• Review of the basic techniques for risk management for non- financial and financial companies
• Discussion of the mechanisms for value creation: Risk
• Identification, Analysis and Decision, including integrating risk into key strategic and tactical decisions
• Developing a robust risk and performance governance structure and management processes
• Building the information basis for taking better decisions
• Risk-adjusted measures, impact on company bottom line and intangibles
• Perception of Financial Risk Management by stakeholders
• Alignment of compensation schemes with ERM

Moderator:
Sim Segal, Senior Manager, Deloitte Consulting LLP

Presenters:
Jose Renato Carollo, Risk Management Consultant, Carollo Consulting
Sim Segal, Senior Manager, Deloitte Consulting LLP
Tom Wilson, Managing Director, Mercer Oliver Wyman
Robert Kopech, Mercer Oliver Wyman

CS A3: ERM Success Stories Making a Case for ERM
Monday, 5:00 – 6:30 pm
The board of directors wants to ensure that best practices are adopted, and risks are identified, managed, and/or capitalized upon. Shareholders want value-added actions from the management. What are the triggers that make ERM successful in addressing these issues? This session will build on the second session of this track, Creation of Value through ERM, to present a discussion of real world ERM success stories in various sectors. Several industry experts will discuss their experiences on how ERM is making a difference in their organizations. Panelists will compare and contrast areas of interest and concern, definition and practice of risk management, and make their case for implementation of ERM. Find out how these companies have started out and the path they have taken in implementing ERM, as well as the benefits achieved thus far. Speakers will discuss their experiences where ERM has proven to be an effective risk management tool, how it allowed to quantify risk exposures and created added stakeholder value to the organization.

Moderator:
Gunnar Pritsch, Partner, McKinsey & Company

Presenters:
Ron Harasym, Vice President, Risk Management, Aegon Canada Inc.
Stephen Lowe, Managing Director, Tillinghast Towers Perrin
Craig Raymond, Chief Risk Officer, The Hartford
Thomas K. Whitford, Chief Risk Officer, PNC Bank

CS A4: ERM Translating Risk Monitoring and Measurement Into Decision Making Tuesday, 10:30 am – 12:00 pm The practice of translating measures of a full range of financial risks into strategic decisions of the firm has been growing and becoming more standardized. In particular, many of the leading financial institutions are discovering that success in this area can lead to competitive advantage. Companies that can move through the cycle of risk measurement development to strategy execution quickly can introduce more competitive and compelling products and can add significant value to their shareholders. The application of various model outcomes in the day-to-day business activities of the financial institutions is critical in thisprocess. But what should the manager do with the outputs derived from the models?

This session will discuss how various financial institutions translate risk monitoring and measurement into actionable steps. The process will be examined from the angles of interdisciplinary applications in banking and insurance on a global basis.

Moderator: Ken Mungan, Leader, Financial Risk Management Practice, Milliman Inc.

Presenters:
Edward Dumas, Senior VP & Chief Risk Officer, Federal Home Loan Bank of Boston
Ken Mungan, Leader, Financial Risk Management Practice, Milliman Inc.
Paul Styger, PhD, Centre for Business Mathematics and Informatics, the North-West University
Pieter Vosloo, PhD, Head of Portfolio Risk Management, Group Credit Risk, Absa Bank Limited

CS A5: Leveraging ERM For Regulatory and Business Value
Tuesday, 1:00 – 2:30 pm
Risk management and regulatory compliance are not new for management and the Board of Directors of financial institutions, but the heightened focus on effective governance and enhanced transparency is changing current practice and marketplace expectations. Initiatives such as Sarbanes-Oxley, as well as existing FDICIA requirements accelerate the need to demonstrate both a top-down and bottom-up systems of internal controls to manage risk and enhance an institution's perspective on risk. In fact, both regulations require sharp improvements in fundamental analysis skills used to generate risk opinions and detect aberrant behavior.

This session will focus on Enterprise Risk Management as an approach to bringing value to financial services institutions through an integrated architecture that satisfies both business and regulatory requirements. In addition, the session will highlight the operational aspects of assembling a Basel II/SOX compliant risk opinion. The session will take an interdisciplinary view at both banking and non-banking institutions, providing practical insights for senior management and other decision-makers interested in leveraging ERM for regulatory and value-added purposes.

