[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-184180-en":3,"doc-seo-184180-105":31,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},184180,137451211410,"\tCallum ","https://ap-avatar.wpscdn.com/avatar/2000bb0a9246f588df?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786362646172706240",4,"Exam","Exam 9 CO 2026 Fall - Financial Risk Management and Enterprise Risk Analysis","Exam guide outlining appointment time, exam duration, breaks, and required pre-exam procedures including exam tutorial, confidentiality agreement, and end-of-exam survey. Covers four domains: catastrophe and reinsurance, risk and return, financial risk management, and enterprise risk management. Specifies concrete tasks such as fitting loss distribution exposure curves, evaluating reinsurance contract provisions, applying and using catastrophe models for ratemaking, and assessing risk through risk measures, capital allocation, pricing, and risk-adjusted performance. Includes readings and study-kit references used for preparation.","| APPOINTMENT TIME: 4.5 HOURS |  |  |\n| --- | --- | --- |\n| Exam Duration | Scheduled Break | Exam Tutorial, Confidentiality Agreement, End of Exam Survey |\n| 4 hours | 15 min | 15 min |\n\n\n| DOMAINS | DOMAIN WEIGHT |\n| --- | --- |\n| A. Catastrophe and Reinsurance | 25-35% |\n| B. Risk and Return | 20-30% |\n| C. Financial Risk Management (FRM) | 20-30% |\n| D. Enterprise Risk Management (ERM) | 15-25% |\n\n\n| TASKS |\n| --- |\n| 1. Fit loss distribution-based exposure curves. |\n| 2. Determine the loss cost of various types of reinsurance contracts (e.g., excess of loss, quota share, surplus share, treaty, aggregate excess of loss, and facultative) . |\n| 3. Determine the effect of common contract provisions (e.g., reinstatements, loss corridors, clash covers, profit and sliding scale commissions) on the loss cost of reinsurance contracts. |\n| 4. Evaluate catastrophe models. |\n| 5. Apply catastrophe models to ratemaking. |\n| Readings:\u003Cbr>-Grossi & Kunreuther\u003Cbr>-Clark\u003Cbr>-Bernegger |\n\n\n| TASKS |\n| --- |\n| 1. Define and apply risk taxonomies and the concept of a risk measure. |\n| 2. Calculate and compare financial risk using risk measures. |\n| 3. Evaluate the economic value of insurance cash flows reflecting the time value of money, including the selection of interest rates. |\n| 4. Determine risk loads for insurance pricing. |\n| 5. Assess insurance profitability by decomposition (e.g., return on equity, margin on premium, leverage) . |\n| Readings:\u003Cbr>-Mildenhall & Major |\n\n\n| TASKS |\n| --- |\n| 1. Describe and explain the financial risk and capital structure of insurers, the cost of insurance capital, and the impact and sources of insurance market imperfections (e.g., informationalasymmetries, competition, potential financial distress) . |\n| 2. Allocate the cost of risk capital to business units or lines of business. |\n| 3. Set prices for insurance policies on a risk-adjusted basis. |\n| 4. Assess risk-adjusted performance of business units or lines of business. |\n| 5. Estimate and manage interest rate and credit risk (e.g., default, prepayment, reinsurance) . |\n| 6. Describe and apply the basics of structured finance. |\n| 7. Describe and apply securitization and its applications to the management of catastrophe risk (e.g., CAT bonds, insurance-linked securities) . |\n| Readings:\u003Cbr>-Coval, Jurek, and Stafford\u003Cbr>-Cummins Capital\u003Cbr>-Cummins CAT Bond\u003Cbr>-Mildenhall & Major\u003Cbr>-Panning |\n\n\n| TASKS |\n| --- |\n| 1. Describe the common process of ERM. |\n| 2. Determine operational and strategic risks. |\n| 3. Analyze insurance and financial risk quantitatively. |\n| 4. Determine the effect of risk measures and risk modeling on strategic management. |\n| 5. Select models to manage diverse risks and evaluate correlations of risks. |\n| 6. Develop risk mitigation strategies. |\n| 7. Assess effectiveness of risk mitigation strategies. |\n| Readings:\u003Cbr>-Brehm et al |\n\n\n| Citation | Abbreviation | Domains/ Tasks | Source |\n| --- | --- | --- | --- |\n| Bernegger, S.,“Swiss Re Exposure Curves and the  MBBEFD Distribution Class,” ASTIN Bulletin, Vol. 27, No. 1, May 1997, pp. 99-111. | Bernegger | A1 | OP |\n| Brehm, P. ; Gluck, S. ; Kreps, R. ; Major, J. ; Mango, D. ; Shaw, R.; Venter, G.; White, S.; and Witcraft, S., Guy Carpenter,“Enterprise Risk Analysis for Property & Liability Insurance Companies,”\u003Cbr>-Chapters 1, 2 (excluding Section 2. 