Dave Ingram
Riskviews is produced by
David N Ingram, CERA, FRM, PRM
Semi-Retired (Former Executive Vice President – Willis Re)
Senior ERM Consulting Actuary – Actuarial Risk Management (beginning 2022)
This blog is an outside business activity. As such, ARM does not review or approve materials presented herein. By viewing or participating in discussion on this blog, you understand that the opinions expressed within do not reflect the opinions or recommendations of ARM, but are the opinions of the author and individual participants.
Photo by Deanne Fitzmaurice
Dave was a member of Willis Re’s Analytics team based in New York. Dave provided ERM, risk assessment and capital management advisory services to Willis Re’s insurance clients. He retired from Willis Re at the end of 2020.
In 2021, Dave was involved in two research projects. Both projects were completed and papers published. The projects are the COVID Mitigation Monitoring project which studied community mitigation activities in the US. Findings of the study can be found at the project website and the final paper is published at the SOA Research website. The second project was the development of a paper titled “Modeling the Variety of Decision Making“. One part of that paper was focused on discussion of an Adaptor risk mindset and that is summarized in “The Adaptor Emerges“.
Dave was also elected to the board of directors of the Society of Actuaries for a three year term (2021 to 2024) and serves on the International and Risk Committees.
The commentary on this blog are solely the responsibility of Dave Ingram and do not necessarily reflect the opinion of his former employer.
Prior to Willis Re, Dave was the Senior Director, ERM in the Insurance Ratings Group of Standard and Poor’s, New York. In that position, he spearheaded S&P’s initiative to incorporate ERM as one of the primary ratings criteria and the development of the framework for reviewing economic capital models. Dave also was co-author of the criteria that S&P is implementing to add consideration of ERM practice into all corporate ratings.
In addition, Dave was a Consulting Actuary with the New York Office of Milliman for 7 years. He consulted on risk management and risk analysis. Dave also has more than 20 years of actuarial and general management experience in the insurance industry where he served as corporate actuary, business unit head, planning officer, ALM actuary and pension actuary for a major US insurance company.
Dave has authored over 60 published articles relating to ERM. His paper “Risk and Light” won the 2009 Best Practical Paper award at the ERM Symposium. He also won that award three more times in the following five years. He has spoken on ERM at over 100 events organized by PRMIA, GARP, SOA, CAS, IAA, ASTIN, Groupe Consultatif, World-Bank, Goldman Sachs, and S&P in North America, Asia, Europe, Australia, Africa and South America. He has been the founder and Chair of the SOA Risk Management Task Force and the first Chair of the 3000 member Joint SOA/CAS/CIA Risk Management Section. He is a member of the board of ERM-II. He founded the International Network of Actuarial Risk Managers. Dave was also the chair of the Enterprise and Financial Risks Committee of the International Actuarial Association. Dave also led the projects to create the first ERM related professional standards for the U.S. Actuarial Standards Board and internationally for the Actuarial Standards Committee of the International Actuarial Association.
Dave is a graduate of Lehigh University with a BA in Mathematics and a concentration in journalism.
Archive of Ingram’s Publications
http://www.linkedin.com/in/daveingramerm
July 2, 2013 at 8:23 am
8 Recent ERM Articles
What to Do About Emerging Risks…
Managing emerging risks requires more than just blue sky sessions to identify the black swans and unknown unknowns in the imagination. Actions must be taken to evaluate the potential impact of these risk and plan for their emergence and track their approach.
http://blog.willis.com/2013/04/what-to-do-about-emerging-risks/
ERM in the Hierarchy of Corporate Needs
Businesses have a hierarchy of needs just like individuals. ERM helps to provide for one of those needs, but not the highest need. This puts the importance of risk management into the perspective that boards and executives may have.
Click to access act-2013-vol10-iss3-ingram.pdf
Creating a Risk Management Culture
Often risk culture is talked about as the tone at the top. To make that tone permeate the entire corporate culture, executives and managers need to talk the risk talk constantly.
Click to access act-2013-vol10-iss2-ingram.pdf
Discovering empirical risk appetite
More than half of all insurance companies lack a fully formed risk appetite statement. But in the course of normal operations, many decisions and actions are taken that if examined properly will reveal an empirical risk appetite.
Click to access WillisRe_Analytics_Review_2013_Issue_online_version.pdf
Get Ready for ORSA
US insurers need to learn a new word – ORSA. It stands for Own Risk and Solvency Assessment. By 2015, all insurers with more than $500M of premiums need to prepare an ORSA report to be filed with their state regulator. A few are ready for this but most will need to do significant preparation.
http://blog.willis.com/2013/02/u-s-insurers-need-to-get-ready-for-orsa/
Help Wanted: Risk Tolerance
Only the experienced need apply. Insurers with a history of risk measurement have a much easier time with forming their initial risk appetite statement. Firms without that experience will have a hard time coming to a final conclusion.
http://www.soa.org/Library/Newsletters/The-Actuary-Magazine/2013/february/act-2013-vol10-iss1-toc.aspx
A framework for validating your Economic Capital Model
In the last several years, economic capital models have become ubiquitous for larger, complex insurers and now a broader swath of the industry is beginning to examine the potential benefits. The users of model outputs need assurance that the economic capital model adheres to its guiding conceptual principles, aligns with prior editions of the same model, and conforms to standards imposed by the regulator. Model validation is the process of confirming these qualities.
