ACS (Risk Analyst Track)
Education Professor
Kwong Koon Shing
ASA, CERA
23 August, 2012
Information Session for Actuarial
Science Major (RA Track)
1
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)
2
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
23 August, 2012
Information Session for Actuarial
Science Major (RA Track)
3
Risk
Expected Risk
Unexpected Risk
Reserve Requirement
23 August, 2012
Capital Requirement
Information Session for Actuarial
Science Major (RA Track)
4
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)
5
CERA Treaty Organizations
Downloaded from CERA website
23 August, 2012
Information Session for Actuarial
Science Major (RA Track)
6
SOA CERA Exam (Past and Now)
Downloaded from CERA website
23 August, 2012
Information Session for Actuarial
Science Major (RA Track)
7
Compare the different requirements for ASA
and CERA
23 August, 2012
Information Session for Actuarial
Science Major (RA Track)
8
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 Theory
2. STAT201 Probability Theory and Applications
3. STAT203 Financial Mathematics
4. STAT311 Risk Theory and Loss Models
5. STAT314 Statistical Methods for Actuarial Analysis
6. ECON101 Intermediate Microeconomics
7. ECON102 Intermediate Macroeconomics
8. ACCT101/111 Financial Accounting
9. FNCE102 Financial Instruments, Institutions and Markets or
FNCE201 Corporate Finance
10. FNCE101 Finance
11. FNCE305 Analysis of Derivative Securities or QF301 Structured
Finance
23 August, 2012
Information Session for Actuarial
Science Major (RA Track)
9
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)
10
http://www.ceraglobal.org/
http://www.ceranalyst.org/
http://www.actuaries.org.uk/
http://www.soa.org/
THE END
Q & A Session
23 August, 2012
Information Session for Actuarial
Science Major (RA Track)
11