Hone your ERM skills with this ACTEX Professional series of Four On-Demand Webinars that you can watch at your convenience over the next 180 days. Perfect for individual or corporate training!
Instructor Sim Segal is president and founder of SimErgy Consulting, a firm specializing exclusively in enterprise risk management (ERM). Headquartered in Manhattan, SimErgy provides ERM consulting services to companies in all sectors, primarily in the U.S. and Canada. SimErgy also provides executive training on ERM.
With 30+ years of experience in measuring and managing risk, Segal is a globally-recognized ERM thought leader with broad functional experience, deep technical knowledge, and ERM experience in a variety of sectors, such as insurance; banking; credit cards; technology; consumer goods; biotech; telecomm; hospitality; energy; services; timberland; education and research; non-profit organizations; and government agencies. Segal is recognized as a pioneer for developing value-based ERM, an advanced yet practical approach synthesizing ERM and value-based management.
Segal is author of Corporate Value of Enterprise Risk Management (Wiley, March 2011), which is required reading on the syllabi of the Society of Actuaries (SOA) and leading universities in the U.S., Canada, the U.K., Australia, China, Italy, Croatia, and Egypt. He is also director of ERM programs at Columbia University.
Contents of this Professional Series:
1. "Enterprise Risk Management: Killer Risks, Torpedoes in the Water"
There are several killer risks that most organizations commonly overlook.
These are risks that commonly share three characteristics: They are (1) politically difficult to discuss; (2) apparent to everyone; and (3) potential leading indicators of high-severity risk events. In this presentation, we identify these killer risks, discuss their root causes and characteristics, and offer practical suggestions on how to at least partially mitigate these challenging risk exposures. Several case studies will be discussed.
- External power concentration
- Internal communications
- External communications
- Tail risk myopia
- Combination punches
Identify the threat posed to organizations from killer risks
- Learn case studies of how killer risks have devastated organizations
- Understand ERM tools and techniques for partially mitigating killer risks
2. "ERM: How to Quantify Strategic and Operational Risk"
We often hear ERM panelists state that “some risks just can’t be quantified” and they are typically referring to strategic and operational risks. Yet we also know that if something cannot be measured then it cannot be managed. In fact, research reveals that the failure to quantify strategic and operational risks is a key obstacle to a successful ERM program. In this webinar, we discuss the reasons driving the persistence of the myth that some risks can’t be quantified; we discuss research indicating the dangers of failing to quantify these critical risks; and we present a practical yet advanced step-by-step approach that finally delivers on the promise of ERM: to quantify all risk sources on a consistent basis.
- Understand the reasons behind the persistent myth “some risks can’t be quantified”
- Become aware of research studies that reveal the dangers of failing to quantify strategic and operational risks
- Learn a practical yet advanced approach for quantifying all sources of risk on a consistent basis
3. "Enterprise Risk Management and Professionalism"
Actuaries have standards of practice guiding them on professional conduct in general and in ERM practice in particular. In this webinar, a leading ERM professional offers insights – based on his ERM research and professional experience helping organizations advance their ERM programs – that provide a different perspective and offer additional practical considerations that can enhance the professional conduct, as well as the success, of actuaries serving as ERM practitioners. Topics discussed will span all ERM process steps, including risk identification, risk quantification, risk decision making, and risk messaging, and will involve and address the following questions:
- Is your risk identification process giving the impression of trying to holistically identify all potential key risks, while actually biasing the process?
- Are your ERM models giving a fair representation of the threats posed by the organization’s key risks, or are they materially, even dangerously, misestimating some threats?
- Are ERM-informed decisions being made on information that is reasonably reliable for all risks on a consistent basis, or is the information more robust regarding some risks while less so for others, perhaps to the point of being unreliable?
- Is the ERM information provided to the board of directors providing a fair representation of the organization’s shock-resistance as well as a robust understanding of the information’s limitations, or is the board coming away with a substantial misimpression?
- Is the ERM information provided to external stakeholders – rating agencies, regulators, and shareholders –complete enough to help them make their necessary determinations and decisions as well as fully consistent with internal risk messaging?
- Learn whether your risk identification is biasing the attempt to identify all key risks, and how to address this.
- Learn whether your ERM models are dangerously misrepresenting risk impacts, and how to address this.
- Learn whether your risk decision making lacks consistency of robustness, and how to address this.
- Learn whether your ERM board reports fail to convey an accurate picture of risk profile, and how to address this.
- Learn whether your external risk reporting adequately supports external stakeholders, and how to address this.
4. "ERM: Own Risk and Solvency Assessment" (ORSA)
Top-10 ORSA Challenges: A Scorecard for How Your ERM Program Measures Up
Whether or not your regulator is currently satisfied with your ORSA report and ERM program…are you? ORSA requirements pose significant challenges to current ERM practices; however, since regulators are currently seeing only a small portion of companies advanced enough to overcome these challenges, they may be exercising a light touch…in the near term. However, as they are become increasingly aware of leading practices, regulators are likely to raise the bar. In this webinar, we identify the top-10 ORSA requirements that post challenges to current practices, discuss why/how these are difficult for most companies to address, and discuss leading practices that overcome these challenges. By the end of the webinar, attendees should be able to know the score (out of 100%) for how their ERM program measures up to these leading practices.
- Learn the top-10 most challenging ORSA requirements
- Understand the common ERM practices and why/how they result in difficulties in meeting these challenges
- Learn leading practices that can help your ERM program overcome these challenges
- Know your ERM program’s “score” in terms of its ability to meet the top-10 ORSA challenges
Multi-Participant Customers: ACTEX will provide a self-registration portal and activation key for your participants. This new system will make it easy to distribute this Professional Series to your participants without the need for rigorous administrative attention. Once you have completed the purchase, ACTEX will send you the URL for the registration site and the key for the number of participants.
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No Refunds or Cancellations are allowed with this product.
EA Credit Information:
The Joint Board for the Enrollment of Actuaries (JBEA) has approved ACTEX as a qualifying sponsor of continuing professional education (CPE) programs for enrolled actuaries.
ACTEX believes in good faith that you may earn continuing professional education (CPE) non-core non-ethics credits under the Joint Board for the Enrollment of Actuaries (JBEA) rules for attending this webinar. The JBEA makes the final determination about what constitutes core, non-core, ethics, or non-ethics CPE and the number of CPE credit hours allocated.