To address the need for improved risk management

The Actuarial Profession has launched a global risk management designation, the Chartered Enterprise Risk Actuary (CERA), to address the requirement for qualified risk professionals globally, especially in the financial sector.

Ronnie Bowie, president of the Faculty of Actuaries, and Nigel Masters, president of the Institute of Actuaries, signed a multilateral treaty in Hyderabad, India, during meetings of the International Actuarial Association (IAA).

The concept of combining technical skills with professional standards of conduct has been gaining ground. This credential, and the discipline it represents, address that need directly. The credential will be awarded through qualified participating associations, will incorporate and adopt the name of the CERA qualification currently issued by the Society of Actuaries (SOA) in the US.

Fred Rowley, chairman of the Global CERA Steering Group, said: “The demand for highly qualified professionals in this field is growing rapidly as management and boards recognise the need for substantially improved risk management. Markets and regulators are demanding better and more informed decision making and risk controls.”

Colin Ledlie, chairman of the Actuarial Profession’s enterprise risk management executive committee, said: “The UK Actuarial Profession is delighted to support the new global CERA credential. Our recently launched enterprise risk management examination was developed to be consistent with CERA and provides an excellent means for actuaries to develop their skills in the growing field of enterprise risk management”