Moderator:
Dolores Atallo-Hazelgreen, Firm Director, Deloitte & Touche, LLP

Presenters:
Dolores Atallo-Hazelgreen, Firm Director, Deloitte & Touche, LLP
Christopher Whalen, Managing Director, Institutional Risk Analytics

CS A6: ERM In Light of GCG (Good Corporate Governance) Concepts and Practices
CANCELLED
Tuesday, 3:00 – 4:30 pm
From many companies and countries perspectives, the motives of implementing ERM are often driven by the mandatory requirement of GCG (good corporate governance) for publicly listed companies and state-owned enterprises. In some developing countries, for example, together with financial disclosures, reporting, and internal controls, ERM becomes the paramount accountability sought after from the government. That particular accountability is also a concern in many developed nations.

This session will elaborate on the interlink between Corporate Governance and Risk Management, touching on some fascinating international perspectives. The international panel will discuss some real-life examples of the broad spectrum of corporate governance systems, addressing various governance initiatives at the global level, and highlighting the challenges of establishing the boards' accountability to deliver shareholder value from an international viewpoint.

Moderator:
Dave Koenig, Executive Director, PRMIA

Presenters:
F. Antonius Alijoyo, PRMIA Regional Director Indonesia, Board Member
Dr. Tariq Hassan, Chairman, Securities & Exchange Commission of Pakistan
Greg Serio, Managing Director, Park Strategies LLC


TRACK B: RISK AND CAPITAL MANAGEMENT
This track explores best practices for managing risks and capital, establishing proper risk metrics and limits as well as practical issues arising in the process of implementing ERM and Economic Capital. The sessions stress the notion of risk as an opportunity, and provide a fresh look at adding value to the enterprise through an Economic Capital framework. In addition, the expert panelists will address such issues as measurement of economic capital across financial services sector, economic capital vs. rating agency and regulatory capital, recent trends in economic capital implementations, and other hot topics.

CS B1: Views on Risk Capital: Economic Capital vs. Rating Agency Capital vs. Regulatory Capital
Monday, 1:00 – 2:30 pm
This session will present an overview of the various approaches in use for determining an insurance companys capital: economic capital, rating agency capital, regulatory capital, as well as their uses and applications. In particular, the panelists will analyze the implications of recent and proposed regulatory changes for determining capital and reserves directed at using economic capital methodology, i.e. reflecting a company's proprietary risks.

Moderator:
Hubert Mueller, Principal, Towers Perrin

Presenters:
Larry Bruning, Chief Actuary, Kansas Insurance Department
Jeffrey Mohrenweiser, Director, Fitch Ratings
Hubert Mueller, Principal, Towers Perrin
Peter Patrino, Fitch Ratings

CS B2: Measurement of Economic Capital Across Financial Services Sector
Monday, 3:00 – 4:30 pm
EC methodologies require practitioners to establish a variety of important parameters for which there is often little guidance. In addition, these metrics often vary between types of risks and across industries. Among the most important of these parameters are those that establish the company's risk tolerance and serve as the critical cut-off point for many risk measures. In this session, the presenters will discuss the existing methodologies for measurement of economic capital across the financial services sector. The panelists will also address issues and pitfalls that companies must avoid in establishing their risk tolerances. Audience questions and participation are always welcome and encouraged.

Moderator:
Allan Brender, Senior Director of OSFI, Actuarial Division

Presenters:
Ashish Dev, Executive Vice President, Risk Management, KeyCorp
Bob Mark, President & CEO, BlackDiamond
Shyam Venkat, Partner, PricewaterhouseCoopers LLP

CS B3: Economic Capital Recent Trends in Implementation
Monday, 5:00 – 6:30 pm
This session will provide case studies of how leading-edge insurance companies have managed to implement an Economic Capital framework into their business decision-making and performance measurement. Risks covered include financial and non-financial risks. The companies will provide both cross-sector and multinational perspectives. This session will be of extra value to those seeking to enhance their understanding of the interdisciplinary approach to economic capital issues.

