23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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ACS (Risk Analyst Track)

Education Professor

Kwong Koon Shing

ASA, CERA

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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Where do risk analysts work?• Risk management positions, such as risk analyst, risk

manager and chief risk officer are needed in the fields:– Insurance– Reinsurance– Consulting markets– Bank– Transportation– Technology– Manufacturing– Healthcare– Etc.

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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What do risk analysts do?

• Manage risks within its risk appetite across enterprise• Involve in every step of the risk management process

– Internal environment– Objective setting– Event identification– Risk assessment– Risk response– Control activities– Information and communication– Monitoring

Risk

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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Expected Risk

Reserve Requirement

Unexpected Risk

Capital Requirement

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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What is the Chartered Enterprise Risk Analyst (CERA)?

• The CERA is an international credential for professions in enterprise risk management (ERM)

• It was launched in 2007 by Societies of Actuaries (SOA), USA

• In November 2009, 14 actuarial organizations from 12 countries signed a global treaty establishing the CERA credential as the globally recognized ERM credential

• Besides SOA Exams, you can also obtain the CERA designation by taking the exams offered in UK, Australia, Canada, etc.

• Up to 15 August 2012, there are more than 1000 persons qualified as CERA (14 in Singapore; 28 in China; 40 in Hong Kong; 18 in Taiwan; 8 in Korea; 7 in Japan)

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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CERA Treaty OrganizationsDownloaded from CERA website

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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SOA CERA Exam (Past and Now)Downloaded from CERA website

Compare the different requirements for ASA and CERA

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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Courses for the Risk Analyst Track

• 11 compulsory courses (for both AA and RA tracks) for students admitted in 2012/2013

 1. STAT101 Introductory Statistics or STAT151 Introduction to

Statistical Theory2. STAT201 Probability Theory and Applications3. STAT203 Financial Mathematics4. STAT311 Risk Theory and Loss Models5. STAT314 Statistical Methods for Actuarial Analysis6. ECON101 Intermediate Microeconomics 7. ECON102 Intermediate Macroeconomics8. ACCT101/111 Financial Accounting9. FNCE102 Financial Instruments, Institutions and Markets or

FNCE201 Corporate Finance10. FNCE101 Finance11. FNCE305 Analysis of Derivative Securities or QF301 Structured

Finance

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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Courses for the Risk Analyst Track

• Compulsory courses for the RA Track only (select any three of the followings)– Risk Management and Insurance (FNCE215)– Enterprise Risk management (FNCE309)– Computing Technology for Finance (QF205)– Global Financial Risk Management (QF305)– Life Contingent Risks (STAT310)– Quantitative Risk Analysis (STAT313)

23 August, 2012 Information Session for Actuarial Science Major (RA Track)

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THE END

Q & A Session

http://www.ceranalyst.org/

http://www.actuaries.org.uk/

http://www.ceraglobal.org/

http://www.soa.org/