Actuarial Enterprise Risk Management

lactu2260  2022-2023  Louvain-la-Neuve

Actuarial Enterprise Risk Management
3.00 credits
15.0 h
Q2
Teacher(s)
De Longueville Philippe;
Language
English
Prerequisites
English knowledge, level of course LANGL1330.

Knowledge of the actuarial and risk management concepts at the level of the courses:
  • Actuariat des assurances dommages (LACTU2010)
  • Actuariat de l'assurance-vie (LACTU2030)
  • Quantitative Risk Management (LACTU2210)
  • Mathématiques financières (LINMA2725)
Main themes
Enterprise Risk Management.
Learning outcomes

At the end of this learning unit, the student is able to :

1 Contribution of the course to learning outcomes in the Master in Actuarial Sciences programme. By the end of this activity, students will have made progress in:
  • As a priority, the following LO: 1.2, 1.6, 1.7, 2.1
  • In a secondary way the following LO: 2.2, 2.4, 3.1, 3.3
At the end of the course, the students will:
  •  
  • have a comprehensive understanding of ERM;
  • understand the risk management process: identify, analyse, measure and mitigate the risks faced by an undertaking, with a focus on (re)insurance companies;
  • understand how different risks can interact;
  • understand the governance aspects of risk management;
  • make the link between different areas of the actuarial sciences;
  • be able to develop a simplified economic capital model;
  • understand the importance and limitation of modelling in ERM.
 
Content
Introduction
Chapter 1: Risk Management in Context
Chapter 2: Corporate governance
Chapter 3 : Evolution of risk management
Chapter 4: Risk Management Applications
Chapter 5: Case study
Teaching methods
The course consists of 7 courses of 2 hours and 1 course of 1 hour, extra readings (discussed during the courses), a case study and an extra optional Q&A session at the end.
Evaluation methods
First session : written examination and case study.
For the second session, the examination is in principle written. The lecturer may decide to organise an oral examination if the number of participants is limited. The completion of a case study is not required, unless the student did not carried out the case study in the first session.
Other information
The course is optional for the students in the Master in Actuarial Science - ULB and Master of Actuarial and Financial Engineering – KULeuven
The course refers to reinsurance and prudential requirements of (re)insurance companies, as teached in
Bibliography
  • Lam, J. (2000). Enterprise Risk Management, From Incentives to Controls, second edition, Wiley, 2014.
  • Regulatory texts (Solvency II directive, BNB circulars…)
  • Practical insurance and reinsurance experience
Faculty or entity
LSBA


Programmes / formations proposant cette unité d'enseignement (UE)

Title of the programme
Sigle
Credits
Prerequisites
Learning outcomes
Master [120] in Actuarial Science
ACTU2M
3