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Monday, March 9
8:30am Agility: How to Navigate the Unknown and Seize Opportunity in a World of Disruption Charles Jacoby show more Description General Jacoby will address his experience as a military commander in being agile to adapt to a vastly changing world of disruption. He has recently co-authored Agility: How to Navigate the Unknown and Seize Opportunity in a World of Disruption with his business partner, Leo Tilman, that focuses on the critical organizational and team capability of agility, needed to succeed in the competitive global environment. General Jacoby brings over 36 years of experience leading military, government and international organizations. Prior to retiring, he served as the first Army officer to command North American Aerospace Defense Command (NORAD) and the United States Northern Command, where he led the 1,800-person bi-¬national and joint headquarters, integrating 35 federal, state, and non-governmental organizations for the defense and security of North America. Time Monday, Mar 9 8:30AM - 9:30AM Speakers Charles Jacoby
9:30am Emerging Risks - Overall Trend and Deep(er) Dive into Climate Change Sam Gutterman, Retired; Max Rudolph, Rudolph Financial Consulting show more Description This session will provide insights from the 13th Annual Survey of Emerging Risks (a JRMS research project) summarizes the perspectives of risk practitioners, including revealing comments about the recent evolution of ERM. Trends are updated for current, emerging and undervalued risks. Qualitative thoughts from respondents are shared about topics like potential bubbles and how they scan for emerging risks. The session will also focus on climate change, how it impacts risk management practices, and how the actuarial profession is responding. Time Monday, Mar 9 9:30AM - 10:20AM Speakers Sam Gutterman Retired Max Rudolph Rudolph Financial Consulting Operational Resilience – the next evolution of Operational Risk Management Chris Freese, Principal Financial Group; Alison Williams, Nationwide Insurance; Robert Ceske, KPMG, LLP show more Description Regulators and external stakeholders are focusing on the ability of companies to prevent, respond to, and recover from operational disruption Time Monday, Mar 9 9:30AM - 10:20AM Speakers Chris Freese Principal Financial Group Alison Williams Nationwide Insurance Robert Ceske KPMG, LLP Reserve Risk using Ultimate Loss Triangles Yu Shi Feng, TransRe show more Description This session is intended for P&C practitioners with a focus on reserve risk. A new methodology will be introduced to assess reserve risk using ultimate loss triangles. The methodology is based on two papers Rehman and Klugman (2010) and Siegenthaler (2018). This methodology will be compared with other popular deterministic methods such as Mack and Merz-Wuthrich. Additional discussions include strength and weaknesses of each method and practical pitfalls. Time Monday, Mar 9 9:30AM - 10:20AM Speakers Yu Shi Feng TransRe Risks and Ethical Issues with Predictive Analytics and Artificial Intelligence Neil Raden, Hired Brains Research LLC; Allen Klein, Milliman, Inc. show more Description This session will cover the major concepts of the SOA report “Ethical Use of Artificial Intelligence for Actuaries,” through two examples, one from Life and one from P&C. Some primary sources of PA and AI risks include the following: • Data risks, resulting from imperfect or misunderstood data • Bias risks, resulting from both deliberate and unintentional bias that can manifest itself at many points in the PA or AI development process • Automation risks, where the automation of a process can have unintended consequences • Amateurish development, where the systems are not developed by AI professionals and unintended consequences result. Central to the discussion is the concept of the Social Context and how it can guide when ethical questions arise. This session will also cover the actuarial precepts involved. Yes, you can get professionalism credit at this relevant and entertaining session. Time Monday, Mar 9 9:30AM - 10:20AM Speakers Neil Raden Hired Brains Research LLC Allen Klein Milliman, Inc.