Click to access WillisRe_Analytics_Review_2013_Issue_online_version.pdf
Trifurcation:Divide to Conquer Risk
Risk analytics often portray risk as a single quantity. But risk has many aspects. By splitting the projected future possibilities into three tranches, some new insights into the impact of different risk mitigation alternatives can be found.
http://www.soa.org/library/newsletters/risk-management-newsletter/2012/december/jrm-2012-iss26-ingram.aspx
December 20, 2012 at 12:08 pm
[…] Dave Ingram, FSA, CERA is a member of Willis Re’s Analytics team based in New York. Dave provides ERM, risk assessment and capital management advisory services to Willis Re’s insurance clients. The commentary in this post is solely the responsibility of Dave Ingram and does not necessarily reflect the opinion of his employer or the SOA. This post is republished with permission from Riskviews. […]
March 7, 2011 at 8:13 am
[…] don’t portray myself to be either a statistician or an actuary but I do have the (mis)fortune of having some idea about how probabilities and odds work and often […]
February 28, 2011 at 9:44 pm
New S&P Level III analysis
http://www.insuranceerm.com/analysis/sandps-level-iii-erm-review-promises-capital-rewards.html
February 28, 2011 at 9:36 pm
Fabric of ERM http://www.soa.org/library/newsletters/the-actuary-magazine/2010/december/act-2010-vol7-iss6-ingram.pdf A new article that describes the different approaches to ERM that are found.
September 23, 2010 at 8:21 am
[…] bloggers and Tweeters such as Chairman Emeritus Felix Kloman, Keith Baxter, Don van Deventer, Dave Ingram, Craig Rowe, Tim Leech, Rick Nason, Gary Patterson, Ken Simpson and others whose identities are […]
June 25, 2010 at 8:26 am
The Many Stages of Risk
Click to access act-2009-vol6-iss6-ingram.pdf
June 25, 2010 at 8:14 am
Trading Risks
Click to access trading.pdf
April 1, 2010 at 9:33 pm
Quoted in the WSJ today.
http://online.wsj.com/article/SB10001424052702304370304575152212605720290.html?mod=WSJ_Careers_CareerJournal_4
January 24, 2010 at 1:45 pm
your talk on risk management in nairobi university on 18th november has helped me a great deal.Thank you
December 21, 2009 at 11:07 pm
The Stages of Risk in The Actuary Magazine
Click to access act-2009-vol6-iss6.pdf
August 17, 2009 at 7:17 am
At the 2009 ERM Symposium, Dave presented a paper entitled Risk & Light. http://www.ermsymposium.org/2009/pdf/2009-ingram-risk-light.pdf
And also gave the Luncheon address on Thursday titled “Group (Risk) Therapy. http://www.soa.org/files/pdf/2009-chicago-erm-ingram-02.pdf
August 15, 2009 at 11:16 pm
Dave has made several contributions to CAS efforts in the ERM area.
Including an article for the Actuarial REview about the question of the failure of ERM at banks.
http://www.casact.org/newsletter/index.cfm?fa=viewart&id=5726
And a paper on the roles of actuaries in ERM for the CAS E-Forum
Click to access ingram.pdf
August 15, 2009 at 11:03 pm
In 2008 and 2009, Dave had contributed a series of articles to Insurance Risk and Capital Ezine.
Beware the “sunny day” approach to ERM
http://www.insuranceriskandcapital.com/opinion/beware-the-sunny-day-approach-to-erm
Boards should question risk management reports based solely on a recent benign environment, argues Dave Ingram of Willis Re ERM can be similar to the roof of a house. Many days of the year, it…
What you don’t know can hurt you
http://www.insuranceriskandcapital.com/analysis/what-you-dont-know-can-hurt-you
Dave Ingram and Johann Meeke of Willis Re describe the sound practices needed to make emerging risks management work as a process for preparing for “unknown unknowns.” Benjamin Frank…
Risk and the art of downhill skiing
http://www.insuranceriskandcapital.com/analysis/risk-and-the-art-of-downhill-skiing
Insurers can exploit risk knowledge in the same way that skiers do, argues Dave Ingram Insurers take risks from others and seek to manage those risks to make a profit. In the course of taking…
The modellers, not the models, failed
http://www.insuranceriskandcapital.com/analysis/the-modellers-not-the-models-failed
… are not at all precise in their application to the complex real world,” argue Athula Alwis and Dave Ingram. Have you ever heard anyone say that their car got lost? Or that they got into a…
August 15, 2009 at 10:54 pm
From 2005 until 2008, Dave served as Senior Director, ERM at S&P in the Insurance Ratings area. In that role, he developed the criteria that was used by S&P for rating insurers and led the implementation of that process globally. S&P published published a number of articles about those criteria and the results of that process. Available here http://www.standardandpoors.com/ratings/erm/en/us
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