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organization’s approach

This standard applies to enterprise risk treatment activities performed by actuaries. Some organizations will face requirements and requests for assessment of the risk treatment part of the risk management system in order to evaluate whether their risk management systems are operating at a level that meets or exceeds professional standards. Regulators in some industries may want similar evaluations. This standard, along with ASOP No. 46, Risk Evaluation in Enterprise Risk Management, is intended to cover the risk evaluation and risk treatment activities within enterprise risk management work but does not cover other ERM practices that are performed by insurers, pension plans, other financial service firms, and other businesses or organizations. These two topics were chosen because they cover the most common actuarial services performed within enterprise risk management systems of organizations. In the future, other standards may provide guidance for other aspects of actuarial professional services in ERM. These standards, as with all standards of practice, apply to the actions of individual actuaries and not to their organizations, employers or clients. Exposure Draft The exposure draft of this ASOP was approved for exposure in June 2012 with a comment deadline of September 10, 2012. Eight comment letters were received and considered in developing modifications that were reflected in this final ASOP. For a summary of the issues contained in these comment letters, please see appendix 2. In general, the suggestions helped improve the clarity of the standard and did not result in substantive changes to the standard.