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CP1 Actuarial Practice Exam Prep
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Module 10
Enterprise Risk Management
1
Components of ERM Frameworks
Describe the components of an enterprise risk management (ERM) framework.
2
Understanding Risk: Appetite, Tolerance, and Limits
Explain the concepts of risk appetite, risk tolerance, and risk limits in a business context.
3
Risk Identification & Taxonomy
Describe methods for risk identification and classification within a risk taxonomy (e.g., market, credit, insurance, operational).
4
Risk Assessment and Measurement: Qualitative and Quantitative Approaches
Describe methods for risk assessment and measurement, including qualitative and quantitative approaches.
Interconnected Risks: Understanding Interactions and Correlations
Analyze how risks can interact and correlate across different categories.
6
Risk Control & Mitigation Techniques
Describe the main risk control and mitigation techniques (e.g., diversification, underwriting, reinsurance, hedging).
7
Capital as a Tool for Residual Risk Management
Explain the role of capital as a tool for managing residual risk.
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Product Design and Pricing Strategy
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Valuation, Reporting, and Surplus Analysis