The UK Actuarial Profession has won formal approval to award the new Chartered Enterprise Risk Actuary (CERA) qualification for actuaries with unanimous support from the CERA Treaty Board.
The Profession’s ST9 exam will be the basis for CERA status awarded by the UK Profession, and could also be used in the future by other national actuarial associations.
The qualification is designed to equip actuaries to fulfil roles such as chief risk officer. Importantly for complex financial institutions it covers individual risk categories and how they interact. In preparation for Solvency II and Basel III the qualification requires understanding of how to measure, model and manage risks and how economic capital can be best applied.
The first new UK qualifiers will be announced on 17 July with the first qualifiers in Australia shortly thereafter.