Risk Management and Financial Reporting

The Risk Management and Financial Reporting Council (RMFRC) provides objective technical expertise to policymakers and regulators on issues involving risk management and/or financial reporting.

Enterprise Risk Management
Issues related to ERM encompassing property/casualty, life, and health actuarial practice areas.
Federal Insurance Regulation/Systemic Risk
Regulation of insurance by the federal government or as a systemic risk to the economy.
Solvency/Reinsurance
Domestic and international solvency, risk management, and reinsurance issues that affect multiple areas of actuarial practice.
Financial Reporting/International Accounting
Domestic and international financial reporting issues that affect multiple areas of actuarial practice.

Risk Management & Financial Reporting News

The Big Data Task Force submitted comments ahead of the U.S. Senate Committee on Banking, Housing, and Urban Affairs' hearing, Fintech: Examining Digitization, Data, and Technology. (September 17, 2018)
The ERM/ORSA Committee submitted comments to the NAIC’s Financial Regulation Standards and Accreditation (F) Committee on their ORSA Review Timelines exposure (September 5, 2018)
Big Data Task Force presentation to the NAIC Casualty Actuarial and Statistical Task Force (CASTF) Predictive Analytics Book Club on the Big Data and the Role of the Actuary monograph. (June 26, 2018)
The Academy released the monograph, Big Data and the Role of the Actuary, at the International Congress of Actuaries meeting in Berlin on June 5. The monograph examines how Big Data is providing actuaries with powerful new analytical tools and opportunities to work on Big Data projects, Academy Past President and Big Data Task Force Chairperson Bob Beuerlein told ICA attendees. Read the news release.

Interested in learning more? Join us on Nov. 1 and 2 for the Academy’s 2018 Annual Meeting and Public Policy Forum, which will feature a plenary session that will look at the evolution and implications of Big Data. Visit the event website for more information about the agenda and how to register.

(June 5, 2018)
The Financial Reporting Committee submitted comments to the Actuarial Standards Board for consideration on the International Actuarial Association's International Standard of Actuarial Practice 4—IFRS 17 Insurance Contracts exposure draft.  (May 25, 2018)

RISK MANAGEMENT & FINANCIAL REPORTING PUBLIC STATEMENTS

Comments and letters

Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.

Issue briefs

Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.

Policy papers

Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public. Includes monographs and white papers.

Presentations

Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.

Reports to the NAIC

The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of the risk management & financial reporting practice councils.

Testimony

Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.

Practice Notes

Practice notes

Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.