Risk Management and Financial Reporting Council
The Risk Management and Financial Reporting Council oversees the Academy’s work on domestic and international financial reporting and risk management issues. It also coordinates Academy work affecting multiple areas of actuarial practice and serves as a liaison to public policy-makers, the financial community, and insurance industry representatives on these issues.
Staff Liaison:
Will Benke
Chairperson:
Steve Malerich
Members:
Dorothy Andrews
Rowen Bell
Seong-min Eom
Charles Ford
Dana Hunt
Jeffrey Johnson
Novian Junus
Kenneth Kasner
Gareth Kennedy
Darrell Knapp
Warren Manners
Patricia Matson
Marc Oberholtzer
Peter Ott
Jason Pessel
Bruce Stahl
Randall Stevenson
Kyle Stolarz
Sheldon Summers
Jeremy Williams
Rowen Bell
Seong-min Eom
Charles Ford
Dana Hunt
Jeffrey Johnson
Novian Junus
Kenneth Kasner
Gareth Kennedy
Darrell Knapp
Warren Manners
Patricia Matson
Marc Oberholtzer
Peter Ott
Jason Pessel
Bruce Stahl
Randall Stevenson
Kyle Stolarz
Sheldon Summers
Jeremy Williams
Related Publications
Committee Comments on RBC Preamble Re-Exposure
The Prudential Regulation Committee sent a comment letter to the NAIC’s Capital Adequacy (E) Task Force on the re-exposure draft of Risk-Based Capital (RBC) Revised Preamble, 2024-16-CA.
Topics: Public Policy Risk Management
Date Published: 05/08/2025
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Committee Submits Agenda Request to FASB on Fixed Indexed Annuities
The Life GAAP Reporting Committee submitted an agenda request to the Financial Accounting Standards Board (FASB) regarding the application of accounting guidance for indexed annuity...
Topics: Life
Date Published: 05/08/2025
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Practice Councils Comment to NAIC’s New RBC Model Governance Task Force
Vice presidents of the Academy’s Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council provided comments to the NAIC’s...Date Published: 03/14/2025
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DSAC Comments to IAIS on a Public Consultation on AI
The Data Science and Analytics Committee (DSAC) submitted comments to the International Association of Insurance Supervisors (IAIS) on IAIS' public consultation draft application paper on the...Date Published: 02/27/2025
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Committees Comment to FASB on Agenda Request
The Financial Reporting Committee and the Life GAAP Reporting Committee sent an agenda request letter to the Financial Accounting Standards Board (FASB) encouraging FASB to consider a project...Date Published: 02/04/2025
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DSAC Releases Paper on Natural Experiments
The Data Science and Analytics Committee (DSAC) has released an issue paper, Natural Experiments. The paper discusses an approach to establish causation that approximates the construction of a...
Topics: Financial Reporting Risk Management
Date Published: 12/03/2024
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Committees Release White Paper on Hedging & Risk Management
The Risk Management and Financial Reporting Council’s (RMFRC) Financial Reporting Committee, ERM/ORSA Committee, and the Life Practice Council’s Life GAAP Reporting Committee released a white...Date Published: 11/18/2024
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Defining Big Data
The Data Science and Analytics Committee released an issue paper, Defining Big Data. The paper is intended to build a shared language and concepts of big data and associated themes for the actuarial...Date Published: 09/25/2024
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DSAC Present to CASTF on Data Bias
Members of the Data Science and Analytics Committee presented at the NAIC CASTF (Casualty Actuarial Statistical Task Force) "Book Club". The presentation explored key types of data bias that...Date Published: 08/28/2024
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Committee Comments on AI Use in the Financial Services Sector
The Data Science and Analytics Committee commented to the U.S. Department of the Treasury on the Request for Information (RFI) on Uses, Opportunities, and Risks of Artificial Intelligence in the...Date Published: 08/12/2024
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New Paper Examines Climate Events and Their Effects on Various Populations
The Climate Change Joint Committee released an issue paper, Climatic Events, Inequities, and Risk Mitigation. The paper focuses on the cause-and-effect relationship that different climatic events...
Topics: Financial Reporting Risk Management
Date Published: 07/26/2024
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Prudential Regulation Committee Comments to IAIS on a Public Consultation on Climate Risk
The Prudential Regulation Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on its public consultation on climate risk supervisory guidance – ICP...Date Published: 06/19/2024
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Committee Comments on Risk Based Capital Preamble Exposure
The Prudential Regulation Committee sent a comment letter to the National Association of Insurance Commissioners (NAIC) Capital Adequacy (E) Task Force on the exposure draft of Risk-Based Capital...Date Published: 05/31/2024
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ERM/ORSA Committee Comments on ASOP No. 12 Exposure Draft
The ERM/ORSA Committee submitted comments to the Actuarial Standards Board regarding the proposed revision of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice...Date Published: 05/01/2024
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Committees Comment to FASB on Financial Reporting Draft
The Financial Reporting Committee and the Life GAAP Reporting Committee sent a comment letter to the Financial Accounting Standards Board (FASB) on the exposure draft of Chapter 6: Measurement, of...
Topics: ASB Financial Reporting
Date Published: 03/21/2024
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Work Group Releases Liquidity Risk Practice Note
The Liquidity Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note Liquidity Risk, a revision to a previous practice note published in 2000. The...Date Published: 02/14/2024
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Committee Releases Issue Brief on Group Capital Requirements
The Prudential Regulation Committee released an issue brief, Introduction to Insurance Group Capital Requirements, which focuses on U.S. application, including a discussion of the two primary...
Topics: Financial Reporting Risk Management
Date Published: 01/24/2024
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Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP
The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note , which covers aspects of the application of Accounting Standards...
Topics: Financial Reporting Risk Management
Date Published: 12/27/2023
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ERM/ORSA Committee Comments to ASB on ERM ASOP Exposure Draft
The ERM/ORSA Committee's comments submitted to the Actuarial Standards Board (ASB) in response to the request of the ASB’s Enterprise Risk Management Committee to provide written comments on the...Date Published: 09/13/2023
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Presentation on Cyber Risk at CREAR Cyber Conference
Director of Research Steve Jackson presented on cyber risk at an International Workshop on Cyber Risk and Security during the Center of Research in Econo-finance and Actuarial sciences on Risk...Date Published: 09/12/2023
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