New ERM standards for actuaries coming May 1. (ASOP’s 46 and 47, if you are keeping score.) Willis’ ERM guru, Dave Ingram, summarizes:
Broadly, the standards require that actuaries keep at least one eye on the big picture context at all times when doing ERM work.
The standards . . . discuss a number of specific considerations that actuaries should consider when doing economic capital modeling, stress testing, emerging risk evaluation, work on risk appetites, tolerances and limits, as well as risk mitigation.
The list of all ASOPs is here, with links to the new ERM standards at the bottom of the page.