10:35am A Practical Case Study: Incorporating Liquidity and Credit Risk within ERM and ALM to drive Risk-aware Business Decision-Making Paolo Laureti, SS&C Algorithmics, Inc.; Andrew Dansereau, SS&C Algorithmics, Inc show more Description This session takes a practical view related to the successful incorporation of Liquidity Risk and Credit Risk within ERM/ALM systems at two insurers, a regional insurer located in North American and a global insurer headquartered in the United Kingdom. While regulatory requirements were an important consideration, the key for both firms was to transform their business processes by providing actionable risk information to key business stakeholders. Participants will take away important lesson learned related to determining the appropriate implementation scope, data requirements and challenges, modeling choices and working across multiple departments and stakeholders to deliver tangible business benefits within a limited implementation timeframe. The handout will include functional architecture diagrams, modeling and methodology descriptions and examples of key deliverables to stakeholders. The audience will be involved via survey questions or polling (via smart phone if supported) regarding presentation topics. Time Monday, Mar 9 10:35AM - 11:50AM Speakers Paolo Laureti SS&C Algorithmics, Inc. Andrew Dansereau SS&C Algorithmics, Inc Model Governance...What Could Possibly Go Wrong?(Part 1) Dwayne Husbands, EY; Michael McComis, EY; James Collingwood, EY show more Description The sessions (this Monday session and Part 2 on Tuesday) are based on a case study of a fictional insurance company and its efforts to install and then develop its financial model(s) over 3 – 4 years.  There are case study materials of internal memos, reports and emails.  The sessions involve organizing participants into teams to examine the situation and to role-play the likely discussions internally or between an external validator and the in-house team.   We also will make brief instructional presentations on (a) model risk management and (b) model validation. Time Monday, Mar 9 10:35AM - 11:50AM Speakers Dwayne Husbands EY Michael McComis EY James Collingwood EY New ASOP's 55 & 56 - What They Mean to the ERM Actuary Robert Wolf, StoneTrust Commercial Insurance Company; Michael Speedling, AXIS Capital show more Description ASOP 55, Capital Adequacy Assessment, became effective late in 2019, in addition ASOP - 56 Modeling will become effective in 2020. This session will cover these new ASOPs and let you know how it impacts your ERM practice. The interactive session will include background, case studies, and games to test and apply your knowledge of these important new ASOPs. Time Monday, Mar 9 10:35AM - 11:50AM Speakers Robert Wolf StoneTrust Commercial Insurance Company Michael Speedling AXIS Capital The Intersection of ERM and ALM Anthony Dardis, Milliman, Inc.; Adam Lei, AFLAC; Nicholas Brink, National Life Group show more Description While duration aspects are commonplace considerations for life & annuity companies in making investment decisions, it has only been very recently that broader aspects of risk have started to be looked at. In this session we look at what best practice companies doing to taking a more holistic approach to strategic and tactical asset allocation. In making investment decisions, are companies taking a wider view on risk and return that genuinely captures the impact on the liabilities as much as the impact on assets? Are capital (economic and statutory) aspects brought into consideration? And from a process perspective, how do Actuarial, Investments, Risk and ALM communicate and keep aligned on investment-related matters? Time Monday, Mar 9 10:35AM - 11:50AM Speakers Anthony Dardis Milliman, Inc. Adam Lei AFLAC Nicholas Brink National Life Group
1:00pm Actuaries in Banking - Using the ORSA Structure as Guide to Communicate About ERM Bill Mech, Connexus Credit Union show more Description The Own Risk and Solvency Assessment (ORSA) framework currently in use in the insurance industry is also an excellent framework for use in other industries as a summary ERM report to management. With actuaries moving increasingly into the banking sector, where ERM frameworks are at present less robustly developed, the ORSA can provide a coherent, tested, and robust approach to communicating with management about what ERM entails at a financial institution. I will share from my experience at doing exactly this over the last 2+ years and describe the results achieved in using the ORSA format at my institution. Time Monday, Mar 9 1:00PM - 1:50PM Speakers Bill Mech Connexus Credit Union Cyber Security, Data Breaches, and Third Parties - What Can You Do? Michael Prendes, Sydney Consulting Group; Jerry Murtland, Optiv show more Description Insurance carriers regularly enroll consumers through third party technology platforms, exchange data with benefit administration systems, and work with third party administrators. In a rapidly changing world with sophisticated cyber security risks, what is the real risk to carriers that process consumer information (including protected data)? This session will explore the current cyber security laws as they related to consumer data, assess the risk in the insurance market from a carrier perspective, and discuss ways these risks can be mitigated. Time Monday, Mar 9 1:00PM - 1:50PM Speakers Michael Prendes Sydney Consulting Group Jerry Murtland Optiv Model Governance...What Could Possibly Go Wrong?(Part 2) Dwayne Husbands, EY; Michael McComis, EY; James Collingwood, EY show more Description This Tuesday Part 2 session (in combination with Monday Part 1) is based on a case study of a fictional insurance company and its efforts to install and then develop its financial model(s) over 3 – 4 years.  There are case study materials of internal memos, reports and emails.  The sessions involve organizing participants into teams to examine the situation and to role-play the likely discussions internally or between an external validator and the in-house team.   We also will make brief instructional presentations on (a) model risk management and (b) model validation. Time Monday, Mar 9 1:00PM - 1:50PM Speakers Dwayne Husbands EY Michael McComis EY James Collingwood EY Risks and Ethical Issues with Predictive Analytics and Artificial Intelligence (Repeat) Neil Raden, Hired Brains Research LLC; Allen Klein, Milliman, Inc. show more Description "This session will cover the major concepts of the SOA report “Ethical Use of Artificial Intelligence for Actuaries,” through two examples, one from Life and one from P&C. Some primary sources of PA and AI risks include the following: • Data risks, resulting from imperfect or misunderstood data • Bias risks, resulting from both deliberate and unintentional bias that can manifest itself at many points in the PA or AI development process • Automation risks, where the automation of a process can have unintended consequences • Amateurish development, where the systems are not developed by AI professionals and unintended consequences result. Central to the discussion is the concept of the Social Context and how it can guide when ethical questions arise. This session will also cover the actuarial precepts involved. Yes, you can get professionalism credit at this relevant and entertaining session." Time Monday, Mar 9 1:00PM - 1:50PM Speakers Neil Raden Hired Brains Research LLC Allen Klein Milliman, Inc.
