New Chapter of the IAA Risk Book Published

Since 2015, the Insurance Regulation Committee of the International Actuarial Association (IAA) produces and approves a collection of papers on risk management.

Recently, a new chapter on “ERM Insights from Failures and Near Failures” has been published. The authors are Kathleen Wong, Nick Dexter, Lindsay Smartt, Yosuke Fujisawa, Annie Tay, and Helmut Engels. Much can be learned from situations where inadequate Enterprise Risk Management (ERM) processes have led to a company being in trouble and perhaps failing. There are often common themes or control failures which can be used to help in establishing risk management and actuarial frameworks in other companies. This chapter includes several examples that can help organizations better identify their own weaknesses and then take steps to avoid similar instances of distress.

Also, some chapters have been revised within the recent months, such as on “Actuarial Function” and on “Inclusive Insurance.” You can find all of the 21 chapters on various aspects of risk in the insurance and finance business on the IAA website.

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