should decision makers be informed so that there is a greater likelihood of acceptance?
  3. What business performance analytics are used in presenting an ERM proposal to key stakeholders?
  4. Is incentive compensation a factor in the process?
  5. What are the leading practices for gaining internal stakeholder support of proposed ERM methods and processes?
  6. How does a company's culture impact stakeholder acceptance?

The researcher(s) will summarize research results into a report to be published on the SOA website.


To facilitate the evaluation of proposals, the following information should be submitted:

  1. Resumes of the researcher(s), including any graduate student(s) expected to participate, indicating how their background, education and experience bear on their qualifications to undertake the research. If more than one researcher is involved, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the researchers as well as for the firm or institution on whose behalf the proposal is submitted.
  2. An outline of the approach to be used (e.g. literature search, model, etc.), emphasizing issues that require special consideration. Details should be given regarding the techniques to be used, collateral material to be consulted, and possible limitations of the analysis.
  3. A description of the expected deliverables and any supporting data, tools or other resources.
  4. Cost estimates for the research, including computer time, salaries, report preparation, material costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.
  5. A schedule for completion of the research, identifying key dates or time frames for research completion and report submissions. The Joint Risk Management Section Research Committee is interested in completing this project in a timely manner. Suggestions in the proposal for ensuring timely deliver, such as fee adjustments, are encouraged.
  6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.



The Joint Risk Management Research Section Committee will appoint a Project Oversight Group (POG) to oversee the project. The POG is responsible for the selection of the proposal to be funded. Input from other knowledgeable individuals also may be sought, but the POG will make the final decision. The SOA's Research Actuary will provide staff actuarial support.


Any questions regarding this RFP should be directed to Ronora Stryker, SOA Research Actuary, phone: +1-847-706-3614; email: [email protected] .