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.

Ingram Publications

2004 and earlier

• Unreleased Capital Gains On Common Stocks As Required Surplus, 1988, ARCH. Runner-up SOA Practitioner’s Award
• Asset/Liability Matching, Ingram, Zacheis; chapter in Life Insurance Accounting, 1988, 1994
• Strategy For Investing Surplus, Risk and Rewards, March, 1998
• Investment Strategy Development for a Life Insurance Company, (Risk and Rewards), February, 2001
• Seven Pillars of Risk Management Wisdom, The Actuary, June 2003
• Best Practices for Life Insurance Company Risk Management, Ingram, Ehrlich, Wilkinson; Milliman, July 2003
• Betting on Death, GARP Risk Review, Nov/Dec 2003
• Dynamics of SARS, Plotting the Risk of Epidemic Disasters, Risk Management Magazine, March 2004
• Why Write Variable Products When You Can Put the Money Directly into the Stock Market?, Ingram, Silverman Risk & Rewards, October 2003
• Getting to Know CTE, JRMS Risk Management, July 2004
• Best Practices for the Risk Mapping Process, Ingram, Headey; Milliman, July 2004
• Risky Stories, Risk Management, November 2004

Standard & Poor’s Articles (all with co-authors) 2005 -2008 (all out of print. Copies available upon request from the author)

• Insurance Criteria: Evaluating The Enterprise Risk Management, October 2005
• Insurance Criteria: Refining The Focus Of Insurer Enterprise Risk Management Criteria June 2006
• Insurance Criteria: Summary Of Recent Enhancements To Insurer Enterprise Risk Management Criteria June 2006
• ERM And Terrorism Risk For Financial Services Firms September 2006
• Evaluating Risk Appetite: A Fundamental Process Of Enterprise Risk Management October 2006
• Using Enterprise Risk Management To Evaluate Mergers & Acquisitions Of Financial Services Firms November 2006
• Request For Comment: Economic Capital Review Process For Insurers February 2007
• Enterprise Risk Management At Firms More Noticed By Its Absence As Time Goes By January 2007
• Criteria: Economic Capital Review Process For Insurers: Criteria Update September 2007
• Request For Comment: Enterprise Risk Management Analysis For Credit Ratings Of Nonfinancial Companies November 2007
• Application Guide: Assessing Insurers’ Economic Capital Models May 2008
• Methodology: Assessing Insurers’ Economic Capital Models May 2008
• Standard & Poor’s To Apply Enterprise Risk Analysis To Corporate Ratings, May 2008
• Credit FAQ: Enterprise Risk Management For Ratings Of Nonfinancial Corporations, June 2008

2007 

• Using Enterprise Risk Management to Evaluate Acquisitions and New Ventures, CFO Project, July 2007.

2009   (Note: Most Willis and WTW articles are out of print. Copies available upon request of the author)

• Risk Tolerance (Willis) February
• Emerging Risks (Insurance Risk & Capital) April with Johann Meeke
• Board & ERM (Insurance Risk & Capital) April
• Cultural Theory (ERM Symposium) May
• Risk & Light (ERM Symposium/Reactions/Contingencies) May/September
• Exploiting Risk (Insurance Risk & Capital) May
• Model Risk (Insurance Risk & Capital) July with Athula Alwis
• Black Swan Test (Risk & Rewards) August
• Four Seasons of Risk Management (Insurance Risk & Capital) September
• The Many Stages of Risk (The Actuary) December 2009

2010   

• The Human Dynamics of the Credit Crisis and Implications for the Afterlife (WILMOTT Magazine) January 2010
• A Universe in Four Parts (WILMOTT Magazine) March 2010 (with Michael Thompson)
• Surprise, Surprise (WILMOTT Magazine) May 2010 (with Michael Thompson and Paul Taylor)
• Comprehensive Actuarial Risk Evaluation (CARE) (IAA) May 2010 paper with 15 co-authors
• Eyes Wide Open: Towards Rational Adaptability (WILMOTT Magazine) July 2010 (with Michael Thompson)
• Full Spectrum of Risk Attitude (The Actuary) August 2010 (with Alice Underwood)
• Treat systemic risk as an emerging risk (Insurance ERM) May 2010
• The Use Test (InsuranceERM) July 2010
• Riding the Waves of the Cycle (Actuarial Review) Nov 2010 (with Alice Underwood)
• We’re Going to Need a Bigger Boat (Actuarial Review) August 2010 (with Alice Underwood)
• ERM Rainbow (JRMS Risk Management) September 2010 (with Alice Underwood
• Fabric of ERM (The Actuary) December 2010 (with Alice Underwood)

