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Risk Management and Financial Reporting Council

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.
Volunteer Academy Connect
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

Related Publications

Committee Comments on NAIC Form F Guidance Manual Exposure Draft

ERM/ORSA Committee comments to the NAIC’s Group Solvency Issues (E) Working Group on the Form F Guidance Manual exposure draft.  
Topics: Financial Reporting NAIC Risk Management Solvency
Date Published: 12/05/2016
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Comments on NAIC Staff Memo on Group Capital Calculation

Solvency Committee comments to the NAIC's Group Capital Calculation (E) Working Group on its NAIC Staff Memo - Inventory Method Items with Questions exposure draft.  
Topics: Financial Reporting NAIC Risk Management Solvency
Date Published: 10/24/2016
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Comments to IAIS on Risk-Based Global ICS Consultation Document

Solvency Committee comments to the International Association of Insurance Supervisors (IAIS) on the Risk-based Global Insurance Capital Standard Version 1.0 public consultation document dated July...
Topics: Financial Reporting Risk Management Solvency
Date Published: 10/19/2016
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ERM/ORSA Committee Comments on NAIC’s “Draft Form A Review Best Practices” Exposure

ERM/ORSA Committee comments to the NAIC’s National Treatment and Coordination (E) Working Group on its “Draft Form A Review Best Practices” exposure document.
Topics: Financial Reporting NAIC Risk Management
Date Published: 08/17/2016
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Task Force Comments on Fed's Proposed Rule on Enhanced Prudential Standards

Financial Regulatory Task Force comments to the Federal Reserve Board (Fed) on its proposed rule on Enhanced Prudential Standards for Systemically Important Insurance Companies. 
Topics: Financial Reporting Risk Management
Date Published: 08/17/2016
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Presentation on ORSA Policy Paper and Practice Note to NAIC

ERM/ORSA Committee presentation to the National Association of Insurance Commissioners' (NAIC) ORSA Implementation (E) Subgroup on the committee's recently released policy paper and practice note. 
Topics: Financial Reporting NAIC Risk Management
Date Published: 08/10/2016
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Quantifying Risk Exposures for ORSA Reports

Risk Exposures Subgroup practice note on quantifying risk Exposures for Own Risk and Solvency Assessment (ORSA) reports. 
Topics: Financial Reporting Risk Management Solvency
Date Published: 06/27/2016
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Solvency Committee Comments on "Operational Risk 2016 Factors"

Solvency Committee comments to the NAIC's Operational Risk (E) Subgroup on its "Operational Risk 2016 Factors" exposure document. 
Topics: Financial Reporting NAIC Risk Management Solvency
Date Published: 06/06/2016
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Exposure Draft: Quantifying Risk Exposures for ORSA Reports

ERM/ORSA Committee exposure draft of a new practice note, Quantifying Risk Exposures for Own Risk and Solvency Assessment Reports. 
Topics: Financial Reporting Risk Management Solvency
Date Published: 03/07/2016
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Comments to FASB on Fair Value Measurement Disclosure Framework

Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update, Fair Value Measurement (Topic 820): Disclosure Framework. 
Topics: ASB Financial Reporting Risk Management
Date Published: 02/18/2016
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White Paper Exposure Draft on Issues in Implementing FASB Short-Duration Contract Disclosures

Financial Reporting Committee exposure draft of a new white paper on Challenges and Issues Implementing the FASB Short-Duration Contract Disclosures. Comments on the exposure draft are due Mar. 15. 
Topics: ASB Financial Reporting Risk Management
Date Published: 02/17/2016
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ERM/ORSA Committee Overview on ORSA Reports

ERM/ORSA Committee overview on the role of regulatory actuaries in reviewing Own Risk and Solvency Assessment (ORSA) reports.   
Topics: Financial Reporting Risk Management Solvency
Date Published: 02/01/2016
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Comments to IAIS on NTNI Consultation Document

Solvency Committee comments to the International Association of Insurance Supervisors (IAIS) on the Non-traditional Non-insurance Activities and Products public consultation document dated November...
Topics: Financial Reporting Risk Management Solvency
Date Published: 01/25/2016
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Presentation to FSOC on Actuaries and Financial Stability

ERM/ORSA Committee presentation to the Financial Stability Oversight Council on the role actuaries play in promoting financial stability. 
Topics: Financial Reporting Risk Management
Date Published: 12/11/2015
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Comments to IAA on ERM White Paper

ERM/ORSA Committee comments to the International Actuarial Association (IAA) on its white paper "Actuarial Aspects of ERM for Insurance Companies." 
Topics: Financial Reporting Risk Management
Date Published: 11/20/2015
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Comments to NAIC on Group Capital Calculation Recommendation

Solvency Committee comments to the National Association of Insurance Commissioners on the Group Capital Calculation Recommendation exposure draft. 
Topics: Financial Reporting NAIC Risk Management Solvency
Date Published: 10/27/2015
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Comments to FASB on Limiting Unlocking Assumptions on Insurance Contracts

Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) on its proposal to limit unlocking the assumptions and discount rates for long-duration insurance contracts...
Topics: ASB Financial Reporting Risk Management
Date Published: 09/16/2015
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Comments to NAIC on Reinsurer Passporting

Reinsurance Committee comments to the National Association of Insurance Commissioners (NAIC) on the draft Certified Reinsurers and Passporting Public Document. 
Topics: Financial Reporting NAIC Reinsurance Risk Management
Date Published: 09/11/2015
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Presentation on 99.5 Percent VaR Over One Year to NAIC

Solvency Committee presentation to the National Association of Insurance Commissioners (NAIC) on the practical implications of using a 99.5 percent Value at Risk (VaR) over a one-year time horizon...
Topics: Financial Reporting NAIC Risk Management Solvency
Date Published: 08/15/2015
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Comments to NAIC on Group Capital Standards

Solvency Committee comments to the National Association of Insurance Commissioners (NAIC) on the Discussion Draft on Approaches to a Group Capital Calculation dated July 23, 2015. 
Topics: Financial Reporting NAIC Risk Management Solvency
Date Published: 08/07/2015
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