18 March 2008www.the-actuary.org.ukThis year8217s Annual Conference offers an exciting and varied programme. The keynote speakers are Eddie Truell, of the Pension Corporation, who will be discussing Modern Approaches to Financing Pension Commitments, and Martin Weale, of the National Institute of Economic and Social Research, who will deliver a speech on Annuities and Aggregate Mortality Risk: Mountains out of Molehills? Subjects for the plenaries and break-outs include:n
How Valuable is Liquidity? Paul Stanworthn
Taking Account of Liquidity in Valuation Seamus Creedonn
How Much of Hedge Fund Returns are

Market-related? Robert Howie and Dr Lars Jaegern
Influences of Regulation on Structure and

Extent of Property Investment Simon Jonesn
Ancillary and Residual Risks in VAs James Mahern
Coping with Extreme Events: Using

Copulas and other Co-movement Analysis

Tools in Investment Management and Risk

Management Malcolm Kempn
DB Pension Scheme Planning and

Long-term Inflation Jon Spainn
What do Ratings Really Mean for Investment? Richard Huntern
Controlling the Growth of Your Hedge Stuart Jarvisn
Longevity Hedging Lukas Steynn
Swaps and Swaptions Viktor Mirkinn
Asset Liability Management 8212 Optimisation


in Finite Time Adrian Lawrencen
Commodities: A Strategic Asset Allocation? John McManusn
The Market Value of Pension Liabilities David Culen
Complexity Economics 8212 Application and

Relevance to Actuarial Work Andrew Slater and Nick Silvern
Tests for Investment Risks 8212

Model Assumptions Ralph Frankland and Andrew Smithn
Classification of Investors as Providers

of Capital Cormac Bradleyn
GIRO Securitisation of P&C Insurance

Working Party Update Graham Fulchern
Life Securitisation 8211 Learning from the

US and the Property and Casualty Sectors Michael Eakins.Academic contributions include Economic Capital Models for Basel II, Pillar II by Alexander McNeil. Updates on current research include presentations on Liquidity Risk and the Credit Crunch by William Perraudin, Imperial, Tanaka Business School and Risk Management Laboratory, and Catastrophe Risk Financing under Changes in Hurricane Activity by Andreas Milidonis, Centre for the Analysis of Investment Risk, Manchester Business School.The conference will take place from 15-17 June at the Hilton Deansgate, Manchester. For more details or to book a place, please visit wam.actuaries.org.uk/wam/ConfBooking.exeNewsProfessionOn 16 January, some 1600 actuaries from 47 countries took part in a global web seminar on Enterprise Risk Management (ERM). The web seminar was designed to promote 8220awareness of a global actuarial community8221 by 8220allowing people to share emerging and new risk management practices across different geographical regions8221. The event was initiated by the International Network of Actuarial Risk Managers (INARM). In July last year, INARM approached the Risk Management Special Interest Group (RMSIG) of the Profession8217s Finance, Investment and Risk Management Board to organise the European strand of the day. A small band of volunteers (Mark Symons, Patrizia Ambrosio, Nikos Katrakis and Jules Constantinou) made up the European team.The web seminar comprised a pre-recorded session to introduce the topic of risk management, and practitioner-led live sessions focusing on specific regions: Australia and East Asia, Europe, and America. Three challenges were faced:n
Finding a speaking panel to provide high quality, Europe-focused ERM best practicen
Getting the actuarial community excited about taking part in the eventn
Ensuring that the whole package delivered worthwhile CPD. Feedback is still being collated but the responses to date have been overwhelmingly positive. Many participants emphasised the versatility of the web seminar, its use as a 8220convenient, economical and truly global method8221 of learning and the value of 8220hearing what other real companies are doing rather than just hypothetical implementations8221. One respondent suggested that this form of communication could be 8220the future of CPD8221.The European strand comprised four parts:1 Stakeholder8217s views Paul Brenchley specified ERM as an holistic process which results in a framework responsive to the firm8217s profile that regularly incorporates new risks and information. Keith Bevan explained that ERM is a key part of the rating process. Finally, William Allen was critical of current risk frameworks, citing the failure of firms to foresee recent events through their ERM platforms.2 Embedding ERM in the DNA of the enterprise Alister Esam started off the session by outlining how important the role of IT is in the management of risk information. Roger Dix and David Dullaway focused on risk-based pricing and the potential benefits of diversifying risk across different business units. Lukas Ziewer covered the need for a clear and robust process to manage the sheer volume of risk information that enterprises are faced with.3 Economic capital This session focused on the definition of economic capital, current practices regarding the calculation and management of capital through allocation, and reinsurance. Bernhard Bergman questioned the relevance of economic capital to firms today. Colin Wilson discussed the challenges of using economic scenario generators within the modelling. Steven Vanduffel talked about capital modelling focusing on current practices. Eric Paire and Eddy Vanbeneden rounded off the session with a discussion on the management of capital through the use of reinsurance and allocation to various parts of the business.4 Risk control hot topics. In the final session Neil Allan and Neil Cantle discussed the management of strategic risks. Nick Silver looked at the challenge faced by insurers of managing climate change risk. Malcolm Kemp gave a very timely presentation on current issues in investment risk. Finally, Shaun Matisonn argued that prevention is the most effective way of managing the rising costs of ill-health.The day was a resounding success 8212 demonstrated by the number of people who took part and the level of feedback after the event. Thanks go to the presenters, the moderators (Nikos Katrakis, Iain Brown, Alessa Quane and Steve Nuttal), Mark Symons, Patrizia Ambrosio and all the attendees who took the chance to try something new.ERM web seminar review2008: A risk management odyssey News from Finance, Investment and Risk ManagementAnnual Conference programme announcedEddie Truell, left, and Martin Weale are the keynote speakers at this year8217s Annual Conference.018_Actuary_Profession_0308.indd18 1819/2/08 14:11:59
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