CERA Marketing Strategy
Background
Recognising the need for highly-qualified risk professionals in the emerging field of enterprise risk
management (ERM) and actuaries’ deep knowledge of risk management, actuarial organisations around
the world converged to establish the most rigorous and advanced global ERM qualification.
Founded on the principles of actuarial science and the framework of ERM, the Chartered Enterprise Risk
Analyst (CERA) qualification represents expertise, insight, creativity and integrity. The establishment of the
CERA qualification is an unprecedented collaborative achievement of the worldwide actuarial profession
and signifies actuaries’ longstanding commitment to serving the risk management needs of the global
marketplace.
CERAs are trained to apply both quantitative and qualitative insight to risk management, focusing on how a
wide range or risks collectively impacts on an organsiation. Using a common syllabus and learning
objectives, each of the following actuarial organisations accredits CERAs.
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Institute of Actuaries of Australia
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Mexican Association of Actuaries
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Canadian Institute of Actuaries
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Actuarial Society of the Netherlands
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Actuarial Institute of Chinese Taipei
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Actuarial Society of South Africa
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Institute of Actuaries of France
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Swedish Society of Actuaries
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German Actuarial Society
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Swiss Association of Actuaries
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Israel Association of Actuaries
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US Casualty Actuarial Society
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Institute of Actuaries of Japan
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US Society of Actuaries
All signatories to the Treaty use the acronym 'CERA', but CERA variously translates as one of the
following, according to the preference of the signatory body:
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Chartered Enterprise Risk Analyst
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Certified Enterprise Risk Analyst
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Chartered Enterprise Risk Actuary
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Certified Enterprise Risk Actuary
CERA's dedicated website can be found at: www.ceraglobal.org
Purpose
CERA is one of the most comprehensive and rigorous enterprise risk management qualifications available.
It aims to address the urgent need for highly-qualified risk management professionals worldwide, especially
in the financial sector.
CERA is designed to equip actuaries to fulfil roles such as chief risk officer both in financial service
industries (e.g. insurance; reinsurance; banking, healthcare and asset management) as well as other areas
such as consulting; energy; infrastructure; transport; manufacturing; technology; and media, where it
provides a deep understanding of more general risk drivers and an overall framework for risk management.
Importantly for complex financial institutions, it covers individual risk categories and how they interact; the
qualification requires understanding of how to measure, model and manage risks and how economic
capital can be best applied, in line with the requirements of Solvency II and Basel III,
In the UK, the Financial Reporting Council’s response to the recent Prudential Regulation Authority
consultation on preparations for Solvency II is now public and on their website.(http://www.frc.org.uk/OurWork/Publications/Actuarial-Policy-Team/Response-to-Prudential-Regulation-Authority-CP9-13.pdf)
Regarding the risk management function it says:
“Risk management function
Similar issues arise for Boards in assessing the fitness of the risk management function.
Actuarial qualifications and experience are not essential to carry out this role effectively. However, we are
aware that the IFoA has developed with other actuarial associations a qualification, the Chartered
Enterprise Risk Actuary (CERA), which aims to equip actuaries to fill the risk management function role in
insurers.
We are encouraging the IFoA to consider developing this and other ways of providing assurance to Boards
about the current competence of its members seeking to take on the risk management function. We would
invite the PRA to support such a development, without of course disadvantaging other competent
individuals including non-actuaries.”
This is less explicit in calling for a practicing certificate for IFoA members acting as risk management
function roles than we might have hoped. However, there is a clear endorsement from a regulatory body of
the role that the profession might play in this key area of oversight. While this does not endorse CERA
outright, it certainly positions actuaries as leaders in managing risk.
Objectives
The primary objectives of this strategy are:

To increase the number of people taking the CERA qualification through increased
recognition and acceptance of the CERA qualification as a comprehenisive and rigorous
demonstration of the ERM skillset.

To collaborate with Member Associations via an active dialogue (the “active partnership” role)
to enhance promotion of the CERA qualification as a world class qualification in ERM,
recognizing the need for both local and global level initiatives in this regard. Such initiatives
would reach out to both individual actuaries, as well as potential users, such as employers
and regulators.

To encourage the development of a global CERA ‘community” through the use of social
media and the CERA website.
Competition
Major research was conducted by an external research company (SLAM Global) in 2008-2010. There
are two main competitors: the Professional Risk Managers’ International Association (PRMIA) and
the Global Association of Risk Professional (GARP). Both have large global memberships (over
50,000) and membership is easy to attain. The primary focus of these and other organisations is
education (including examinations for a qualification), sharing best practice and supporting networking
through events. Events are generally well regarded and supported in all cases.
The Institute of Risk Management (IRM) is building a strong profile in the UK.
Whilst not specifically focussed on risk management, the CFA Institute is well-regarded by risk
managers, many of whom have the CFA designation.
