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The Global CERA Credential
A Global Credential
CERA as a Global Credential
Idea emerged from discussions at meetings of the International Actuarial Association and the international Presidents’ Forum
The SOA’s CERA credential viewed as a model for a global credential
History in the Making
In November 2009, the SOA and 13 actuarial organizations signed a treaty to establish SOA’s CERA credential as the globally recognized ERM credential
First time (we believe) in any profession that multiple organizations have joined to offer a specialized credential!
Global CERA Treaty
Overview
ERM Defined
Enterprise Risk Management is the discipline by which an organization in any industry assesses, controls, exploits, finances and monitors risks from all sources for the purpose of increasing the organization’s short- and long-term value to its stakeholders.
Enterprise Risk Management
Growing need for organizations to link their risks across their business units and adopt a more comprehensive framework
ERM is the process of risk analysis and management across an entire organization
ERM is a combination of risk models and governance
A New Risk Credential
The Society of Actuaries (SOA) identified the need for a new credential to demonstrate ERM competence in the traditional and broader financial services marketplace
In June 2005 the SOA Board approved the development of new risk credential
CERA Introduction
The CERA credential is the first new professional credential to be introduced by the SOA since 1949
Currently there are 662 CERAs in the workforce
The Chartered Enterprise Risk Analyst (CERA) credential encompasses the most comprehensive and rigorous demonstration of enterprise risk management (ERM) expertise available.
CERA
Benefits
Global Marketplace Benefits
Enables organizations to be transparent
Helps companies meet financial reporting and control requirements
Addresses security and technology issues
Prepares for disaster and business continuity in post-9/11 world
Helps companies remain competitive in a global marketplace
Employer Benefits
Increases value of human capital through ERM expertise
Helps internal ERM program
Helps implement clients’ ERM programs
Differentiates firm as ERM experts
CERAs possess strong quantitative and financial assessment skills
Candidate Benefits
The most comprehensive and rigorous ERM training available
Enhance exposure to the C-suite
Differentiates them from other risk professionals
Advances the field of ERM
Expands professional network
Significance of CERA Credential
ERM is a best practice
Brings consistency and standardization to ERM practice
Expands actuarial skill set into nontraditional sectors, such as Broader Financial Services
Curriculum
Curriculum
Approximately 3-4 years to obtain the CERA credential
Includes actuarial science, ERM principles and professionalism
Chartered Enterprise Risk Analyst (CERA) Credential for ERM
Global CERA Credential Strategy and Operations
Strategy
Facilitate free movement of actuaries internationally
Increase the influence of the actuarial profession in the sphere of enterprise risk management
Allows CERAs to have an internationally recognized credential
Operations
Treaty Board established, meets by conference call twice monthly
Each participating actuarial organization appoints a member to serve a three-year term
CERA Global Association (CGA) established using a verein model on 7th May 2010
Operations
Efforts are now underway to complete the transfer of the SOA intellectual property in the CERA to the CGA
U.K. application was approved for award signatory status
Four organizations are in queue for review of their applications to be award signatories (Australia, CAS, Netherlands and South Africa)