SCHAUMBURG, Ill., Nov. 17 /PRNewswire/ -- The Society of Actuaries (SOA) has announced today the launch of a global risk management designation, the CERA (Chartered Enterprise Risk Analyst), to address the urgent need for highly-qualified risk professionals globally, especially in the finance sector. The launch was marked by the SOA signing of a multilateral treaty in Hyderabad, India during the meetings of the International Actuarial Association (IAA).

The designation will initially be awarded by 14 IAA member associations in 12 countries around the world, including many of the major world economies, and will incorporate and adopt the name of the highly respected CERA qualification currently issued by the SOA in the United States.

It will recognize actuaries globally who meet stringent education requirements in Enterprise Risk Management (ERM) and are governed by a strong code of professional conduct.

Fred Rowley, chairman of the Global CERA Steering Group said, "The demand for highly qualified professionals in this field is growing rapidly as management and boards recognize the need for substantially improved risk management. Markets and regulators are demanding better and more informed decision making and risk controls."

"The SOA CERA qualification has confirmed a strong demand for the qualification and provides a sturdy foundation of insights and experience for the new global designation," Rowley said. "The signing of this treaty builds on this demand through the adoption of an updated syllabus and agreements on the recognition of the participants' education systems."

S. Michael McLaughlin, SOA president, said, "The technical standards of the qualification establish a benchmark for rigor and quality assurance. The syllabus is comprehensive and addresses the important challenges posed by the current financial pressures, across all major sectors. We are confident the designation will satisfy the risk management needs of enterprises and the public they serve around the world."

The Casualty Actuarial Society (CAS) joined the SOA in signing the treaty. CAS President John Kollar said, "The global ERM designation, CERA, will recognize actuaries as experts in the evaluation of enterprise risks and provide actuaries with broad opportunities to apply their skills in risk analysis. The CAS is delighted to join the global actuarial community in offering this designation."

Speaking at the launch, IAA President Katsumi Hikasa said, "The IAA is pleased to see this initiative on the part of 14 of its member associations. This combination of technical skills and professional governance will ensure that all actuaries awarded the designation are fully equipped to face current real-world challenges."

Since the creation of the CERA credential in the U.S. in 2007, there are 511 CERAs working within financial services, insurance, healthcare and other industries. This reflects the commitment to develop actuaries who can not only identify and assess risk, but lead an organization's risk strategies and provide clarity where none or little existed. With the CERA and other standards of actuarial excellence, the SOA continues its efforts to transform risk into opportunity, working closely with the international actuarial organizations with the global credential.

A full list of participating associations is below:

    The Institute of Actuaries of Australia
    Canadian Institute of Actuaries / Institut Canadien des Actuaires
    Deutsche Aktuarvereinigung e.V.
    Institut des Actuaires
    Israel Association of Actuaries
    Institute of Actuaries of Japan
    Colegio Nacional de Actuarios A.C.
    Het Actuarieel Genootschap
    Actuarial Society of South Africa
    Svenska Aktuarieforeningen
    Faculty of Actuaries
    Institute of Actuaries
    Casualty Actuarial Society
    Society of Actuaries

About the Society of Actuaries

The SOA is an educational, research and professional organization dedicated to serving the public and more than 21,000 members. The SOA's vision is for actuaries to be recognized as the leading professionals in the modeling and management of financial risk. Visit www.soa.org.

About the Casualty Actuarial Society

The Casualty Actuarial Society fulfils its mission to advance actuarial science through a focus on research and education. Among its 5,000 members are experts in property/casualty insurance, reinsurance, finance, risk management, and enterprise risk management. Additional information is available at www.casact.org.

    Contacts:    Kim McKeown
                 PR Program Manager
                 847.706.3528 or
                 kmckeown@soa.org

                 William Polk
                 Senior Account Executive
                 312.729.4140 or
                 wpolk@golinharris.com

SOURCE Society of Actuaries

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