6), 3 (excluding Section 3.4), 4, and 5 (Section 5.4 only). | Brehm et al. | D1-D6 | SK |\n| Clark, D. R.,“Basics of Reinsurance Pricing,” CAS Study Note, Revised 2014. | Clark | A2-A3 | OP |\n| Coval, J. ; Jurek, J. ; and Stafford, E.,“The Economics of Structured Finance,” The Journal of Economic Perspectives, American Economic Association, Winter 2009, Vol. 23, No. 1 | Coval, Jurek,\u003Cbr>and Stafford | C5-C6 | SK |\n| Cummins, J. D.,“Allocation of Capital in the Insurance Industry,” Risk Management and Insurance Review, American Risk and Insurance Association, Inc., Spring 2000, Vol. 3, No. 1, pp. 7-27. Including study note. ","cbCaif267QKN4ESp","https://ap.wps.com/l/cbCaif267QKN4ESp","pdf",184684,3,1,8,"English","en",105,"# Exam Structure\n## Appointment time and exam duration\n## Scheduled break and exam tutorial\n## Confidentiality agreement and end-of-exam survey\n# Domains\n## Catastrophe and reinsurance\n## Risk and return\n## Financial risk management (FRM)\n## Enterprise risk management (ERM)\n# Tasks and Preparation\n## Exposure curves and reinsurance contract pricing effects\n## Financial risk measures, valuation, and pricing\n## Insurer capital structure, structured finance, and securitization\n## ERM process, operational risks, and risk mitigation strategies\n# Readings and Source Materials","[{\"question\":\"What is the exam schedule and what pre-exam activities are required?\",\"answer\":\"The appointment time is 4.5 hours. The syllabus includes a scheduled break, an exam tutorial, a confidentiality agreement, and an end-of-exam survey.\"},{\"question\":\"Which reinsurance and catastrophe topics are tested?\",\"answer\":\"The tasks include fitting loss-distribution-based exposure curves, determining loss costs for multiple reinsurance contract types, evaluating the effect of contract provisions, evaluating catastrophe models, and applying catastrophe models to ratemaking.\"},{\"question\":\"What does the financial risk and capital structure portion require?\",\"answer\":\"The exam specifies explaining insurers’ financial risk and capital structure, determining the cost of insurance capital, allocating risk capital to business units, setting risk-adjusted policy prices, assessing risk-adjusted performance, and estimating/managing interest rate and credit risk as well as structured finance fundamentals.\"}]","Exam 9 CO 2026 Fall - Financial Risk Management and Enterprise Risk Analysis | PDF",1788356794,20,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":29},"exam-9-co-2026-fall-financial-risk-management-and-enterprise-risk-analysis","",{"@graph":37,"@context":85},[38,53,68],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,51],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":20},"https://docshare.wps.com/document/exam/",{"item":52,"name":13,"@type":44,"position":11},"https://docshare.wps.com/document/exam-9-co-2026-fall-financial-risk-management-and-enterprise-risk-analysis/184180/",{"url":52,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":42,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-09-06","2026-09-02",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the exam schedule and what pre-exam activities are required?","Question",{"text":75,"@type":76},"The appointment time is 4.5 hours. The syllabus includes a scheduled break, an exam tutorial, a confidentiality agreement, and an end-of-exam survey.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Which reinsurance and catastrophe topics are tested?",{"text":80,"@type":76},"The tasks include fitting loss-distribution-based exposure curves, determining loss costs for multiple reinsurance contract types, evaluating the effect of contract provisions, evaluating catastrophe models, and applying catastrophe models to ratemaking.",{"name":82,"@type":73,"acceptedAnswer":83},"What does the financial risk and capital structure portion require?",{"text":84,"@type":76},"The exam specifies explaining insurers’ financial risk and capital structure, determining the cost of insurance capital, allocating risk capital to business units, setting risk-adjusted policy prices, assessing risk-adjusted performance, and estimating/managing interest rate and credit risk as well as structured finance fundamentals.","https://schema.org",{"og:url":52,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":92},[93,97,101,104,109,114,119,123,127,130,134],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":102,"slug":103},70,"exam",{"id":105,"doc_module":4,"doc_module_name":47,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":47,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":47,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":22,"doc_module":4,"doc_module_name":47,"category_name":120,"show_sort_weight":121,"slug":122},"Research & Report",30,"research-report",{"id":124,"doc_module":4,"doc_module_name":47,"category_name":125,"show_sort_weight":30,"slug":126},9,"Religion & Spirituality","religion-spirituality",{"id":30,"doc_module":4,"doc_module_name":47,"category_name":128,"show_sort_weight":30,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":47,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":47,"category_name":136,"show_sort_weight":105,"slug":137},19,"General","general"]