There have been recent developments regarding the CAS application for CERA award signatory status that warrant an announcement to CAS members at this time.
As background, in 2009 the CAS joined 13 other actuarial organizations across the globe in signing a treaty to establish a new enterprise risk management (ERM) designation. The credential CERA, or Chartered Enterprise Risk Analyst, will identify actuaries who meet stringent education requirements in ERM and are governed by a strong code of professional conduct. Per the treaty, the CERA Review Panel was formed to ensure that each treaty organization’s proposed CERA program meets the treaty standards. As each organization applies to become an Award Signatory (i.e., obtains permission to award the CERA designation) it must first be reviewed by this panel, which then makes its recommendation to the CERA Treaty Board.
The CAS submitted its application to become an Award Signatory to the CERA Review Panel last year and has been engaged in an on-going dialogue with the Panel regarding the proposed CAS program, which was first described in the August 2010 issue of The Actuarial Review. As part of that dialogue, the CAS has made revisions to its application, which have been approved by the CAS Board and resubmitted to CERA Review Panel. We are now awaiting feedback on our revised proposed requirements.
Although the CAS application has not yet received final approval, we are announcing the changes to our proposed requirements so that CAS members have the most up-to-date information regarding the potential paths to CERA through the CAS.
The CAS is now proposing the following criteria to qualify an individual for the CERA designation: CAS Associateship requirements plus credit for CAS Exams 7 and 9, or attainment of the CAS Fellowship designation, plus participation in a rigorous three-day seminar (described below) and successful completion of the U.K. ST9 Enterprise Risk Management Specialist Technical Exam.
Pending approval of the CAS application by the CERA Treaty Board, the CAS Vice Presidents for ERM and Admissions will develop a three-day ERM Seminar that will cover the ERM learning objectives covered in the U.K. ST9 Enterprise Risk Management Specialist Technical Exam and corresponding syllabus materials. The seminar is planned to be rigorous and intended to prepare candidates for successful completion of the ST9 Exam. The seminar is subject to CAS Board approval.
CAS members should note that the proposed CERA requirements no longer include successful completion of Exam ERM 57 – Enterprise-Wide Risk Management offered by the American Institute for Chartered Property Casualty Underwriters.
In addition to the exam pathway, the CAS will continue to develop a second path, called the Experienced Practitioners Pathway (EPP), that will allow the CAS to award the CERA designation to members who are leading practitioners and who are considered, by virtue of their experience, to have demonstrated a level of knowledge and understanding of ERM comparable to that achieved by other designees (by colleen at www.dresshead.com). The CAS EPP requires a separate approval that follows approval for award signatory status, and more details on the timing and process will be released when they are available.
The CAS is strongly committed to becoming a CERA award signatory and strengthening the actuarial profession by increasing the role of actuaries in enterprise risk management internationally. More information about the CERA credential can be found on the global CERA web site.
I look forward to sharing additional developments regarding the CAS application for award signatory status as soon as they are available. In the interim, if you have comments or feedback to share regarding the CERA designation, please post a comment to the blog.