2:05pm Data vs. The Actuary: Stories from the Front Timothy Paris, Ruark Consulting LLC; Rosmery Cruz, RGA Reinsurance show more Description With the proliferation of complex data sources and increasingly sophisticated technology available to insurance companies, the traditional domains of the actuary have become battlegrounds between algorithmic data-driven insights and traditional wisdom and subject matter expertise. In this session, we will explore advantages and common pitfalls of both approaches, and techniques to help insurance companies use the best of both to intelligently use data, robust models, and visualization to better quantify, communicate, and manage risks. Time Monday, Mar 9 2:05PM - 2:55PM Speakers Timothy Paris Ruark Consulting LLC Rosmery Cruz RGA Reinsurance Economic Capital: Maximizing Value Alietia Caughron, TIAA-CREF; Xiaowei Han, TIAA-CREF show more Description This session will focus on uses of Economic Capital in risk and business teams. We will also address how we communicate allocated capital as well as some of the technical dimensions of Economic Capital frameworks. Time Monday, Mar 9 2:05PM - 2:55PM Speakers Alietia Caughron TIAA-CREF Xiaowei Han TIAA-CREF Emerging Risks - Overall Trend and Deep(er) Dive into Climate Change (Repeat) Sam Gutterman, Retired; Max Rudolph, Rudolph Financial Consulting show more Description This session will provide insights from the 13th Annual Survey of Emerging Risks (a JRMS research project) summarizes the perspectives of risk practitioners, including revealing comments about the recent evolution of ERM. Trends are updated for current, emerging and undervalued risks. Qualitative thoughts from respondents are shared about topics like potential bubbles and how they scan for emerging risks. The session will also focus on climate change, how it impacts risk management practices, and how the actuarial profession is responding. Time Monday, Mar 9 2:05PM - 2:55PM Speakers Sam Gutterman Retired Max Rudolph Rudolph Financial Consulting Who Has it Tougher? Comparing ERM Challenges at Corporations vs. Government Agencies Sim Segal, SimErgy Consulting; Thomas Brandt, Internal Revenue Service show more Description In this session, we discuss common challenges in creating and maintaining a successful ERM program, and compare these at two different types of organizations – corporations and government agencies. Each presents its own advantages and disadvantages. In this session, we discuss firsthand experiences of two ERM leaders and their stories of the challenges presented, and how to address them, at both types of organizations. We will answer questions such as: Which is more challenging – conducting a qualitative risk assessment in a corporate or government environment, and why? Is it more complex to quantify risk at a corporation or a government agency, and why? What are the different challenges in managing exposures to within risk appetite/limits? Is defining risk appetite simpler in government than at corporations? At which type of organization is it more challenging to communicate key messages to stakeholders, and why? Time Monday, Mar 9 2:05PM - 2:55PM Speakers Sim Segal SimErgy Consulting Thomas Brandt Internal Revenue Service
3:10pm CRO & Risk Practitioner Panel - Risk(s) and Agility: A Discussion of Best Practices Henry Essert, PwC; Chris Beck, Milliman, Inc. show more Description Analyzing risk independently is easy, but insufficient and incorrect. Managing one risk often leads to blindly assuming additional risks. In this session, CRO’s and Risk practitioners will discuss best practices to maintain Agility throughout the process by accounting and planning for multiple risk interactions. They will suggest best practices to move from scenario analyses to an overall view of the risk profile of the organization. They will discuss the importance of augmenting the analysis beyond the traditionally considered array of risk generators to include a broader cohort of social factors. General Jacoby will moderate this discussion with an eye to emphasizing and maintaining corporate Agility in the risk environment. Please join us to listen in and address questions to our panel of senior risk professionals. Time Monday, Mar 9 3:10PM - 4:25PM Speakers Henry Essert PwC Chris Beck Milliman, Inc.
