2009 ERM Call for Papers
Enterprise Risk Management: Analysis and Tools to Quantify Financial and Operational Risks, including Their Interaction
Much progress has been made recently in quantifying the potential impact of various risk exposures and in developing methodologies for managing these risks. A wide range of interested parties, including international financial regulators, academics and practitioners, has driven this development. The pace of improvement in risk management has been both startling and continuous.
With this perspective in mind, this call for papers is being issued in conjunction with the 2009 Enterprise Risk Management (ERM) Symposium, which will be held April 29-May 1, 2009, to expand knowledge in this area and provide a discussion forum for a wide range of professionals. The ERM Symposium is an annual event sponsored by the Joint Risk Management Section, a collaborative effort of the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS) and the Canadian Institute of Actuaries (CIA), along with the Professional Risk Manager's International Association (PRMIA). Each of these organizations is extensively involved in the development of risk management, and the annual ERM Symposium presents a unique opportunity for members of these organizations and outside parties to gather and explore previously untapped synergies.
The 2009 ERM Symposium is seeking papers that explore risk management topics, with a focus on the analysis and practical tools related to:
- Financial risks
- Operational risks
- Interaction between risks, i.e., diversification benefits
- Integrated ERM
- Creating value through ERM
- Using ERM for strategic business decisions (e.g. risk appetite frameworks, ERM dashboards, inherent hedges)
- Non-financial risks such as supply-chain logistics, vendor/supplier relations, customer relations, and general business innovation.
Suggested questions to be explored as in previous years, include (please note these questions are only intended to serve as examples and are not meant to restrict potential ideas in any way):
- What are the challenges for identifying the nature and extent of interactions between financial and operational risks in the tail?
- What existing models can a company use to evaluate these risks? What new models could better explain observed behavior within and between risks?
- How would alternative risk measurement methodologies from the past, future and now compare?
- How would physical assets be incorporated into this framework (e.g., energy industry–generation, load forecasting) where market information (curve data) is sketchy?
- What are systematic approaches to help think about black swans (e.g. futurism techniques, lessons from history, etc.)
- What are Stochastic modeling techniques for liability risks (e.g. mortality, longevity, morbidity, etc.) and how are they to be calibrated?
- What are the types of back-testing techniques available for insurance risks and calibration of stress tests?
- What are the weaknesses in the Solvency II model relative to a pure economic capital framework?
Where appropriate, papers should include specific examples illustrating how a practitioner could apply any proposed approaches and how to communicate them to all levels of an organization. It is anticipated that most authors will elect to focus on certain aspects of this topic and will not cover all issues. The organizing committee is particularly interested in reviewing papers that explore areas representing diverse perspectives on ERM. Abstracts should clearly outline what will be covered in the paper. The papers will appear online as part of the symposium proceedings, and be submitted, upon author request, to suitable peer-reviewed publications for publication consideration. The sponsoring organizations reserve the right not to publish any paper that does not meet the criteria and standards of the review group.
Submit electronically an abstract or outline for your proposed paper by October 17, 2008 to:
At a minimum, the submission should include a brief description of the subject of the paper; whether the paper, for review purposes, should be considered theoretical, applied, or both; a list of key items to be covered and a short biographical introduction to the author's experience, prior publications and presentations. An e-mail response stating your abstract has been received will be sent within three days of receipt. If you do not receive an e-mail, please contact Steven Siegel directly using the information above.
Submitted abstracts will be evaluated by a review group for their potential to be presented at the 2009 ERM Symposium, which will be held on April 29-May 1, 2009 in Chicago, IL. This group will include representatives from the symposium sponsors as well as The Actuarial Foundation, the PRMIA Institute and the Enterprise Risk Management Institute International (ERMII). Because of limited time during the symposium, not all accepted abstracts/papers can be guaranteed for presentation at the symposium. Papers to be presented at the symposium will be selected based on the abstracts submitted. It is anticipated that travel and lodging expenses for authors selected as award winners will be reimbursed up to a specified amount. A final determination as to the number of papers invited to present will be made after all abstracts have been submitted and reviewed. The sponsoring organizations reserve the right to not accept any papers not meeting the standards of the review group.
A number of paper prizes are anticipated. Details about prizes will be included in this document when they become available.
Prizes are contingent upon winning authors' permission to include their papers in the online symposium proceedings published in conjunction with the ERM Symposium.
All papers, based on accepted abstracts, must be completed and submitted no later than January 31, 2009.
The procedure for submission of papers includes the following specific guidelines:
- Submissions that have a copyright must be accompanied by written permission to reprint
- Submissions should be made electronically to Steven Siegel.
The sponsoring organizations reserve the right to publish all papers and to copyright all published papers without a previous copyright. In addition, excerpts or synopses of the papers may be published for promotional purposes.
Please direct questions regarding this call for papers to:
Steven Siegel, Research Actuary
Society of Actuaries