SOA ERMEnterprise Risk Management (CERA / FSA cross-track)

Fellowship (FSA)

4 hours·8–10 written-answer questions·≈400 study hours

Score 0/0 · 5 MC

ERM · Q1
Written answer
Risk mitigation, hedging, ORSA & regulation
Describe the three sections of a U.S. NAIC ORSA Summary Report and explain how a reserving actuary's work feeds each.
ERM · Q2
Written answer
Risk mitigation, hedging, ORSA & regulation
Distinguish hedging from diversification as risk-mitigation strategies, and give one example of each for a life insurer with a large fixed-annuity block exposed to interest-rate risk.