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Chartered Enterprise Risk Actuary designation

The Actuarial Society of South Africa this past weekend joined actuarial societies around the world in adopting a tough new credential for actuaries, the Chartered Enterprise Risk Actuary (CERA) designation.

The new CERA credential is the most comprehensive and rigorous enterprise risk management (ERM) qualification available and will extend the analytical business skills traditionally applied by actuaries to the field of enterprise risk management.

Launched at the meeting of the International Actuarial Association (IAA) in Hyderabad, India, last week, CERA was adopted by 14 member associations, including the Actuarial Society of South Africa, through the signing of a multilateral treaty at the weekend. 

CERA aims to address the urgent global need for actuaries that are highly qualified in risk management.

According to the Society of Actuaries in the US, the CERA credential reflects the actuary's evolution - from helping the world better understand risk to leading an organisation's risk strategies using the framework of ERM.

The new CERA qualification incorporates the highly respected Chartered Enterprise Risk Analyst credential currently issued by the Society of Actuaries (SOA) in the US.

Shortly after the signing of the CERA Treaty, Garth Griffin, President of the Actuarial Society of South Africa, said: "We are delighted to be a founding signatory to the Treaty. The development of this globally recognized enterprise risk management credential comes at an especially important time for actuaries in South Africa."

He added that several major areas of financial services and other legislation are currently under review, placing a premium on effective risk management.

"The new Companies Act in South Africa, for example, requires every Board of Directors to have a significant focus on proper enterprise risk management.  In addition, the Actuarial Society is, this month, launching the new South African qualification for actuaries." 

"As one of the signatories to the Treaty we will shortly be incorporating this new CERA qualification into our education curriculum."