PRMIA, GARP, IRM were not seen to be strong competitors and in financial services they mainly
appeared in retail banking. In the investments area PRMIA was viewed by interviewees as a top-up
qualification rather than sufficient on its own. The threat from the CFA qualification seemed much
more significant despite member numbers not increasing significantly. Reports of a growing number
of CFA holders in consultancies signified that the CFA posed not only a threat of competition for nontraditional positions, but that the qualification had gained a foothold within traditional areas. However,
no single qualification is recognised for risk management. Qualifications that are focused on risk
management, or ERM are generally perceived as superficial, or not directly relevant, and not highly
valued by employers.
We will continue to monitor the landscape so that we are clear in where the CERA qualification is
positioned.
Audiences
There are two primary audiences for the CERA qualification.
The demand audience includes, primarily, employers (traditional employers, broader financial
services employers, and recruitment specialists), while financial service regulators are an important
constituency that can materially impact the direct (employer) demand.
The key messaging to employers will explain why CERAs are valuable to their organisations:
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CERAs make confident decisions related to complex financial challenges affecting business
by applying qualitative and quantitative insights to risk management
CERAs add value to enterprise risk management through their rigorous training, making them
the best equipped to provide a 360-degree view of an organisation’s risk profile
As actuaries, CERAs are bound by a code of professional conduct to act with integrity, care
and competence.
CERAs are trained through a rigorous multi-year examination process to identify, measure,
and manage risks and opportunities within complex enterprises
Because CERA training does not stop with mathematics and quantitative finance, CERAs are
equipped to develop models which reflect the real world and can inform strategic decisions
Regulators can impact the demand by recognising the need for professional standards and input into
the risk management process, requirements that can effectively be met by individuals with a
professional qualification in risk management, such as CERA.
The supply audience includes primarily, actuaries and prospective actuaries. The key messaging to
the supply audience explains why they should obtain the CERA qualification:
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Risk management, as a specialization its own right, is likely to be a feature of the future, and
adds an important dimension to the overall actuarial qualification.
The CERA qualification has the most rigorous and advanced curriculum underpinned by
actuarial science, with an emphasis on ERM and professionalism
The CERA qualification trains CERAs to identify, measure, and manage risks and
opportunities within complex, multinational enterprises
Administered locally and in many languages, the global CERA qualification teaches ERM best
practices and standards from around the world, making the credential widely accessible and
internationally transferable
The CERA qualification offers career choices outside the traditional actuarial markets
Its combination of technical sophistication and practical understanding offers a distinct
competitive advantage over other risk qualifications.
Place (i.e. the markets we are targeting)
This will come from our research into the other associations and what the demand profile looks like in
these regions. They should have a view about whether their markets are thriving or swamped.
Promotion
The CERA Global Association (CGA) has been in place for slightly more than three years. Fourteen
associations signed the Treaty in Hyderabad, India, on 13 November, 2009. Since then these
associations have built the CGA infrastructure that was needed to award the CERA qualification to
actuaries and risk management professionals worldwide. Now that the infrastructure is in place, the
CGA will play an active role in the promotion of the qualification and ERM content but utilise the
Award Signatories as the primary vehicle for promoting the qualification and ERM content. The CGA
will take an active role in developing and executing branding and marketing programmes. Their work
will be supported by Dawn McIntosh, senior member of our team, who supports the Risk practice area
for our members. She will be working with the CERA Marketing Committee on behalf of the CERA
Board to support the strategic marketing and development of the brand.
Also new to the CERA team is Anne Donaldson who has been appointed as CERA Administrator.
Her main responsibility will be to administer the work required by the CERA Service Contract to
support the development and standards of the CERA qualification. Key to this will be the
maintenance of the database of both CERA holders and CERA signatories as well as providing
administrative support to both the Treaty Board and the Review Panel.
The CGA, via its Marketing Committee, will plan and undertake a range of promotional activities.
The table below sets out the high level strategy plan. During January – March, we will be building the
plans for each element of this with a view to provide a credible timeline and indicative budget figures.
Appendix one is the summary of the deliverables set out in the original Ops plan 2013.
Task
Elements
Researching the market / environment:
Will leverage the work already done by the SoA – contact Patrick
Date
Jan 2014
Gould, Managing Director, Marketing and Communications, SoA and
Conduct an audit of each member association
Andrea Lee the Society’s Director of Marketing
activities and establish a dialogue
Create active dialogue with member associations to enhance their
website promotion of the qualification and the CERA website
CERA website refresh:
To help raise profile and engagement
Feb 2014
Add content / links to IAA / pages for member
associations
Create marketing materials:
Leaflets/brochures/giveaways/banner stands/powerpoint presentation
Feb 2014
packs for member association talks/events if required
CGA exposure at ICA 2014 Washington
Poster session in main exhibition hall
Part sponsor the JRMS (Joint Risk Management) networking event
taking place at ICA2014
Dawn to contact Patrick Gould, Managing Director Marketing
Create monthly newsletter
For key audiences
Social media Campaign
Create and maintain CERA LinkedIn Group
Feb 2014
Mar 2014
Create and maintain a CERA Facebook page
Create and maintain a CERA Twitter link
Online community
Market to universities (in conjunction with local
Prioritise top 30 universities globally where students study actuarial
associations)
science or risk management
Place media advertising (in conjunction with
Article in Actuary magazine
April 2014
April 2014
local associations)
May 2014
CERA website functionality improvement:
We are exploring as a basic funtion for people to be able to register
Create a database of CERA holders
their details with the site and have that information recorded in integra.