Tuesday, March 10
8:00am U.S. Economic Outlook Thomas Holzheu, Swiss Re Institute show more Description The global economy lost momentum in 2019 under the shadow of trade wars and de-globalization. What can we expect in the next two years? How is the current economic outlook relevant to the insurance industry? What are the major risk scenarios to watch out for? How do financial market conditions affect investment and underwriting? Time Tuesday, Mar 10 8:00AM - 9:15AM Speakers Thomas Holzheu Swiss Re Institute
9:30am Actuaries in Banking - Using the ORSA Structure as Guide to Communicate About ERM (Repeat) Bill Mech, Connexus Credit Union show more Description The Own Risk and Solvency Assessment (ORSA) framework currently in use in the insurance industry is also an excellent framework for use in other industries as a summary ERM report to management. With actuaries moving increasingly into the banking sector, where ERM frameworks are at present less robustly developed, the ORSA can provide a coherent, tested, and robust approach to communicating with management about what ERM entails at a financial institution. I will share from my experience at doing exactly this over the last 2+ years and describe the results achieved in using the ORSA format at my institution. Time Tuesday, Mar 10 9:30AM - 10:20AM Speakers Bill Mech Connexus Credit Union An FBI view of Cybercrime Paul Vitchock, Federal Bureau of Investigation show more Description The 21st century brings new challenges in which criminal security threats strike from near and afar through computer networks, with potentially devastating consequences and large financial impacts to commercial entities. A special agent from the FBI’s computer intrusion section will discuss the emerging threats in cyber-crime, both domestically and internationally. The FBI will present the most common cyber security threats and the methodology behind them. Ways to protect computer networks will be explained. Time Tuesday, Mar 10 9:30AM - 10:20AM Speakers Paul Vitchock Federal Bureau of Investigation Mathematical Quantification of Operational & Strategic risks: Strategic Survey and Objective Result Aggregation Ujae Kang, UAK Diversified; Carol Williams, Strategic Decision Solutions show more Description Why quantifying qualitative risks is a very important element of enterprise risk management. Quantifying qualitative risks can be hard • Have you ever had quantification of strategic and operational risks that were so different year over year that it was embarrassing to reveal the results? • Have you ever experienced situations where one person overrides everyone else’s honest assessment of the size of the risk? • Have you experienced executives/subject matter experts losing enthusiasm in risk interview meetings or declining requests for interviews? Time Tuesday, Mar 10 9:30AM - 10:20AM Speakers Ujae Kang UAK Diversified Carol Williams Strategic Decision Solutions Scenario Planning in a Low Growth Environment - Why Regulatory Requirements Come Up Short Max Rudolph, Rudolph Financial Consulting; David Ingram, Willis Towers Watson show more Description The world economy is based on an assumption of growth. Many insurance products utilize nominal rate guarantees. A low growth environment will have long lasting implications. This session will discuss drivers of low growth and possible solutions from a product and regulatory standpoint. Time Tuesday, Mar 10 9:30AM - 10:20AM Speakers Max Rudolph Rudolph Financial Consulting David Ingram Willis Towers Watson
10:35am Data vs. The Actuary: Stories from the Front (Repeat) Timothy Paris, Ruark Consulting LLC; Rosmery Cruz, RGA Reinsurance show more Description With the proliferation of complex data sources and increasingly sophisticated technology available to insurance companies, the traditional domains of the actuary have become battlegrounds between algorithmic data-driven insights and traditional wisdom and subject matter expertise. In this session, we will explore advantages and common pitfalls of both approaches, and techniques to help insurance companies use the best of both to intelligently use data, robust models, and visualization to better quantify, communicate, and manage risks. Time Tuesday, Mar 10 10:35AM - 11:25AM Speakers Timothy Paris Ruark Consulting LLC Rosmery Cruz RGA Reinsurance Economic Scenario Generation for Life and P&C Practitioners Daniel Finn, Conning; David Schraub, Society of Actuaries; Arsen Arutyunov, Numerix show more Description This intermediate session will discuss recent developments in scenario generation, covering the recent research from both CAS and SOA as well as accounting requirements like US GAAP LDTI and IFRS 17. Discussion on calibration practices should provide food for thought to attendee practitioners. Time Tuesday, Mar 10 10:35AM - 11:25AM Speakers Daniel Finn Conning David Schraub Society of Actuaries Arsen Arutyunov Numerix Latest Developments in Group Capital Ned Tyrrell, National Association of Insurance Commissioners show more Description While US insurance regulation has traditionally focused on legal entities, there has recently been a flurry of activity in the development of group capital standards. On the domestic side, two aggregation-based methods are nearing completion: the Federal Reserve has released their "Building Block Approach" and the NAIC has been field testing their Group Capital Calculation. Internationally, US regulators are working with other jurisdictions to develop an “Aggregation Method” (AM) which will serve as a standard for group capital for internationally active insurance groups. Time Tuesday, Mar 10 10:35AM - 11:25AM Speakers Ned Tyrrell National Association of Insurance Commissioners Model Governance Tricia Matson, Risk & Regulatory Consulting, LLC.; Clifford Lau, Munich Re America, Inc. show more Description It is clear that model governance and mitigation of model risk is a critical issue for insurers, with interest by the modeling actuaries all the way to the Board of Directors.  This session will provide an overview of the existing guidance on model governance, and then cover case studies on how companies are developing a model governance framework to meet that guidance and mitigate model risk within the organization.  This will include information regarding the organizational structure of model risk management, roles and responsibilities, model inventory and risk ranking, model documentation, and model validation approaches. Time Tuesday, Mar 10 10:35AM - 11:25AM Speakers Tricia Matson Risk & Regulatory Consulting, LLC. Clifford Lau Munich Re America, Inc.