Moderator:
Hubert Mueller, Principal, Towers Perrin

Presenters:
Doug Brooks, Chief Risk Officer, Sun Life Of Canada
Robin Lenna, Senior VP& CRO, Met Life
Kevin Reimer, VP, Business Development & New Initiatives, ING Institutional Markets

CS B4: Creating a Framework for Risk-Adjusted Performance Measurement
Tuesday, 10:30 am – 12:00 pm
This session will deal with the process and issues for creating an appropriately designed Risk-Adjusted Performance Measurement System ("RAPM") from an insurance industry standpoint. The speakers will discuss various methodology decisions that might be encountered and how to solve them to create a system to appropriately link risk and return metrics in an organization. Issues such as accounting measurement framework, risk metrics, time horizon, risk tolerance, and hurdle rate development will be discussed. In addition, the panel will address such key items as imbedding the RAPM framework into budgeting, planning, and pricing. Despite an insurance industry focus, attendees from other industries will
benefit by broadening their understanding of the interdisciplinary approach to risk
management.

Moderator:
Kevin Dickson, Director, Allstate Insurance

Presenters:
Thomas Conway, Consulting Actuary & Partner, E&Y
Richard Goldfarb, Senior Manager, E&Y
Russ Osborn, Actuarial Officer, Nationwide Financial

Important program change regarding:
CS B5: Earnings at Risk and Practical Considerations in Developing a Risk Management System
To further enhance the program, this session is now split into separate sessions to be held at the following times:

Monday, May 2 from 3:00 - 4:30 pm, Session B7, “Practical Considerations in Developing A Risk Management System”, with James Matusiak and Jean Pierre Berliet. (This session will be held at the same time as B2 - Measurement of Economic Capital Across Financial Services Sector)

Tuesday, May 3 from 1-2:30 pm, Session B5, "Earnings at Risk" will be covered by Jay Glacy and Cindy Sarna. This is the regularly scheduled time as listed in the brochure.

Please feel free to attend the session of your choice. You do not need to make any changes to your registration to reflect this choice. We trust that the additional program choice will further serve your risk management interests.

CS B6: Integrating Pricing and Design into Risk Management
Tuesday, 3:00 – 4:30 pm
This session will provide a fresh out-of-the-box inside look at how companies have implemented integrating pricing and design issues into their risk management frameworks and what benefits they have captured by doing so. Among the issues to be addressed are: attributing franchise value to set target profit margin, effects of future business on risk management, the challenge of getting the accounting values right when valuing embedded guarantees, and others. Real world insights and lessons learned will be explored and discussed. This lively session is expected to be a huge hit, particularly for insurance professionals but also for others and is not to be missed. Presentation by Andrew Smith will be followed by ample opportunities for questions and discussion by everyone attending.

Moderator/Presenter:
Andrew Smith, Partner, Deloitte & Touche LLP


TRACK C: ERM IN THE BROADER ECONOMY
This stream takes a broader look at the state of enterprise risk management, discussing the latest trends, best practices, and current issues in various industries. The attendees will have an opportunity to hear about the latest ERM developments in banking, energy-related services, investment management firms and others from some of the most well-known professionals in the risk management field.

CS C1: International and Cultural Issues in Enterprise Risk Management
Monday, 1:00 – 2:30 pm
Does a CRO in New York face the same challenges as a CRO in Malaysia? What cultural issues are the most challenging? A panel of senior risk officers and practitioners discusses the risks, opportunities, and issues involved in running international operations. The session will address unique considerations required for understanding the organizational risk profile in an international context and explore how these issues are managed in practice. Expert insights and practical experiences are presented to the audience for reflection, discussion, and questions.

Moderator:
Donald Howard, Vice President Corporate Risk Management Department, MetLife

Presenters:
Thakor Desai, Management Consultant, Moores Rowland International, India
Donald Howard, Vice President Corporate Risk Management Department, MetLife

CS C2: Energy Industry View on ERM
Monday, 3:00 – 4:30 pm
What risk management problems are faced by the ever-dynamic energy sector? What issues are topical? What trends are expected? This session provides a look at this challenging and rewarding economic sector from an ERM perspective. Expert panelists will share their assessment of existing and developing energy-related risk models, address the evolution of environmental financial products and sustainable development, and will discuss new tools developing to help mitigate energy-related exposures. Audience will be challenged to learn how the traditional risk management tools and techniques are applied in new and unexpected ways in this dynamic sector.