We are also exploring the facility to have a ‘find a CERA’ function
Appendix One
B. Marketing and Branding
The CGA should assume an Active Partnership Role. This role appears to be the best possible
alternative. Acting as only a credentialing organization has not been the goal of the treaty board since
being established. At a minimum the CGA should serve to coordinate efforts to promote the credential
and risk management practices. Taking a leadership role requires resources that are not likely
available and is too independent of the member associations. The active partnership allows for a
coordinated effort to provide a consistent message to our various constituents.
The constituent groups the CGA seek to reach in its branding and marketing efforts are in priority
order:
1.
2.
3.
4.
5.
6.
7.
8.
CGA member Actuarial Associations and IAA
CERA holders
Actuaries and actuarial students worldwide
Non-CGA Actuarial Associations
Risk management professionals worldwide
Regulators
Employers of risk managers worldwide
The General Public
Initially, the focus will be on the first two constituent groups.
Over the course of the plan the CGA will take steps to create awareness of the credential by:
1. Creating a database of CERA holders and allowing for website look-up of individual CERA
holder information.
2. Redesigning the CGA website with the goal of:
a. Providing CGA information and organizational content
b. Serving as a source for the dissemination of ERM intellectual content. In this
capacity the website will direct visitors to member association websites.
c. Promoting ERM events globally
d. Producing marketing and branding content for use on the CGA and member
association websites
e. Promoting CERA and ERM content on member association websites
3. Take steps to drive traffic to the global and member association websites including paying for
better search engine results
4. Creation of a monthly electronic CGA Newsletter distributed to all CERA holders and
member association actuaries through the member associations. The use of member
associations allows translation into local languages.
5. Creation of blast emails to various constituencies on relevant topics of interest. These emails
will be sent by the member associations to their members.
6. Create an active dialogue with member associations to enhance their website promotion of the
credential and the CGA website.
7. Creating and maintaining a CGA LinkedIn Group.
8. Creating and maintaining a CGA Facebook page.
9. Developing a resource capability that seeks to identify and disseminate ERM content
globally. In this role, CGA would not develop a content library but provide a catalogue of
content and links to the documents. (Note: the ERFC of the IAA has a project to develop a
database of content that could be adopted or referenced)
10. Conduct interviews (monthly or quarterly) with notable risk professionals and executives on
the subject of ERM and post those interviews on the CGA and member association websites.
11. Develop communication vehicles with non-treaty member association members to create
awareness of the credential.
The CGA does not currently have the resources to execute this initiative efficiently or effectively. It is
proposed that a 1/2 time resource be funded to execute this plan at the direction of the CGA Board.
Ideally, this individual will have content knowledge and marketing skills.
Active Partnership Role Benefits to Award Signatories
By adopting the Active Partnership role the CGA will provide the following benefits to its Award
Signatories and Acceding Parties:
1. Since the CGA's focus is only on the CERA credential it will serve to provide focused support
to each award signatory. The Award Signatories have a wide range of responsibilities to their
members and the CGA will ensure that the CERA credential is being appropriately addressed.
2. The CGA through its website and other communication vehicles will promote Award
Signatory content and events internationally.
3. The CGA through its Marketing resources will provide content for use by each Award
Signatory.
4. The CGA through its efforts will help in sending a consistent message regarding the
credential worldwide.
5. The CGA will evaluate CERA related content and marketing materials in use by each Award
Signatory and make them generally available to all Award Signatories as appropriate and with
permission of the originating Award Signatory.
6. The CGA will seek to serve as a facility for disseminating intellectual content worldwide. In
this capacity it would identify content produced by member associations and disseminate and
as appropriate promote the content.
7. The CGA will seek to promote the credential to its various constituents worldwide and in
doing so promote the member associations.
The focus of the CGA through its dedicated Marketing resource will seek to enhance the brand of the
CERA credential and in doing so enhance the brand of the profession and the member associations
globally. Through the combined efforts of the CGA and its member associations we will seek to
actively encourage member associations to take a more proactive role with regard to the promotion of
ERM as an attractive field for actuaries and the actuarial profession as a source of competent ERM
practitioners and sound ERM advice. In doing so we will seek to rapidly grow the number of CERAs
globally and establish the CERA as a desirable attribute for employers and regulators seeking to
engage ERM skills.
In executing the CGA Operational plan the Board will take a structured and active interaction with
member associations. We will seek to take the opportunity presented by IAA meetings to spend time
with member association leadership on CGA activities, goals and assistance to member associations.