2011

• S&P Level III ERM Review Process (InsuranceERM.com) January 2011
• The Human Dynamics of the Insurance Cycle and Implications for Insurers: An Introduction to the Theory of Plural Rationalities (SOA Monograph) January 2011 (with Alice Underwood)
• Report on New S&P ECM Review Process (Willis Re) February 2011
• Changing Seasons of Risk Attitudes (The Actuary) March 2011 (with Michael Thompson)
• Building an ERM approach that fits Cooperatives and Mutuals (ICMIF Voice) February 2011 (with Alice Underwood)
• Towards a Risk Management Profession (The Actuary) May 2011
• ORSA:Preparing for the New ERM and Solvency Regulations (Willis Re) July 2011
• Mitigating Margin Call Risks (Reuters Financial Regulations Blog) October 2011 (with Max Rudolph)
• Preparing for ORSA (The Actuary) December 2011

2012

• Actuarial Thinking (The Actuary) February 2012
• Trifurcation (ERM Symposium) April 2012 – Award Winner
• Importance of Risk Profile (WillisRe) May 2012
• Finding the Right Risk Rituals (InsuranceERM) May 2012 (with Underwood and Thompson)
• What’s Your Risk Attitude (HBR Blog) June 2012
• Start with a Risk Profile (Willis Wire) June 2012
• When to Avoid Left Turns (The Actuary) June 2012 (with Neil Cantle)
• Management Risk Committee White Paper (Willis Re) July 2012
• Developing a Flexible ERM Program (Willis Wire) August 2012
• ERM in Lean Times (Willis Wire) August 2012
• Four Ways to Do God’s Work (InsuranceERM) August 2012 (with Underwood and Thompson)
• 5 Bucket ERM (Willis Wire) September 2012
• ASOP 46: Risk Evaluation in ERM (Actuarial Standards Board) September 2012 (Chair of drafting task force)
• Expect to be SURPRISED: lessons of plural rationality (InsuranceERM) October 2012 (with Underwood and Thompson)
• Are You Sure About That? (The Actuary) October 2012
• A Bridge Too Far (Wilmott Magazine) November 2012 (with Neil Cantle)
• Fail to Agree about Risk (Willis Wire) November 2012
• Surprise, Surprise: From Neoclassical Economics to eLife (ASTIN Bulletin) November
• Rational Adaptability not Rational Expectations (InsuranceERM) December 2012 (with Underwood and Thompson)
• Yellow Light Risk Limits (The Actuary) December 2012
• ASOP 47: Risk Treatment in ERM (Actuarial Standards Board) December 2012 (Chair of drafting task force)

2013  

• 2013 Resilience vs. Fragility (Willis Wire) January 2013
• US Insurers need to get ready for ORSA (Willis Wire) February 2013
• Management is Needed (JRMS Essay Series) March 2013 – Award Winner
• What to do about Emerging Risks (Willis Wire) April 2013
• Creating an ERM Culture (The Actuary) April 2013
• A Strategy to Suit Every Environment (InsuranceERM) April 2013 (with Underwood)
• ERM For Financial Intermediaries (Willis Wire) April 2013
• Risk Management Entertainment System (Willis Wire) May 2013
• How do you see Risk (RIMS Risk Management Magazine) June 2013 (with Underwood)
• Insurance Regulation and Plural Rationalities (AFIR/ERM) June 2013 (With Thompson & Varnell)
• ERM in the Hierarchy of Corporate Needs (The Actuary) June 2013
• Model Validation (WECF) July 2013
• Finding a Safe Place (The Actuary) August 2013
• Key principles of enterprise risk management for Insurance Groups (Euromoney “Risk Management in Financial Institutions” Book) September 2013
• Rational Adaptation for Risk Management (InsuranceERM) October 2013 (with Underwood and Thompson)
• Resilience for the Long Term (Willis Wire) October 2013
• Actuarial Professional Risk Management (Contingencies) November 2013 (with Coggins, Matson and Sandberg)
• Collective Approaches to Risk in Business (NAAJ) December 2013 (with Bush)
• Making Risk Models Collaborative (The Actuary) December 2013

