FINANCIAL AND ENTERPRISE RISK MANAGEMENT (ERM) COMMITTEE
The ERM Committee is responsible for growing and supporting the role of actuaries in the field of ERM.
The committee identifies and manages areas of research to support the establishment of an actuarial framework for Enterprise Risk Management (ERM) and to develop actuarial methodologies for measuring and managing Financial Risks.
The objectives include:
- Formulate views of the South African actuarial profession on matters of concern to the profession in this field to South African institutions.
- Co-operate with other Actuarial Society Committees, particularly the Health, Pensions, Short Term Insurance, Long-Term Insurance and Investment Committees to:
- consider issues of joint concern
- ensure a co-ordinated approach in providing guidance to actuaries: and
- formulate an actuarial process to risk assessment
- Promote and encourage the development of actuarial skills in financial risk within the actuarial profession in South Africa, including recommendations to the ASSA Education Committee.
- Maintain contact with the appropriate Committee(s) of the International Actuarial Association and develop and maintain contact with AFIR (the Financial Risk Section of the International Actuarial Association);
- Liaises with other professional bodies on enterprise and financial risk related issues. e.g. IRMSA, PRMIA and GARP; and
- Provides input to regulators on enterprise and financial risk management issues. This includes the implementation and management of the Basel 2 Accord for banks and Solvency Assessment and Management (SAM) for insurers.