Moderator:
John Sodergreen, Editor, Scudder Publications

Presenters:
Carlos Blanco, Managing Director, Black Swan Risk Advisors, PRMIA Regional Director, San Francisco
Frank Hayden, Managing director, Cinergy
Michael Levin, Director of Risk Management, Nicor, Inc.
Lori Ramos-Marilla, Director - Enterprise Risk Management, KeySpan Energy
John Sodergreen, Editor-in-Chief, Scudder Publishing Group

CS C3: ERM In a Conglomerate/Corporate Environment
Monday, 5:00 – 6:30 pm
This unique session will take the attendees behind the scenes of risk management activities and challenges of the corporate and conglomerate structures. The expert risk managers share their insights and experiences about the complex issues to be dealt with from a risk management perspective within a corporation. Attendees from other industries will benefit by attending this session by broadening their understanding of the interdisciplinary approach to risk measurement and will learn how the existing methodologies are finding new applications across the spectrum of the enterprise risk management profession.

Moderator:
Don Mango, Director of Research and Development, GE Insurance Solutions

Presenters:
Dr. Eberhard Knebel, independent consultant and lecturer
Joan Makura, Senior Risk Manager, Strategic Initiatives, GE Capital Corporation
Michael Chagares, Mercer Oliver Wyman

CS C4: ERM In Insurance Industry
Tuesday, 10:30 am – 12:00 pm
Insurance industry has been on the forefront of managing risk for centuries. In fact, its business is the business of risk. What are the implications of such rich risk management traditions on implementation of ERM for insurers? What are the risk management tools and techniques the insurance industry brings to the table that are unique and of value to other industries? What are the unique challenges the industry faces? How do actuaries turn risk into opportunities? This session will explore these and other related issues.

Moderator:
Dave Ingram, Consulting Actuary, Milliman Inc.

Presenters:
Esther Milnes, VP & Chief Actuary, Prudential Financial
Bill Panning, Executive VP & Managing Director, Willis Re, Inc.
Ghalid Bagus, Consulting Actuary, Milliman Inc.

CS C5: ERM in Asset Management
Tuesday, 1:00 – 2:30 pm
ERM in asset management has become quite challenging in an era of high volatility, credit, liquidity operational risk challenges, and an increasing importance of compliance oversight. This session will address the latest developments on the ERM front in asset management and discuss the issues and challenges faced by the sector. In addition, the session will explore how to minimize losses from operational and fat-tail credit risk while seeking out modest outperformance of a target benchmark. Importance of ALM, aligning incentives, and issues of yield/income vs. total return are also addressed and discussed.

Moderator:
Mark Abbott, Managing Director, Risk Management and Quantitative Research, Guardian Life & Board Member, PRMIA

Presenters:
Neil Brown, Global Head of Risk Management, CSAM
Erwin Martens, SVP & CRO, TIAA-CREF
Jun Zhou, PhD, Risk Analytics Principal, Market Risk Management, AIG.

CS C6: ERM in Banking
Tuesday, 3:00 – 4:30 pm
Although ERM in banking is still in its initial stages, as it is everywhere, banks have made an essential contribution to the developments of best techniques and practices related to risk management within the financial services industry and beyond. In many countries, the banking risk management regulations are influencing other economic sectors requirements for institutionalizing risk management techniques. As a result, various financial and non-financial entities are trying to use banks best practices and adopt them to own situations. This session will address some of these banking techniques and expand on a number of recent ERM developments in banking. A panel of bank risk management and ALM practitioners will discuss the evolution of the current state of the practice and where it is headed. This session will be of interest to any risk management professional who is interested to learn about some of the best practices in risk management.

