Description: This paper uses Interpretive Structural Modeling concepts and techniques to better understand a company's overall risk profile. By viewing all of the risks in a firm as an integrated system, one can apply a computer-assisted learning process to construct a structural graph and illustrate the risk interrelationships. From 2006 Enterprise Risk Management Symposium, M-AS06-1.

Description: Most actuarial explorations of increased longevity have, quite understandably, focused on its direct financial implications for things like health care costs, retirement systems, and social security or other public policy provisions. But future life extension has many other potential implications, both direct and indirect, for various socioeconomic factors, which in turn have the potential to affect the actuarial valuation of future risk contingencies. This paper examines a sampling of the socioeconomic issues emerging from the possibility of substantially increased longevity. Because of the complexity and interrelatedness of these issues, actuarial and risk modeling of this prospective environment could be a significant challenge.

Description: This paper, part of the Society of Actuaries [SOA} ‘Research Projects – Finance/Investment,’ is presented by the SOA’s Committee on Finance Research. This research project, jointly sponsored by the SOA and the Casualty Actuarial Society [CAS], explores economic series and provides an Excel-based tool for generating future economic scenarios. In addition to the paper, which includes an excel workbook containing results of model simulations, there are the following appendices - Appendix A, a 26 page ‘user’s guide,’ Appendix B, a 91 page document entitled ‘Presentations of This Research,’ Appendix C, a zipped file containing hundreds of scenarios i.e., simulation paths of financial and economic variables, generated as output from the Financial Scenario Model, and Appendix D, the model itself in an Excel workbook.

Description: The abstract for the paper Setting Up the Enterprise Risk Management Office.

Description: This essay advocates for the consideration of risk in an interdisciplinary framework. An "effective resilience" metric is introduced as a way to reflect an organization's exposure and response to an adverse event, and to measure the ability of the organization to mitigate and recover from the resulting reduction in its operating level. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: This paper represents a brief progress report on research, being sponsored by the Casualty Actuarial Society CAS and the Society of Actuaries SOA, in the area of modeling of economic series. In particular, research is being undertaken to provide a foundation for the actuarial community’s modeling of a variety of economic variables, including interest rates, equity returns, inflation, unemployment rates, and real estate price levels. The specific objectives of this research are to provide a summary of the literature in the area of economic scenario modeling, identify data sources and methodologies in this area useful to the actuarial profession, and produce working software for economic modeling, including appropriate documentation, to be made available to the general actuarial community in order to allow actuaries to use and build upon this research.

Description: This paper examines the concept on an Enterprise Risk Management Office, ERMO, and is investigated relative to the project management office, PMO, another enterprise-wide entity that has evolved in corporations. Guidelines and best practices for an ERMO are also suggested. From 2006 Enterprise Risk Management Symposium, M-AS06-1.

Description: This abstract describes a presentation that focuses on the mathematical underpinnings associated with the process of discounting future cash flows.

Description: The abstract for the paper A Two-Dimensional Risk Measure.

Description: A program of undergraduate research in actuarial science and financial mathematics has been implemented at the University of Illinois over the last two years. This program has included two National Science Foundation-sponsored research Experiences for Undergraduates [in Summer 2007 and Summer 2009] on the topic 'Stochastic Modeling in Actuarial Science and Financial Mathematics,' as well as a variety of academic-year research projects undertaken by current actuarial science majors. This paper summarizes the program's evolving experiences in providing research opportunities to undergraduates, and highlights some of the topics and issues arising from these research experiences.