CERA UpdateCAGNY 12/6/12

John Kollar, FCAS, MAAA, CPCU

What is the CERA?

• Global actuarial ERM credential

– Are there any other ERM credentials that are global?

– Grew to 1,000 CERAs in October of 2011

• What does CERA mean?

– Depends on where you are

• North America: Chartered Enterprise Risk Analyst

• UK (IFA): Chartered Enterprise Risk Actuary

• Benelux: a bank!

• “C” can also mean “Certified”

• CERA is the Brand

• Registered mark in many countries (IP)

CERA

• Benefits to worldwide actuarial profession

– Strengthens international recognition of the actuarial profession’s ERM expertise

– Promotes the development of more ERM actuaries

– Presents new opportunities for actuaries

– Notifies employers of actuaries’ risk management expertise

• Advances the ERM (risk management) cause

• Multilateral agreement

• Signed in November of 2009 in India

• First Global actuarial credential

• Governs the actions of the CGA including the CERA Treaty Board that it established

• Every Treaty Signatory agrees to recognize every CERA’s right to practice in its “territory”

• Every Treaty Signatory agrees to market the CERA

CERA Treaty

• CERA Global Association

• Founded on 7 May 2010 (Switzerland)

• CERA Treaty Board – operational body

• CGA Board & CGA General Assembly

• Treaty Administrator – IFA (UK)

• Funded by Treaty Signatories

• Annual budget including cost allocations

• Marketing – branding, website, Linkedin, Facebook, newsletter, etc.

What is the CGA?

• Grants Award Signatory status to actuarial associations

– Applicant can meet requisite obligations

• Provide CERA education directly or indirectly

• Has Continuing Education strategy

• Is a Full Member Association of the IAA

– Review Panel conducts an rigorous review of the association’s CERA program

• Initial

• Follow-up reviews

– Associations award CERA to qualified actuaries

• Reviews Syllabus & Educational Standards every 3 years

• Accepts new CGA members (Treaty Signatories) who demonstrate commitment & ability to meet obligations and Treaty terms

CERA Global Association (CGA)

• Australia*

• Canada*

• Chinese Taipei (new)

• France*

• Germany*

• Israel

• Japan*

*Award Signatories

• Mexico

• Netherlands*

• South Africa*

• Sweden*

• UK*

• US (CAS* & SOA*)

CGA Members (Countries)/Treaty Signatories (14 = 5 continents)

• Announcements

• Participating associations

• Quality assurance

• CERA brand

• CERA Treaty

• FAQs

• CERA Board

• How to qualify as a CERA

• Routes to CERA

• Website links

• Why employ a CERA?

• CERA learning objectives

• ERM news sites

• ERM organizations

• Business continuity

• Economic capital

• Types of risk

• Solvency II

• Events

CERA Website (www.ceraglobal.org)

• Treaty Board approved CAS as an Award Signatory (2011) - standard (exam) route

• ACAS

• Exam 7 - Policy Liabilities, Insurance Company Valuation & ERM

• Exam 9 - Financial Risk and Rate of Return

• ERMM Seminar (2 sessions per year) – ERM & modeling

• IFA (UK) ST-9 exam

• CGA approved CAS Experienced Practitioner Pathway (EPP)

• CAS ERM Committee exploring alternative routes to ST-9

CAS & CERA

CAS & CERA

• 6 CAS members awarded CERA by CAS via ST-9 exam

• 92 CAS members accepted under CAS EPP

– Most completed recent EPP seminar

– Second EPP seminar to be held

– Complete paperwork

– CAS Broad approval

• 39 CAS members received CERA from SOA and will be eligible for transfer of the CERA to the CAS

• October ST-9 exam could generate more CAS CERA’s

10EPP Lecture 1: Overview of CERA Designation

• CGA member

• CAS

– VP-ERM

– CAS ERM Committee

– Admissions Committees

– Research Committees

– Continuing Education

– Marketing

• Joint Risk Management Section

• ERM Symposium

CAS & CERA

CAS & CERA & You

Volunteer; get involved!

• Invest in your future

• Invest in your CERA

• Invest in your employer

• Invest in your profession