2016 Call for Papers On Enterprise Risk Management
Enterprise Risk Management (ERM) has enjoyed dramatic growth in its audience, issues, insights, methods, and tools. The pace of ERM improvement is both remarkable and increasing. This Call for Papers offers you an opportunity to contribute to the rapid evolution of ERM.
With this perspective in mind, this Call for Papers is being issued in conjunction with the 2016 Enterprise Risk Management (ERM) Symposium. The ERM Symposium is intended to expand knowledge 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). Each of these organizations is extensively involved in Enterprise Risk Management. The annual ERM Symposium presents a unique opportunity for members of these organizations and other interested parties to gather and explore previously untapped synergies.
The 2016 ERM Symposium is seeking papers that strengthen the practice of enterprise risk management by opening new perspectives and strengthening available insights, methods, and tools. We will welcome all such papers and offer the following lists to illustrate, but not exhaust, topics that might be covered. As in previous years, these topics are intended to serve as examples, and are not meant to restrict potential paper topics and ideas in any way:
- The Integrated ERM perspective on risks of multiple types
- How should ERM be applied in the context of a low growth, high unemployment environment?
- How do stakeholder expectations for ERM vary among the various users of and participants in ERM programs?
- Incorporating Time and Duration into ERM Strategies
- How do current ERM decisions affect future ERM costs and probabilities?
- Are there optimal paths for establishing superior ERM strategies over time?
- Can types of ERM risks be swapped over time?
- Types of Risk within ERM
- Financial Risk - Types of financial risk; stress testing;
- Market Risk – Is aggregate demand the biggest source of market risk in today’s world? What about market pricing – is it more or less risky when it is inefficient?
- Operational Risk – Should operational risk be considered a residual market concept that is defined by the other types of risk identified in an ERM program? How can one measure and match operational risk exposures to loss experience? How does operational risk aggregate across the various units comprising an enterprise?
- Supply Chain Risks – How can one identify key indicators of supply chain risk? Could contingent supply chain contracts hedge against supply chain risk?
- Reputational Risk – How impactful is a reputation or a brand name in an Internet world?
- Non-financial risks such as supply-chain logistics, vendor/supplier relations, customer relations, and general business innovation
- Physical Assets - How can physical assets be incorporated into ERM (e.g., energy industry— generation, load forecasting) where operations are new and market information evolving?
- ERM by Industry
- Insurance Industry – What impact is ERM having on the insurance industry? What are the most common issues that ERM has to address in insurance?
- Banking – What impact is ERM having on the banking industry? How should ERM change with the advent of the Volcker rule?
- Other – Such as Shipping and Transportation, Aviation, Energy, etc.
- ERM by Type of Enterprise
- How does ERM adapt to privately held vs. publicly traded vs. mutual companies vs. associations?
- How should ERM contribute to effective pension management and how should pensions be recognized in the ERM of participating companies and unions/workers?
- How is ERM redefined if three or more companies form a joint venture? How should the ERM program for a joint venture relate to the individual companies’ ERM programs?
- How do ERM programs change as the size of the enterprise increases? What types of changes should occur at what sizes?
- Improving ERM Tools
- Risk Appetite – How to measure and recognize temporal and economic changes
- Hedging and Insurance – How to incorporate specific contracts in general strategies
- Dashboards – What to monitor, how often and how to drill down to detail
- Integrating Information - What are effective ways to integrate ERM information from several measures and sources?
- Regulation and ERM
- What is the impact of recent regulatory reform on ERM? What are issues/challenges to meeting regulatory ERM requirements?
- How do regulatory capital models compare to economic capital models?
- Should there be regulatory credits for capital requirements if an effective ERM program is in place? How might such credits be determined?
- Systemic Risk – Regulators are responsible for systemic risk as well as monitoring risks to individual enterprises.
- What new data and data sources, if any, are needed to monitor systemic risk?
- Is systemic risk isolated in large enterprises or does it include market aspects like decreases in aggregate demand due to increased unemployment? Insofar as regulatory authority is commonly defined by industry, how should regulators address systemic risk originating outside the regulated industry?
- Systemic risks in markets concern both buyers and sellers (and maybe brokers). In industries like insurance, sellers are apt to have ERM programs whereas buyers may not. How can regulators achieve a proper balance in monitoring both sides of the regulated economic transactions?
- Rating Agencies and ERM
- How is the rating agency approach to review of ERM programs different from those of regulators and enterprises?
