2013 Call for Papers
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 2013 Enterprise Risk Management (ERM) Symposium, which will be held on April 22-24, 2013, 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 Managers’ 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 2013 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., aggregation of risk and 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
- ERM Implementation issues
- Corporate Governance
- Incorporating liquidity risk into ERM framework
- Liquidity stress testing: assets’ liquidity and access to liquidity
- ERM in a refocusing environment or evolving organization
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 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 regulatory models relative to a pure economic capital framework?
- How should ERM be applied in the context of a low growth environment?
- What is the impact of recent regulatory reform on ERM?
- How can ERM be used to assess emerging and extreme values?
- What are issues/challenges to meeting regulatory ERM requirements?
- How is ERM redefined if three companies form a joint venture?
- What are effective ways to integrate ERM information from several measures and sources of information?
- What type of regulatory credits for capital requirements are appropriate for effective ERM programs?
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. Authors who are unsure whether their topic is appropriate are encouraged to still submit an abstract for consideration.
The papers will appear online as part of the 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.
- Procedure for Submission of Abstracts
Submit electronically an abstract or outline for your proposed paper by October 12, 2012 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 email response stating your abstract has been received will be sent within three days of receipt. If you do not receive an email, please contact Barbara Scott directly using the information above.
- Procedure for Reviewing Abstracts
Submitted abstracts will be evaluated by a review group for their potential to be presented at the 2013 ERM Symposium, which will be held on April 22-24, 2013 in Chicago, IL. This group will include representatives from the symposium sponsors as well as The Actuarial Foundation and the Enterprise Risk Management International Institute (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. The meeting registration fee for one author per paper will be waived. Travel and lodging will be at authors’ expense. For award winners, the meeting registration fee for one author per paper will be waived. Travel and lodging expenses for one author per paper selected as award winners is expected to be reimbursed up to a specified amount. See section V. Paper Prizes for more information regarding the prizes. 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 decline any papers that do not meet the standards of the review group. Notice of acceptance of abstracts is anticipated to be sent to authors by November 15, 2012.
- Paper Prizes
A number of paper prizes are planned to be awarded. The awards 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
- PRMIA Award for New Frontiers in Risk Management, 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.
- Submission of Papers
All papers, based on accepted abstracts, must be completed and submitted no later than
January 11, 2013.
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 Barbara Scott
- Publication and Presentation
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