Moderator:
Bob Mark, President & CEO, BlackDiamond

Presenters:
Joel Bessis, Head of Risk Analytics, CDC IXIS
Ed Dumas, Senior VP & Chief Risk Officer, Federal Home Loan Bank of Boston
Bob Mark, President & CEO, BlackDiamond
Prodyot Samanta, Director, Enterprise Risk Management, Financial Services Ratings, Standard & Poor's


TRACK D: RISK IDENTIFICATION AND MEASUREMENT
To satisfy the demands of a more analytically oriented audience, this track offers an opportunity to learn about the state of risk measurement across various industries. Such topics as credit and operational risk measurement and management as well as event risk measurement & management are explored in detail. Additional sessions are devoted to the specifics of enterprise risk management tools and other issues.

CS D1: Risk Tolerances and Risk Metrics
Monday, 1:00 – 2:30 pm
The ERM framework requires practitioners to implement risk metrics and to establish risk tolerances for use in the enterprise risk management system. Panelists from both the CAS and SOA will present current research on both of these topics, discussing the pros and cons of various alternatives and some pitfalls that managers will want to avoid. This session will be of high relevance to risk managers from any industry interested in the latest developments in the risk metrics area.

Moderator:
Fred Tavan, Actuarial Vice President, Reinsurance Pricing & Treaties, Canada Life

Presenters:
Richard Goldfarb, Senior Manager, E&Y Risk & Capital Management Practice
Fred Tavan, Actuarial Vice President, Reinsurance Pricing & Treaties, Canada Life
David Ruhm, Assistant VP, Corporate Research, The Hartford Insurance Group

CS D2: ERM Dashboard
Monday, 3:00 – 4:30 pm
This session provides a comprehensive discussion on the latest developments in technology and tools for real-time risk assessment and monitoring for senior management. Top industry experts will discuss practical issues arising in developing internal ERM measuring and monitoring systems, and address fundamental quantitative and implementation issues. Case study approach will be used to illustrate the practical applications of the tolls and techniques described. Audiences questions and participation are welcomed and encouraged.

Moderator:
James Lam, President, James Lam &Associates

Presenters:
James Lam, President, James Lam &Associates
Mark Feldman, Federal Home Loan
Malcolm Frank, President & CEO, CXO Systems

CS D3: Identification and Analysis of Event Risk
Monday, 5:00 – 6:30 pm
Why do the events that were deemed to “never happen” seem to be popping up more and more and in clusters? Do humans have the propensity to underestimate risk? The loss potential associated with event risk is extreme and must be understood well and managed well. But event risk analysis also offers an opportunity to turn this risk into competitive advantage for those who are prepared. This intriguing session looks at what the leading experts in event risk are working on, their practical experiences, and challenges.

Moderator:
Cliff Angstman, 2nd VP & Actuary, Berkshire Life Insurance Company

Presenters:
Cliff Angstman, 2nd VP & Actuary, Berkshire Life Insurance Company
David Lalonde, Senior VP, Air Inc.
Bryan S. Ware, Chief Executive Officer, Digital Sandbox, Inc.

CS D4: Operational Risk Practical Issues and Trends
Tuesday, 10:30 am – 12:00 pm
Operational risk is often the most misunderstood, misestimated, and difficult to get under control among the myriad of risks faced by an organization. Not only there often are cultural challenges associated with implementing an operational risk management system, but more often than not, the practical challenges are overwhelming, since the risk analytics and data required are simply not advanced enough to provide comfort and value-added benefit.

The first operational risk session in a series of two will discuss the latest trends and developments in operational risk management. At this session, the expert presenters will address the identification and development of appropriate data sources and methodologies and the latest in creation of models for projecting operational risk scenarios. This session will be of direct relevance to any risk manager interested in best practices in operational risk.

Moderator:
Daniel T. Mudge, Group Managing Director, Fitch Risk

Presenters:
Executive Vice President, Aon Re Services, Inc.
Daniel T. Mudge, Group Managing Director, Fitch Risk
Ali Samad-Khan, President, OpRisk Advisory LLC
Mark Verheyen, Carvill America
Becky Randolph, BMS Solutions USA, Inc.