2014

• All on the Same Train (CRO Council) January 2014 (with Underwood & Thompson)
• Risk Identification (WillisWire) January 2014 (with Stephen Mullen)
• Risk Measurement and Reporting (WillisWire) January 2014 (with Stephen Mullen)
• Risk Limits, Mitigation and Controls (WillisWire) January 2014 (with Stephen Mullen)
• Risk Organization (WillisWire) January 2014 (with Stephen Mullen)
• ERM Policies and Standards (WillisWire) February 2014 (with Stephen Mullen)
• Stress Testing (WillisWire) February 2014 (with David Simmons)
• Risk Capital (WillisWire) February 2014 (with Stephen Mullan)
• Risk Appetite and Tolerance (WillisWire) February 2014 (with David Simmons)
• Exploring the Regulators Approach to ERM (InsuranceERM) March 2014 (with Thompson and Varnell)
• Risk Management Governance (WIllisWire) March 2014 (with Stephen Mullan)
• Risk Management Culture (WillisWire) March 2014 (with Alice Underwood)
• Change Risk (WillisWire) March 2014 (with Stephen Mullan)
• Risk Disclosure (WillisWire) March 2014 (with Stephen Mullan)
• Model Validation (WillisWire) April 2014 (with David Simmons)
• Writing an ORSA Report (WillisWire) April 2014 – most read posting on WillisWire for 2014
• Uncertain Times and Plural Rationality (Cambridge Book) May 2014 (with Thompson, Terry, Huang)
• ORSA is on Its Way—Be Prepared (Actuarial Review) May 2014 (with Underwood)
• All on the Same Train (PRMIA iRISK) August 2014 (with Underwood & Thompson)
• How to Talk to a CEO (Actuarial Review) August 2014 (with Underwood)
• Management is needed, Not Incentive Compensation (Carrier Management) August

2014

• Risk Capital Standards (Analytics Review) October 2014
• Five issues for the Board (InsuranceThoughtLeadership) October 2014
• The right way to test for solvency (InsuranceThoughtLeadership) November 2014
• The difference between risk and loss (WillisWire) November 2014
• Risk culture, neoclassical economics, and enterprise risk management (PRMIA iRISK) December 2014 (with Underwood & Thompson)
• ERM In Practice: Risk Organization (WillisWire) November 2014 (with Roberto Fortuno)
• ERM in Practice: Risk Measurement (WillisWire) November 2014 (with Roberto Fortuno)
• ERM in Practice: Risk Identification (WillisWire) December 2014 (with Roberto Fortuno)
• ERM in Practice: Risk Limits and Controls (WillisWire) December 2014 (with Roberto Fortuno)

2015  

• The Key Role for Stress Tests in ERM (Insurance Thought Leadership) January 2015
• ERM in Practice: Policies and Standards (WillisWire) January 2015 (with Roberto Fortuno)
• Risk Appetite and Tolerance (WillisWire) April 2015 (with Roberto Fortuno)
• Into the Tails of Risk (ERM Symposium Papers) June 2015 AWARD WINNER
• Fat Tails in Risk Models (WillisWire) Aug 2015
• Fatness of Tails in Risk Models (Risk Management Newsletter) August 2015
• Walking into the Tails of Risk Models (Wilmott Magazine) September 2015

2016   

• Talking about Capital & Stress (Risk Management Newlsetter) January 2016
• Guessing Frequency Severity Pairs (WTW Wire) April 2016
• How much Capital (WTW Wire) June 2016
• “Linking Strategy and ERM” (WTW Wire) July 2016
• “Cyber Risk for Insurers” (WTW Wire) August 2016
• “Reinsurance and ERM” (WTW Wire) October 2016
• “Transparency and ERM” (WTW Wire) November 2016
• “An Anthropological Perspective on Conduct Risk” with Dominic Fielding for the book Conduct Risk: A Practitioners Guide. December 2016

2017   

• Discipline and ERM (WTW Wire) January 2017
• 2017’s Most Dangerous Risks for Insurers (WTW WIRE) January 2017
• Alignment and ERM (WTW Wire) February 2017
• The Surprising Inconsistency of risk appetite and tolerance statements (InsuranceERM) March 2017
• Adaptability and ERM (WTW Wire) March 2017
• 10 ideas that insurers include in their risk appetite (WTW Wire) March 2017
• Unlocking Resilience: The Four ERM keys (WTW Wire) April 2017
• ERM in Five Words Part 1 (Risk Management Newsletter) December 2017

