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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 Seminar
'Taxonomy, Modelling and Mitigation of Risks'
The web session focuses on quantitative analyses of financial and
non-financial risks of an insurance company and the effect and
possible applications of risk mitigation techniques. After an
introduction to the economic valuation of an insurance company,
including stochastic valuation models and approximation techniques
for life companies, and the building blocks of its economic balance
sheet, the risk measure as well as the relevant regulatory
requirements of Solvency II will be discussed. Different concepts
of risk modelling covering from standard formula to fully internal
models will be presented.
Methods for modelling market, credit, operational and underwriting
risks will be presented in detail. The discussion covers the risk
definition and identification and how it can be distinguished from
other risks. Qualitative and quantitative valuation approaches will
be discussed - including scenario analyses, stress tests,
deterministic and stochastic assessments. Furthermore, crucial
aspects of any model such as assumptions, distributions,
calibration and validation are discussed, as well as limitations
and criteria for the adequacy of a model for solving a given
problem.
Having introduced and discussed the risk modelling, tools and
techniques will be discussed that are available in the insurance
business to mitigate these risks. That includes the discussion
around the implications of reinsurance and securitisation as well
as portfolio management. We will also present what life insurance
companies subject to traditional with profit business can do to
hedge their main risks.
Both elements, risk modelling and measurement as well as risk
mitigation, are closely related and interact with each other, what
will be reflected in the topics presented and the structure of the
seminar.
The consolidated view on risks in a company and an outlook on
Group models close the course.
The course has been designed for experienced practitioners who use
model results in practice and seek guidance for management
decisions. Therefore, the focus is not on technical details but on
the understanding of risk models and their results, and on the
derivation of management actions.
Early-bird discount is
available for bookings made by 4 August 2025. |
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