06 July 2010
Published in: Risk governance
First UK CERA qualifiers due soon
The first UK qualifiers for the CERA -- the new Chartered Enterprise Risk Actuary (CERA) qualification -- will be announced on 17 July, with the first qualifiers in Australia following shortly thereafter.
This follows the formal approval by the CERA Treaty Board for the UK Actuarial Profession to award the CERA qualification (IERM, Risk governance, 2 July 2010, "UK actuaries awarded CERA").
The profession's ST9 exam will be the basis for CERA status awarded by the UK Profession, and could also be used in the future by other national actuarial associations.
Ronnie Bowie, incoming president of the Institute and Faculty of Actuaries said: "This qualification demonstrates our commitment to creating the gold standard for risk management."
Malcolm Kemp, chairman of the Professions Enterprise Risk Management group, added: "Through this initiative, we can help to promote best-practice risk management approaches across the financial services sector."
The qualification is designed to equip actuaries to fulfil roles such as chief risk officer, covering individual risk categories and how they interact. In preparation for Solvency II and Basel III, the qualification requires understanding of how to measure, model and manage risks and how economic capital can be best applied.
CERA was first developed in the US, with the national associations of other countries later joining to create the CERA Treaty Board in November 2009.