The list of readings below includes links to the documents which are available for downloading free of charge without copyright restrictions. The list is intended to be a list of representative references which cover the CERA learning objectives, although it is acknowledged that some sections of the books cover more material (and at a greater depth) than is contemplated by those learning objectives.

PRIMARY REFERENCES

Society of Actuaries (2006) Enterprise risk management specialty guide

Doherty, N (2000) Integrated risk management: Techniques and strategies for managing corporate risk. McGraw-Hill

International Actuarial Association (2008) Practice note on enterprise risk management for capital and solvency purposes in the insurance industry

Crouhy, M, Galai, D and Mark, R (2001) Risk management. McGraw-Hill

Lam, James (2003) Enterprise risk management: From incentives to controls. John Wiley

International Actuarial Association (2004) A global framework for insurer solvency assessment

McNeil, A R, Frey, P, Embrechts, P (2005) Quantitative risk management. Princeton University Press

Society of Actuaries (2006) Specialty guide on economic capital

Chapman, Robert J (2006) Simple tools and techniques for enterprise risk management. John Wiley

SUPPLEMENTARY REFERENCES

A.M. Best (January 2008) Risk Management and the Rating Process for Insurance Companies, Best Rating Methodology.

American Academy of Actuaries (September 2002) Fair Valuation of Insurance Liabilities: Principles and Methods

Babbel, D, Gold, J and Merrill, C ( 2002), " Fair Value of Liabilities: the Financial Economics Perspective", North American Actuarial Journal, vol. 6, no. 1, 12-27.

Bogle, J. (2008), "Black Monday and Black Swans," Financial Analysts Journal,64:2(30-40).

Canadian Institute of Actuaries (2007) "Liquidity Risk Measurement", CIA Educational Note.

CFSB (2004) CSFB Credit Portfolio Modeling Handbook (Ch. 4 "Demystifying copulas").

Federation of European Risk Management Associations (2002) A Risk Management Standard, Monograph.

IAIS (October 2007), "Guidance Paper on Enterprise Risk Management for Capital Adequacy and Solvency Purposes".

KPMG (2001), "Understanding Enterprise Risk Management: An Emerging Model for Building Shareholder Value".

Moody’s (October 2000), Moody’s Looks at Risk Management and the New Life Insurance Risks.

Moody’s (February 2006), Moody’s Looks at Terrorism Risk in the U. S. Life Insurance Industry.

Standard & Poor’s (June 2006), Insurance Criteria: Refining the Focus of Insurer Enterprise Risk Management Criteria.

Resti, A. and A. Sironi (2007), Risk Management and Shareholder Value in Banking: From Risk Measurement Models to Capital Allocation Policies, John Wiley and Sons.

Sandstrom, Arne (2005), Solvency: Models, Assessment and Regulation, Chapman and Hall.

Tillinghast (2002), "Risk Value InsightsTM: Creating Value Through Enterprise Risk Management - A Practical Approach for the Insurance Industry", Tillinghast Monograph.

Tillinghast (2004) "Adding Value Through Risk and Capita management- an ERM Update on the Global Insurance Industry", Tillinghast ERM Survey.

Tilman, Leo M. (ed) (2003) Asset/Liability Management of Financial Institutions: Maximizing Shareholder Value through Risk-Conscious Investing, Institutional Investor.

Zhang, Song (2005), "Risk Aggregation for Capital Requirements Using the Copula Technique," Risk Management Newsletter, March 2005, Issue #4.