By: Jason Blundy, Sr. Recruiter
& Dave Benton, Partner
As companies within the insurance, financial and other related industries have worked to expand their businesses in search of growth opportunities, the need for enterprise-wide risk strategies has become increasingly clear. Moreover, the impact of the “Great Financial Crisis” and resultant recession put the subject of risk management at or near the top of the agenda for every business. Risk management has always been an underlying and key responsibility of actuaries; however, as the emphasis on Enterprise Risk Management frameworks has become prevalent across a variety of industries, the number of newer career opportunities for actuaries likewise has increased.
In 2007, in response to the growth of ERM, the Society of Actuaries responded by creating the Chartered Enterprise Risk Analyst (CERA) credential to help educate and prepare actuaries and other risk-related professionals for newly expanded roles in the risk management field. It was the first new designation offered by the SOA since the organization was founded in 1949. In less than a decade, the credential has become widely recognized across several industries, including insurance, financial services, manufacturing and healthcare.
There are now approximately 1,000 credentialed CERA’s worldwide, with the majority of CERA holders in North America, but also a good number in Asia Pacific. We spoke with Andrea Lee, the SOA’s Marketing Director, to get a more complete understanding of the value of the CERA credential as well as plans for its further development. Ms. Lee believes that the CERA is a great tool and designation that demonstrates a professional’s commitment and dedication to the risk management arena. By providing the curriculum, tools and designation for actuaries to increase their risk management profile, the SOA believes the CERA will help to push actuaries into more non-traditional roles in other industries outside of Insurance and Finance.
Ms.Lee added that, in the past year, the SOA has accelerated its marketing efforts to promote the designation. To that end, a new ERM exam has been introduced, which should be a good indicator for future interest in completion of
the CERA designation. The ability to earn the CERA credential in conjunction with the actuarial designations, while gaining valuable on-the-job education by working directly with ERM strategies, has played a large part in the designation’s appeal and quick adoption in the marketplace. With the need for Enterprise Risk Management practices only likely to increase in coming years, it seems assuredly the CERA credential will grow in prominence
as more risk professionals look to expand their responsibilities into new arenas.