CS D5: Operational Risks Tools and Techniques
Tuesday, 1:00 – 2:30 pm
In this second session, seasoned practitioners address risk analytics issues associated with building a successful operational risk framework. As organizations struggle to comply with the Basel II requirements for operational risk, and others try to adopt banking techniques to other industries, even the largest and most sophisticated organizations are discovering that developing a truly integrated operational risk measurement and management program is a daunting task.

While virtually everyone recognizes that the key elements of such a program include loss data and indicators, risk and control assessment, and VaR calculation, few understand how to integrate these disparate measures into a theoretically valid framework that supports both capital allocation and managerial decision-making. This session will help identify the many challenges and will suggest practical solutions to these issues.

Moderator:
Peter Vinella, Toucan Partners

Presenters:
Reto Tuffli, CEO, Centerprise Services
Michael Haubenstock, Capital One
Peter Vinella, Toucan Partners

CS D6: Topics in Risk Identification and Risk Measurement for Insurers
Tuesday, 3:00 – 4:30 pm
Insurance underwriting risk (the liability side of the balance sheet) presents different challenges for Health, Life, and PropertyCasualty insurers. The presenters will discuss some of these issues and how to deal with them. Because investment risk is so important to life insurers, there will be some discussion of investment issues as well.

Moderator:
John Kollar, VP, Consulting & Research, ISO

Presenters:
Dave Ingram, Consulting Actuary, Milliman Inc.
John Kollar, VP, Consulting & Research, ISO
Marilyn Schlein Kramer, President, DxCG


TRACK E: ADVANCED TOPICS IN ERM
This stream takes a more in-depth look at ERM, discussing some advanced issues and techniques across various industries. The technically inclined attendees will have an opportunity to choose more analytical sessions to learn about "nuts and bolts" of the latest ERM applications and issues from some of the most well known professionals in the risk management field. Others will be able to attend sessions of their interest that go into greater depth in their respective industries.

CS E1: Integrated Risk Management Challenges and Opportunities
Monday, 1:00 – 2:30 pm
Often, the words ERM and Integrated Risk Management are used interchangeably. However large the similarities are, the difference is often described as "IRM is the implementation of ERM": ERM is impossible without having in place the tools and techniques to integrate the often-disjointed risk management efforts into one comprehensive holistic system. Hence, integration becomes the key.

In this session, the presenters will examine the challenges - data and risk modeling issues, regulatory pressures, management challenges - and the opportunities - more efficient use of capital, enhanced profitability, better business processes, enhanced system stability. The session will also discuss the role of correlation, practical issues of creating value through ERM, and how to enable proper decision-making by leveraging the latest risk measurement and monitoring tools.

Moderator:
Glenn Meyers, Chief, Actuarial Research & Assistant VP, ISO Inc.

Presenters:
Glenn Meyers, Chief, Actuarial Research & Assistant VP, ISO Inc
Dan Oprescu, Senior Risk Consultant, Towers Perrin - Tillinghast and Senior Visiting Fellow, Cass Business School, London

CS E2: Integration and Aggregation in Risk Management Insurance Perspective
Monday, 3:00 – 4:30 pm
Virtually all enterprises must deal with investment, operational, health, life, pension, property/casualty, and business risks. The panelists will first highlight similarities and differences between these risks. They will then discuss both theoretical and practical challenges to integration of underlying risks, as well as how insights gained from integrated analysis of risks could be utilized for better decision-making. The panelists will cover a variety of issues including volatility of benefits/losses by line of insurance, adverse development in reserves, unexpected losses in investments, linking risk, capital and earnings volatility and value. In addition, the issues of correlations (dependencies) between risks for purposes of identifying capital needs, evaluating reinsurance needs, allocating the cost of capital, optimizing investment decisions, and planning growth are addressed and discussed.

Moderator:
Frank Sabatini, Consulting Actuary & Partner, E&Y

Presenters:
Stephen Mildenhall, Aon Re Services
Frank Sabatini, Consulting Actuary & Partner, E&Y

CS E3: Do Risk Professionals Have What It Takes to Manage Assets?
Monday, 5:00 – 6:30 pm
This intriguing session will take an out-of-the-box look at the issues faced by the investment community in todays increasingly complex world and skills required for managing those issues. The session presenters will challenge the audience to think differently and will explore some innovative concepts and ideas, while addressing some basic principles of asset management.

