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CERA Update CAGNY 12/6/12

CERA Update CAGNY 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

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CERA Update CAGNY 12/6/12

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  1. CERA UpdateCAGNY 12/6/12 John Kollar, FCAS, MAAA, CPCU

  2. 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)

  3. 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

  4. CERA Treaty • 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

  5. What is the CGA? • 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.

  6. CERA Global Association (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

  7. CGA Members (Countries)/Treaty Signatories (14 = 5 continents) • Mexico • Netherlands* • South Africa* • Sweden* • UK* • US (CAS* & SOA*) • Australia* • Canada* • Chinese Taipei (new) • France* • Germany* • Israel • Japan* *Award Signatories

  8. CERA Website (www.ceraglobal.org) • Why employ a CERA? • CERA learning objectives • ERM news sites • ERM organizations • Business continuity • Economic capital • Types of risk • Solvency II • Events • Announcements • Participating associations • Quality assurance • CERA brand • CERA Treaty • FAQs • CERA Board • How to qualify as a CERA • Routes to CERA • Website links

  9. CAS & CERA • 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

  10. 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 EPP Lecture 1: Overview of CERA Designation

  11. CAS & CERA • CGA member • CAS • VP-ERM • CAS ERM Committee • Admissions Committees • Research Committees • Continuing Education • Marketing • Joint Risk Management Section • ERM Symposium

  12. CAS & CERA & You Volunteer; get involved! • Invest in your future • Invest in your CERA • Invest in your employer • Invest in your profession

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