CERA Global Association
(CGA)
Dedicated to promoting and administering the
CERA qualification worldwide
Chartered Enterprise Risk Actuary
Chartered Enterprise Risk Analyst
CERA
Global ERM
Qualification
June 2015
CERA Global Association
• Creating A Global Credential
• Standardisation of ‘ERM toolkit’
• Standardisation of education
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Rapid spread of ERM skills for actuaries
International mobility
International recognition
Globalisation of the risk profession
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CERA Global Association
Our history and what have we
achieved so far?
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Dublin Statement (Oct 2007)
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Single, global, uniform, high-quality, credential
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Position the profession in EU for Solvency II
In-depth practitioner qualification
Define syllabus “from the ground up”
Enhance & promote the brand of the actuarial profession
Position the profession to take a leading role in risk
management globally
Implement it all - effectively and convincingly
Take early practical steps towards a truly global profession
SOA launching first version of CERA but working to
support/evaluate global project
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Tallinn (May 2009)
• Syllabus/Learning Objectives - work complete
• Groupe Consultatif (EU) & IAA supportive
• 17 associations “Interested/Active”
< half have English as main national language
• Implementation & Name – still evolving
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Hyderabad Treaty (Nov 2009)
• 14 Actuarial associations signed a Treaty in Hyderabad, India –
13 November 2009 globalizing SOA credential
• There are now 16 members of CERA Global Association
(registered in Switzerland)
• Original CGA members: Institute of Actuaries of Australia, Canadian
Institute of Actuaries, Institut des Actuaires (France), Deutsche
Aktuarvereinigung e.V.(Germany), Israel Association of Actuaries, Institute
of Actuaries ofJapan, Mexico, Het Actuarieel Genootschap (Netherlands),
Actuarial Society of South Africa, Swenska Actuarieföreningen (Sweden),
Institute and Faculty of Actuaries (UK), Casualty Actuarial Society (USA) and
Society of Actuaries (USA)
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Hyderabad Treaty !
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CERA Global Association
The qualification
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One qualification based on
mastery of one set of learning
objectives with accreditation
applied on a consistent basis
worldwide
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• The CERA qualification has the most rigorous and advanced curriculum
underpinned by actuarial science, with an emphasis on ERM and
professionalism
• There are now 16 actuarial associations who can accredit CERA (using a
common syllabus but administered locally and in many languages)
• Recognised and portable internationally
• Consistent with modern, effective methodologies
• Applies both qualitative and quantitative insight to ERM
• Instills the highest professional standards, with an impeccable code of
ethics and unparalleled educational requirements
• Best equips risk management professionals to empower better business
decisions
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Syllabus
• ERM concept and framework
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Structure of the risk management function
What is good risk management practice
Reporting of risk exposures
Risk types: market, credit, operational, business, etc
• Risk measures
• Modelling tools including extreme value theory
• Aggregation of risks including copulas
• Risk mitigation techniques
• Economic capital
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Key aims of the syllabus
• The CERA qualification encompasses a world-class curriculum
that combines actuarial science with the theoretical, practical
and professional principles of ERM
• The curriculum instils in successful candidates the key
principles underlying the implementation and application of
ERM within an organisation, including governance and process
as well as quantitative methods of risk measurement and
modelling
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Our advice to all candidates, make
sure you get a good education in
ERM and get your CERA as part of
that. You can take your CERA
anywhere………….
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CERA Global Association
CERA Quality Assurance
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CERA Global Association
The CGA Board is committed to
maintaining the CERA qualification as
being at a very high standard within
the risk management world
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CERA Global Association
• The treaty includes a strong quality assurance program to maintain the high
quality of the qualification
• The initial evaluation process, conducted by trained external reviewers,
includes a review of participating associations’ processes to award the
qualification and a thorough review of the learning objectives, syllabus and
learning material on which each association’s award will be based
• Accredited organisations are required to undergo an annual review of
testing processes, pass rates and quality assurance, and will undergo a
much more in-depth review every three years
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CERA Global Association
What value do CERAs bring
to an organisation?
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CERA Global Association
• 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
• CERAs are equipped to develop models which reflect the real world and can
inform strategic decisions
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CERA Success
• 2432CERAs worldwide
• CERAs filling senior risk positions within insurance and
financial services industries including Chief Risk Officer
• Gaining recognition amongst employers as credential with
appropriate risk training
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CERA Global Association
Why Become a CERA?
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CERA Advantages
• A CERA, because of their training and experience, can assess
and manage the entire risk spectrum of an organisation,
including financial, operational and strategic risk
• CERAs are well-qualified for more strategic risk mangement
positions such as risk analyst, risk manager, chief risk officer,
and are contributing in a broad range of fields, including:
Life insurance; General insurance; Banking; Asset
management; Pension funds; Other financial services;
Technology; Consulting; Energy; Transportation;
Healthcare
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CERA Global Association
Update at June 2015
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CERA Global Association
• After passing tough global quality assurance (“QA”) tests, 16
CERA signatory associations have already been granted power
to award CERA
• 16 CGA members from: Australia, Canada, Chinese Taipei,
Denmark, France, Germany, India, Israel, Japan, Netherlands,
South Africa, Sweden, Switzerland, UK, USA(2)
Over 2,600 CERA-holders worldwide!
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CERA Holders June 2015
Canada CIA
France IA
Germany DAV
Australia
A1
Japan IAJ
Netherlands
AG
South Africa
ASSA
UK IFoA
USA SOA
USA CAS
• Australia – A1
195
• Canada – CIA
186
• France – IA
110
• Germany – DAV
122
• Japan – IAJ
33
• Netherlands – AG
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• South Africa – ASSA
40
• UK – IFoA
387
• USA – CAS
137
• USA – SOA
1,399
• TOTAL
2,642
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CERA Global Association Objectives
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to enhance the brand of the actuarial profession globally
to define and promote a uniform and valuable qualification
to be of value for members of the profession who wish to specialise in ERM
that is:
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based on a defined syllabus and achievement levels
consistent with modern, effective methodologies
supported by high-quality education and materials
issued locally, in many languages
recognised and portable internationally
subject to educational quality control
… by the global actuarial profession
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CERA Global Association Objectives
• To increase the number of people taking the CERA qualification through increased
awareness, recognition and acceptance of the CERA qualification as a
comprehensive and rigorous demonstration of the ERM skillset, by both actuaries
seeking to add to their skills set as well as employers and other “users” such as
regulators
• Growth in CGA membership
• 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, recognising 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.
• Number of regulator interactions with CERA as a specific agenda item
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CERA Global Association
For more information on the
curriculum and paths to CERA
visit the CERA global website
www.ceraglobal.org
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CERA Global Association
Hire a CERA; we can assure you that they
have been properly trained and educated
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