ACS (Risk Analyst Track)

Education Professor Kwong Koon Shing ASA, CERA 23 August, 2012 Information Session for Actuarial Science Major (RA Track) 1

Where do risk analysts work?

• Risk management positions, such as risk analyst, risk manager and chief risk officer are needed in the fields: – Insurance – Reinsurance – Consulting markets – Bank – Transportation – Technology – Manufacturing – Healthcare – Etc.

23 August, 2012 Information Session for Actuarial Science Major (RA Track) 2

What do risk analysts do?

• Manage risks within its risk appetite across enterprise • Involve in every step of the risk management process – Internal environment – Objective setting – Event identification – Risk assessment – Risk response – Control activities – Information and communication – Monitoring 23 August, 2012 Information Session for Actuarial Science Major (RA Track) 3

Risk

Expected Risk Unexpected Risk Reserve Requirement 23 August, 2012 Capital Requirement Information Session for Actuarial Science Major (RA Track) 4

What is the Chartered Enterprise Risk Analyst (CERA)?

• The CERA is an international credential for professions in enterprise risk management (ERM) • It was launched in 2007 by Societies of Actuaries (SOA), USA • In November 2009, 14 actuarial organizations from 12 countries signed a global treaty establishing the CERA credential as the globally recognized ERM credential • Besides SOA Exams, you can also obtain the CERA designation by taking the exams offered in UK, Australia, Canada, etc.

• Up to 15 August 2012, there are more than 1000 persons qualified as CERA (14 in Singapore; 28 in China; 40 in Hong Kong; 18 in Taiwan; 8 in Korea; 7 in Japan) 23 August, 2012 Information Session for Actuarial Science Major (RA Track) 5

CERA Treaty Organizations

Downloaded from CERA website 23 August, 2012 Information Session for Actuarial Science Major (RA Track) 6

SOA CERA Exam (Past and Now)

Downloaded from CERA website 23 August, 2012 Information Session for Actuarial Science Major (RA Track) 7

Compare the different requirements for ASA and CERA

23 August, 2012 Information Session for Actuarial Science Major (RA Track) 8

Courses for the Risk Analyst Track

• 11 compulsory courses (for both AA and RA tracks) for students admitted in 2012/2013 1.

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STAT101 Introductory Statistics

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Statistical Theory STAT151 Introduction to STAT201 Probability Theory and Applications STAT203 Financial Mathematics STAT311 Risk Theory and Loss Models STAT314 Statistical Methods for Actuarial Analysis ECON101 Intermediate Microeconomics ECON102 Intermediate Macroeconomics ACCT101/111 Financial Accounting FNCE102 Financial Instruments, Institutions and Markets or FNCE201 Corporate Finance 10. FNCE101 Finance 11. FNCE305 Analysis of Derivative Securities

or

Finance QF301 Structured 23 August, 2012 Information Session for Actuarial Science Major (RA Track) 9

Courses for the Risk Analyst Track

• Compulsory courses for the RA Track only (select any three of the followings) – Risk Management and Insurance (FNCE215) – Enterprise Risk management (FNCE309) – Computing Technology for Finance (QF205) – Global Financial Risk Management (QF305) – Life Contingent Risks (STAT310) – Quantitative Risk Analysis (STAT313) 23 August, 2012 Information Session for Actuarial Science Major (RA Track) 10

23 August, 2012 http://www.ceraglobal.org/ http://www.ceranalyst.org/ http://www.actuaries.org.uk/ http://www.soa.org/

THE END

Q & A Session

Information Session for Actuarial Science Major (RA Track) 11