Moderator:
Stephen Paul Hodges, Vice President, ALM, Nationwide Financial
Max Rudolph, VP& Actuary, Mutual Of Omaha

Presenters:
Max Rudolph, VP& Actuary, Mutual Of Omaha

CS E4: Modeling of Economic Series
Tuesday, 10:30 am – 12:00 pm
This session will provide a foundation about the projection of economic and financial scenarios, particularly regarding interest rates, inflation, equity returns, dividend yields, real estate returns, and unemployment. At this session, the panelists will present a review of important work in the economic, financial, and actuarial literature, the identification and development of appropriate data sources and methodologies, and the creation of a model for projecting economic scenarios. This work has relevance to any risk management applications involving financial scenario modeling, including dynamic financial analysis, regulatory and management tests, and cash-flow testing.

Moderator:
Richard Gorvett, Actuarial Science Professor, University of Illinois at Urbana-Champaign

Panelists:
Kevin Ahlgrim, Assistant Professor, Illinois State University
Stephen D'Arcy, Professor of Finance, University of Illinois at Urbana-Champaign
Richard Gorvett, Actuarial Science Professor, University of Illinois at Urbana-Champaign

CS E5: Ways of Estimating Extreme Percentiles for Capital Purposes
Tuesday, 1:00 – 2:30 pm
What are the practical ways of estimating risk metrics for the purposes of setting risk capital in the tails of the distribution? What are the tools and techniques that can be readily useable? This technical but fun session takes an innovative look at these and other issues. The session will cover the issues of stress testing, probability equivalents, model calibration, efficient use of simulations, and limitations of the results. It will also take a fresh look at the importance of sampling and other variance reduction techniques.

Moderator:
Valentina Isakina, Consultant, McKinsey

Panelist:
Andrew Smith, Partner, Deloitte & Touche LLP

CS E6: Innovative Research and Education on ERM at Leading Universities
Tuesday, 3:00 – 4:30 pm
The long-term success of ERM is impossible without innovations in risk education and research. Some of the leading university risk programs are introducing a sea of changes in risk education and research, and are promoting multidisciplinary collaboration and academic industry partnerships to a new level. The leading educators shall talk about these exciting changes in the educational/research arena.

Moderator:
Dr. Shaun Wang, Georgia State University's Risk Management & Insurance Department

Presenters:
Dr. Steve D'Arcy, President of Casualty Actuarial Society, Professor of Finance, University of Illinois at Urbana-Champaign
Dr Krzysztof Jajuga, Professor of Economic Sciences, Head – Financial
Management Institute, Head – Dept. of Financial Investments & Insurance,
Wroclaw University of Economics (Poland)
Dr. Sanjay Srivastava, Chair of Georgia State University's Risk Management and Insurance Department and founder of University of Carnegie-Mellon's Quantitative Finance Program.


TRACK F: PRACTICAL ISSUES IN ERM
This 1- day track explores some practical issues in ERM, concentrating on case study approach. The sessions discuss the topics of securitization, financial risk measurement, and analyze the real-world examples of ERM implementation. The very latest risk management developments across different economic sectors are explored in detail.

CS F1: Making ERM Operational A Case Study From the Real World
Monday, 1:00 – 2:30 pm
What does it take to turn ERM from a conceptual, 50,000 foot-level exercise into an operational system for day-to-day decision-making in an insurance company? How can general indications be turned into specific, granular indications that increase the value of the firm?

Several ingredients are required, including the right kind of management buy-in and a robust modeling platform. This panel will discuss how this process has been achieved in the real world by the managers who made it happen. The presenters will discuss the obstacles that had to be overcome and how ERM analysis was translated into tangible business value in capital management, reinsurance management and other areas in their companies.

