Friday, December 09, 2005

ERM in the news!

Good news for everyone going into Enterprise Risk Management, I am considering to be one of them as well. The Society of Actuaries issued a news release, approving a new ASA-level enterprise risk management designation. What this means in the short run -- nothing. I don't expect any changes be made within the next half a year. In the long run, the goal of the Society is to promote not only the need of the Enterprise Risk Managers, but also push actuaries as the top qualified professionals for the job. In my opinion, every organization needs to add a Chief Risk Officer to their "C" suite and there is no one better suited for the job than our good old actuaries.

I really hope the new ERM designation will be an equivalent of about 4-5 exams, will have the same travel-time as ASA and will rank better than GARP Financial Risk Managers. We will have to see.

About my two more mentorship sessions next time...