11:40am Asset Liability (Enterprise Risk) Management Peter Wirtala, AAM show more Description This session will feature an accomplished industry financial management group. They will discuss best practices for simultaneously investing assets with an eye to optimizing returns while identifying and mitigating associated enterprise risks. They will also answer audience questions regarding best practices. Time Tuesday, Mar 10 11:40AM - 12:30PM Speakers Peter Wirtala AAM Economic Capital: Maximizing Value (Repeat) Alietia Caughron, TIAA-CREF; Xiaowei Han, TIAA-CREF show more Description This session will focus on uses of Economic Capital in risk and business teams. We will also address how we communicate allocated capital as well as some of the technical dimensions of Economic Capital frameworks. Time Tuesday, Mar 10 11:40AM - 12:30PM Speakers Alietia Caughron TIAA-CREF Xiaowei Han TIAA-CREF Public Policy Risk Management Sam Gutterman, Retired show more Description When developing a risk management process for governments, some risk areas should be treated different from that if addressed by the private sector. Examples given are policy and investments analysis relating to climate change risk. A recent paper on "Social Discounting" written by Sam Gutterman will be the basis for the information presented. Time Tuesday, Mar 10 11:40AM - 12:30PM Speakers Sam Gutterman Retired Supplier Management Risk – Would You Accept It? Randi Woods Marsh, The Principal Financial Group show more Description A working session where small groups will work through how to evaluate the risk that a supplier brings to their organization Time Tuesday, Mar 10 11:40AM - 12:30PM Speakers Randi Woods Marsh The Principal Financial Group
1:30pm : Roundtable - 1:30 p.m. - 2:30 p.m. David Paul, Assurant; Florian Richard, AXA XL; Randi Woods Marsh, The Principal Financial Group; Fabricio Naranjo, RSM Canada; Henry Essert, PwC show more Description Get extra CPD credit by catching a later plane and debating your current issues with your peers. Browse among the topics, 1. Operational risk, 2. Canadian Perspective, 3. Decision making, 4. Economic Capital, 5. Model Validation and have an informal discussion with attendees, sharing experience and approaches to risk management issues. Great opportunity to pick the collective brains of the group! Time Tuesday, Mar 10 1:30PM - 2:30PM Speakers David Paul Assurant Florian Richard AXA XL Randi Woods Marsh The Principal Financial Group Fabricio Naranjo RSM Canada Henry Essert PwC
2:45pm Roundtable - 2:45 p.m. - 3:45 p.m. Randi Woods Marsh, The Principal Financial Group; Florian Richard, AXA XL; Henry Essert, PwC; David Paul, Assurant; Fabricio Naranjo, RSM Canada show more Description Get extra CPD credit by catching a later plane and debating your current issues with your peers. Browse among the topics, 1. Operational risk, 2. Canadian Perspective, 3. Decision making, 4. Economic Capital, 5. Model Validation and have an informal discussion with attendees, sharing experience and approaches to risk management issues. Great opportunity to pick the collective brains of the group! Time Tuesday, Mar 10 2:45PM - 3:45PM Speakers Randi Woods Marsh The Principal Financial Group Florian Richard AXA XL Henry Essert PwC David Paul Assurant Fabricio Naranjo RSM Canada
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