2018  

• 2018’s Most Dangerous Risks for Insurers (WTW WIRE) January 2018
• 2018’s Most Dangerous Risks for Insurers (Risk Management Newsletter) March 2018
• ERM in Five Words Part 2 (Risk Management Newsletter) March 2018
• Mid-year update: Most Dangerous Risks for insurers in 2018 (WTW Wire) July 2018
• P&C Reinsurance (Reinsurance Section Newsletter) July 2018 AWARD WINNER
• Eight Considerations for CROs (WTW Wire) Dec 2018

2019

• It must be ok if Everyone is doing it (InsuranceERM) January 2019
• 2019 Most Dangerous Risks for Insurers (WTW WIRE) January 2019
• Three kinds of ERM Programs (WTW WIRE) January 2019
• Four stages of Strategy (WTW WIRE) January 2019
• Ways for ERM & Strategy to interact (WTW WIRE) January 2019
• Making everyday ERM tasks strategic with M. Mennemeyer (WTW WIRE) February 2019
• Moving from Fear to Danger – Making Heat Maps more strategic with P. Headey ( WTW WIRE) March 2019
• Elevator pitchs for selected ERM/Strategy Topics with group from ICT (WTW WIRE) APRIL 2019
• ERM & Reinsurance from a strategic perspective with B. Ingle (WTW WIRE) May 2019
• The difference between risk and loss (LinkedIn) June 2019
• Holding to a Strategic view after a major loss (WTW Blog) July 2019
• Things to do before planning cycle with C. Michaud (WTW Blog) July 2019
• Vision of ERM in 2030 with GROUP (WTW Blog) July 2019
• Wild Risk & Strategy with Hodgson & Yin (WTW Blog) August 2019
• Strategic pandemic stress scenario tests: Not just for health insurers (with Kinney)
• ERM strategic due diligence for Acquisition (with Mennemeyer)
• Talking to the CEO about Risk (with Underwood)
• Reacting to Change in Risk Environment (with Ford, Gaffney, Bohra, Nakatudde)
• The strategic CRO and the balance of risk and capital – Dec 2019
• Why climate change is a particularly challenging risk for strategic CROs (with Ford, Huang, Nakatudde) Jan 2020

2020  

• Why climate change is a particularly challenging risk for strategic CROs (January 2020) WTW Insights
• Key takeaways from our ‘A Year in the Life of the Strategic CRO’ series (January 2020) WTW Insights
• 2020: Most Dangerous Risks to Insurers (February 2020) WTW Insights
• The CRO’s role in a crisis: Estimating the impact of COVID-19 WTW Insights (June 2020) WTW Insights
• COVID-19: U.S. may reach the benefits of herd immunity sooner than originally thought (August 2020) WTW Insights
• Herd immunity to Covid-19 may be reached sooner than thought (InsuranceERM) August 2020
• Three Components of Risk Intelligence (Contingencies) September 2020
• Applying ERM expertise to limit the spread of Covid-19 (InauranceERM) October 2020

2021

• COVID Mitigations in the U.S. September 2020 to April 2021 (SOA Research Report) May 2021
• Modeling the Variety of Decision-Making (With Beck, Thompson) JRMS Research Report August 2021
• The Adaptor Emerges (with Beck, Thompson) Actuary Magazine, December 2021

2022

• Most Dangerous Risks to Insurers (ARM) January 2022
• ORSA Rides the Elevator (ARM) March 2022
• Three Little Pigs (ARM) June 2022
• Six Futures for ERM (ARM) June 2022
• Learning from Loss (ARM) September 2022
• Leverage: The Flip Side of Risk Management (ARM) September 2022
• Three Levels of Stress (ARM) December 2022
• ERM Frameworks (ARM) December 2022
• Crowdsourced Perceptions of Human Behavior to Improve Computational Forecasts of US National Incident Cases of COVID-19: Survey Study (with Braun, Ingram, Khan, Marsh, McAndrew) JMIR Public Health and Surveillance, December 2022

2023

• 2023 Dangerous Risks Survey (with Rudolph) ARM, March 2023
• Inflation Risk (with Rudolph) ARM, March 2023
• Fear vs. Danger (ARM) March 2023
• Reporting to Rating Agencies (ARM) June 2023
• Concentration Risk (with Rudolph) ARM June 2023
• After COVID (ARM) June 2023
• Why Insurers do ERM (ARM) September 2023
• Risk and Capital (ARM) September 2023
• Achieving Resilience (ARM) December 2023
• RiskMaster Cheat Codes (ARM) December 2023
• Strategic Risk Management—The Once and Future ERM Objective (Risk Management) December 2023

Archive of Ingram’s Publications

http://www.linkedin.com/in/daveingramerm