Moderator:
Chris Suchar, EVP North American Operations, DFA Capital Management

Presenters:
Charles Longua, Vice President, Erie Insurance Group
Doug Smith, Supervisor Pricing & Modeling, Erie Insurance Group

CS F2 Risk Management Through Securitization
Monday, 3:00 – 4:30 pm
The securitization waive is sweeping the insurance industry. More and more insurers are starting to implement this great risk management technique. Experts from across the industry share practical challenges and insights related to the unique characteristics of the securitization approaches in the insurance industry.

Moderator:
David Cummins, Profession of Risk Management & Insurance, Wharton

Presenters:
Jack Gibson, Life Practice Leader, North America, Towers Perrin Tillinghast
Mike Millette, Managing Director, Risk Markets Group, Goldman Sachs

CS F3 Latest in Measurement of Financial Risks
Monday, 5:00 – 6:30 pm
This session will provide the latest update on the tools and methodologies for measurement of financial risks across various sectors. The panelists will address the up-to-date developments, challenges, and discuss trends in financial risk analytics being created to address these important risks facing every entity.

Moderator:
Diane Reynolds, Algorithmics

Presenters:
John Aquino, Executive Vice President, Aon Re Services, Inc.
Jim Bachman, General Re, New England Asset Management
Diane Reynolds, Algorithmics

TRACK G: SPECIAL INTEREST TOPICS IN ERM
Back by popular demand, this stream continues the tradition established at the first Symposium of bringing together a groups of risk managers interested in a particular topic. This year, this 1-day special interest track offers an opportunity to explore ERM issues in three contexts: supply chain, pensions systems, and health industry. The track is a great way to learn about ERM processes and techniques in different economic sectors, and explore the similarities and differences of latest risk management techniques in use.

CS G1: Procurement Risk Management at HP: Applying Financial Engineering Techniques to Manage Risks in the Supply Chain
Monday, 1:00 – 2:30 pm
Procurement Risk Management (PRM) is an important problem facing manufacturing companies. Risks in the supply chain due to uncertainties in component demand, cost and availability can have a significant adverse impact on a manufacturing companys revenue and profits, and thus to the shareholder value. In the late 1990s, Dell reported a significant earnings shortfall because they paid more for memory during a shortage than they had planned. Its stock price fell 13%. Ford posted a $1 billion loss on precious metals inventory and forward contract agreements in late 2001. Cisco took a $2.5 billion inventory write-down in April of 2001 due to weakening demand for networking products.

This session will describe a financial-engineering based PRM framework developed by Hewlett-Packard Company to manage supply chain risks due to uncertainties in the component demand, cost and availability. In this PRM framework, a scenario approach is used to quantify uncertainty & risks in component demand, cost and availability. Such supply chain risks are then proactively managed using structured contracts with suppliers. HP has been implementing the PRM framework for a large portion of its annual spending on components for the last 4 years. The session will also address the challenges in implementing a risk management program for manufactured goods which lack traded markets for futures and options contracts.

Moderator:
Max Rudolph, VP & Actuary, Mutual of Omaha

Presenter:
Venu Nagali, Hewlett-Packard Company

CS G2: Pensions Systems View on ERM
CANCELLED
Monday, 3:00 – 4:30 pm
The risks associated with managing a retirement plan are often the most underestimated risks for a corporation and are often the single most important risk to manage for the survival of the enterprise. However, many companies do not often consider incorporating the pensions plan This session will look at the extent of risks associated with pensions plans and offer some food for thought for corporate risk managers and individuals alike.

Moderator:
Leo DeBever, EVP, MFC Global Investment Management, Manulife Financial

Presenters:
TBD

CS G3: Enterprise Risk Valuation and Capital Planning for Health Care Companies
Monday, 5:00 – 6:30 pm
This dynamic session provides an opportunity to learn about the state of risk management in the health insurance industry, issues, latest developments, and will address the unique aspects of health risk management. The panelists will explore the differences in the current state of ERM in the health care industry and the unique solutions health care industry may require.

Moderator:
John Stark, Executive Director & Actuary, Anthem Blue Cross And Blue Shield

Presenters:
Jim Galasso, President & Actuarial Consultant, Actuarial Modeling, Inc.
John Stark, Executive Director & Actuary, Anthem Blue Cross And Blue Shield