Introduction & Programme
CERA Education
The European Actuarial Academy is one of the main providers of actuarial education – especially when it comes to Enterprise Risk Management (ERM). The concept of ERM has gained significant momentum in the insurance industry and beyond.
We offer a series of four training courses and exams (through DAV) to all actuaries who want to deepen their knowledge in Enterprise Risk Management and gain the international ERM-credential CERA. The defining characteristics of the CERA-credential as offered by the European Actuarial Academy are:
- Provides the most comprehensive and rigorous training in ERM
- Is a fast-growing globally-recognised credential
- Combines a range of business and professional skills with the mathematics of finance and risk
- Equips risk management professionals to empower better business decisions and more profitable business development
- Has a wide range of applications in insurance and finance, and well beyond
- Is supported by actuarial associations worldwide
- Is recognised and transferable internationally
- Has a rigorous and advanced curriculum underpinned by actuarial science, with an emphasis on ERM and professionalism
- Offers career choices outside the traditional actuarial markets
The Web Session ‘Quantitative Methods of ERM’
The 4-day web session assists actuaries in broadening their knowledge about modern quantitative financial and actuarial modelling; these topics form an essential part of the CERA syllabus. At the beginning of the online training we give a brief overview of the EAA-route to the CERA designation. The core part of the web session begins with an introduction to the modern theory of risk measures. Next, a number of statistical techniques are discussed, that are highly relevant for the analysis of actuarial and financial data and for the model-building process in risk management. Among others, we will consider extreme value theory, dependence modelling, copulas, and various aspects of integrated risk management. The training continues with an introduction to the modelling and the management of interest rate and credit risk. In particular, participants will learn how to price simple interest options or Credit Default Swaps, how to account for counterparty risk and how to deal with credit portfolio risk.
The web session consists of lectures and exercise sessions. In fact, exercise sessions, where various exercises and supplementary examples are discussed, form an integral part of the seminar: they help the participants to understand the qualitative and quantitative techniques introduced in the lectures, and they are a key element in the preparation for the CERA exam.
Recommended Literature
Course material will be distributed via the EAA. As background reading we recommend the “Panjer Syllabus” of the CERA education as published on the website www.ceraglobal.org and the book “Quantitative Risk Management, 2nd edition” by McNeil, Frey and Embrechts, Princeton University Press 2015.
Preliminary Programme
Monday, 15 February 2027
09:00 – 09:30 Overview of the EAA-route to the CERA designation (Frey, Wolf)
09:30 – 10:30 Risk measures (Wolf)
10:30 – 10:45 Break
10:45 – 11:30 Risk Measures (Wolf)
11:30 – 11:45 Break
11:45 – 12:30 Risk Measures and Exercises (Wolf)
12:30 – 13:30 Break
13:30 – 14:30 Exercises (Wolf)
Tuesday, 16 February 2027
09:00 – 10.00 Tails of Distributions and EVT (Frey)
10:00 – 10.30 Multivariate Distributions (Frey)
10:30 – 10:45 Break
10:45 – 11:30 Dependence Modelling and copulas (Frey)
11:30 – 11:45 Break
11:45 – 12:30 Dependence Modelling and copulas (Frey)
12:30 – 13:30 Break
13:30 – 15:30 Integrated Risk Management and exercises (Frey)
Wednesday, 17 February 2027
09:00 – 10:30 Interest rates: products and models (Wolf)
10:30 – 10:45 Break
10:45 – 11:30 Interest-rate models (Wolf)
11:30 – 11:45 Break
11:45 – 12:30 Exercises (Wolf)
12:30 – 13:30 Break
13:30 – 15:30 Interest rate risk management (incl. exercises) (Wolf)
Thursday, 18 February 2027
09:00 – 10:15 Credit risk: basics and modelling (Frey)
10:15 – 10:30 Break
10:30 – 11:30 Credit Risk modelling (Frey)
11:30 – 11:45 Break
11:45 – 12:30 Credit risk: modelling and management (Frey)
12:30 – 13:30 Break
13:30 – 14:30 Credit risk: special topics and exercises (Frey)
All times are given in CET (Central European Time).
Learning Objectives & Approach
This online module is one part in a course that consists of four modules. They can be booked as a whole series to fulfil the requirements for receiving the CERA designation, or individually as CPD training. Written exams on the course are offered subsequently.
Please contact your actuarial association regarding the recognition of the (online) trainings and the exams. The national association has to be at least Acceding Party of the CERA Global Association so that an actuary who passes this course may receive the CERA credential. Please visit www.ceraglobal.org to get information if your association is entitled to issue the CERA designation.
Fees & Registration Details
Early Bird Registration Fee (until 4 January 2027):
- For private customers in the EU: €975.00 + VAT of the billing country (example Germany: €1,160.25 incl. 19% VAT)
- For private customers outside the EU: €1,160.25 (incl. 19% VAT)
- For businesses within the EU (excl. Germany, with valid VAT ID): €975.00 (net, reverse charge applies)
- For businesses in Germany: €1,160.25 (incl. 19% VAT)
Regular Registration Fee (from 5 January 2027):
- For private customers in the EU: €1,080.00 + VAT of the billing country (example Germany: €1,285.20 incl. 19% VAT)
- For private customers outside the EU: €1,285.20 (incl. 19% VAT)
- For businesses within the EU (excl. Germany, with valid VAT ID): €1,080.00 (net, reverse charge applies)
- For businesses in Germany: €1,285.20 (incl. 19% VAT)
Important VAT Information:
- For private customers with a billing address in an EU country: VAT will be charged at the applicable rate in the country of the billing address. The final amount, including VAT, will be calculated upon invoicing.
- For customers with a non-EU (third country) billing address: Only a non-company billing address is accepted for VAT compliance reasons. 19% VAT applies to all non-EU private customers.
- For businesses within the EU (excluding Germany), Iceland, Liechtenstein, Norway, Switzerland, and the UK with a valid VAT ID: The reverse charge mechanism applies (net price; VAT will not be charged). Please ensure your valid VAT ID is entered correctly during registration.
- For all customers with a billing address in Germany: 19% VAT applies.
Please submit your registration using our online form below. Closer to the event, you will receive further login details to join the web session.
Your registration is binding. Cancellation is only possible up to 4 weeks before the first day of the event. If you cancel later, the full participation fee is due. You may appoint someone to take your place but must notify us in advance. EAA has the right to cancel the event if the minimum number of participants is not reached.
We will send you an invoice via email. Please allow a few days for handling. Please always give your invoice number when you effect payment. All bank charges are to be borne by the participant.
Registration is open until two working days before the web session. If registration has already been closed for this web session, please call us or send an email to [email protected] in order to find out whether a late registration is still possible.