CERA, Module D: ERM – Economic Capital

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 ‘ERM – Economic Capital’

The present training is concerned with the question of economic capital in corporate management.

Key aspects are:

• economic valuation and performance
• economic steering
• key performance indicators
• value based management

A simplified case study for a life insurer shows in a nutshell the central aspects of corporate management in practice. The course consists of lectures and workshops. Participants are encouraged to bring their own topics to discussion.

Monday, 1 March 2027
09:00-10:30 Economic Capital part 1 (Fink)
10:30-11:00 Break
11:00-12:30 Economic Capital part 2 (Fink)
12:30-13:30 Break
13:30-15:00 Steering-part 1 (Funke)
15:00-15:30 Break
15:30-17:30 Steering-part 2 (Funke)

Tuesday, 2 March 2027
09:00-10:30 Case Study-part 1a (Blatter, Scholz)
10:30-11:00 Break
11:00-12:30 Case Study-part 1b (Blatter, Scholz)
12:30-13:30 Break
13:30-15:00 Case Study-part 2a (Blatter, Scholz)
15:00-15:30 Break
15:30-16:30 Case Study-part 2b (Blatter, Scholz)
Concluding remarks, closing of web session

All the above times are given in CET (Central European Time).

This web session 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) seminars 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.

Early Bird Registration Fee (until 18 January 2027):

• For private customers in the EU: €650.00 + VAT of the billing country (example Germany: €773.50 incl. 19% VAT)
• For private customers outside the EU: €773.50 (incl. 19% VAT)
• For businesses within the EU (excl. Germany, with valid VAT ID): €650.00 (net, reverse charge applies)
• For businesses in Germany: €773.50 (incl. 19% VAT)

Regular Registration Fee (from 19 January 2027):

• For private customers in the EU: €720.00 + VAT of the billing country (example Germany: €856.80 incl. 19% VAT)
• For private customers outside the EU: €856.80 (incl. 19% VAT)
• For businesses within the EU (excl. Germany, with valid VAT ID): €720.00 (net, reverse charge applies)
• For businesses in Germany: €856.80 (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.