- Do distinct before and after ERM ratings help investors better understand potential investments?
- Are ERM programs within an industry sufficiently uniform to accommodate rating or will own risk and solvency assessment (ORSA) pose unique challenges to rating enterprises with ERM programs? If so, what are such challenges and how might they be addressed?
- ERM Measurement Issues
- Alternative Measures - What existing models are best suited to evaluating enterprise risks? Which new models are most promising? How should models be compared? Can professional decisions be based on simultaneous information from multiple models? If so, how?
- What are the challenges for identifying the nature and extent of interactions between financial and operational risks in the tail?
- How can ERM be used to assess emerging and extreme risks?
- How do black swans affect ERM? What are systematic approaches to recognize black swans in ERM measurement?
- What modeling techniques are suited to ERM? For example, how might stochastic models for liability and other risks be calibrated?
- Interaction among risks, i.e., aggregation of risk and diversification benefits
- What are the types of back-testing techniques available for insurance risks and calibration of stress tests?
- Model Risk
- What are potential risks to relying on models?
- How can model risk be mitigated?
- ERM Implementation
- Corporate Governance – what steps are appropriate at different levels of management?
- How can the ERM contribution to shareholder value be effectively measured and communicated?
- Integrating ERM in enterprise functions such as strategic planning, mergers and acquisitions, staff development, sales support, etc.
- How have the Actuarial Standards of Practice applicable to ERM helped to achieve a firm’s goals
- How is qualitative analysis integrated with quantitative ERM tools
- Opportunistic Risk Management
- How has ERM been used to make better decisions?
- How has an ERM framework led to more consistent decision making?
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 their chosen topics and not cover all related issues.
- Submission of Abstracts
The first step in submitting a paper is to electronically send an abstract or outline for your proposed paper by October 16, 2015 to Barbara Scott, firstname.lastname@example.org.
Abstracts should clearly outline what will be covered in the paper. Authors who are unsure whether their topic is appropriate are encouraged to nonetheless submit an abstract for consideration. If the paper is not accepted for the ERM Symposium, we may be able to suggest a more appropriate alternative publication.
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 sketch of the author’s experience, prior publications and presentations.
An email response stating your abstract has been received will be sent within three days of receipt.
Notice of acceptance of abstracts for possible inclusion of papers in ERM Symposium materials are anticipated to be sent to authors by November 13, 2015. If you do not receive an email, please contact Barbara Scott directly using the information above.
- Submission of Papers
All papers, based on accepted abstracts, must be completed and submitted electronically no later than January 8, 2016 to Barbara Scott at email@example.com. Questions, if any, regarding delivery should also be addressed to Barbara Scott.
Submissions that have a copyright must be accompanied by written permission to reprint.
- Procedure for Reviewing Abstracts and Papers
Submitted abstracts will be evaluated by a review group for (A) their suitability to the ERM Symposium, and (B) their potential to be presented at the 2016 ERM Symposium. This group will include representatives from the symposium sponsors as well as The Actuarial Foundation.
Because of limited time available during the ERM Symposium, not all accepted abstracts/papers can be guaranteed the opportunity for presentation at the symposium. Papers to be presented at the ERM Symposium will be selected based on the abstracts submitted and the actual papers themselves.
The final determination as to the number of papers invited for presentation will be made after all abstracts and papers have been submitted and reviewed. The sponsoring organizations reserve the right to decline any papers that do not meet the standards of the review group.
- Paper Prizes
Currently planned prizes are:
- The Actuarial Foundation’s ERM Research Excellence Award in Memory of Hubert Mueller for Best Overall Paper, with a monetary award of $5,000
- Joint CAS/CIA/SOA Risk Management Section Award for Practical Risk Management Applications, with a monetary award of $5,000
Prizes are contingent upon winning authors’ permission to include their papers in the online symposium proceedings published in conjunction with the ERM Symposium.
- Meeting Fees and Expenses
The meeting registration fee for one author per paper selected for presentation will be waived. Travel and lodging will be at authors’ expense. For award winners, in addition to the meeting registration fee for one author per paper being waived, travel and lodging expenses for one author per paper selected as award winners is expected to be reimbursed up to a specified amount.
All other fees and expenses are the responsibilities of the authors and presenters.
- Publication and Presentation
The papers will appear online as part of the ERM Symposium proceedings, and may be submitted by authors 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. 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 any questions regarding this Call for Papers to Steven Siegel, Society of Actuaries Research Actuary, at firstname.lastname@example.org