Leading and Experienced Practitioners and/or Academics Pathway (LEPAP) to CERA
The Actuaries Institute is pleased to announce that it is now able to offer members the opportunity to be granted the Chartered Enterprise Risk Actuary (CERA) designation via the Leading and Experienced Practitioners and/or Academics Pathway (LEPAP).
In August 2010 the Institute received Award Signatory Status from the CERA Board, which governs the operation of the new global Enterprise Risk Management (ERM) designation, for awarding the Chartered Enterprise Risk Actuary (CERA) under an examination pathway. In Semester 1 2010 we commenced offering the Part III Course 7A: Enterprise Risk Management for this designation.
In August 2011, the Actuaries Institute also received approval from the CERA Board to award the CERA designation under the Leading and Experienced Practitioners and/or Academics Pathway (LEPAP) in order to recognise the expertise and experience of some of the Institute members without requiring them to complete the examination pathway to CERA through Course 7A ERM.
The objectives of the CERA LEPAP process are
- to establish a group of CERA qualified senior practitioners and academics to act as role models and build profile for the actuarial profession in ERM in Australia;
- to recognise the achievements that a number of actuaries have already made in building the reputation of the profession within the broader risk management area; and
- to recognise the expertise, experience and research undertaken by actuaries in this area.
Application Process
Opening and closing dates
The LEPAP is a once-only panel based review of submissions for the CERA designation which will be open for a period of about six months. The application period CLOSED on 1 October 2012.
Eligibility Criteria
Applicants for CERA LEPAP must be current financial member of the Actuaries Institute and have met the Institute’s requirements for using the designation ‘actuary’. Information about the actuary designation is available here.
Assessment of Applications
A LEPAP Review Panel has been formed to assess applications, reporting to the Actuaries Institute Council. Applications will be given to individual members of the Panel to assess. They will then meet on a monthly basis, commencing with a first meeting in late April 2012. The LEPAP Review Panel will consider applications that have been assessed at each meeting. Where appropriate, applicants will be informed of the outcome of their application after each meeting.
The outcome of applications assessed by the Review Panel will be either to:
- reject the application; or
- request further supporting documentation; or
- recommended the applicant to Council for approval.
If the Review Panel requests additional information, a separate timeframe will be notified at that time.
Applicants will not be expected to make a presentation supporting their submission, though the Review Panel reserves the right to request such a presentation on a case by case basis.
Approval of the award of Chartered Enterprise Risk Actuary (CERA) will be made by Council at the next available Council meeting, subject to satisfactory completion of the ERM workshop.
If any Review Panel members wish to apply, their application will be considered directly by Council, with a recommendation from other members of the Review Panel.
Review Panel members will absent themselves from any discussion of applicants where a conflict of interest (real or perceived as determined by the panel) exists e.g. due to work or personal relationships.
The decision of the LEPAP Review Panel will be final and there will be no appeals process.
Cost
There is an application fee of $80.00 plus 10% GST. This application fee is not refundable if the application is rejected.
How to Apply
Applicants should complete the Leading and Experienced Practitioners and/or Academics Pathway (LEPAP) for the award of the Chartered Enterprise Risk Actuary (CERA) designation application form and attach the required written statement and supporting documentation. The length of the submission, including supporting documentation, should be no more than 20 pages. Details on how to submit the application are contained in the application form.
The applicant must include their self assessment against the assessment criteria, listed below, as well as a comprehensive CV. References to specific work done in the ERM space (e.g. papers written) should also be included, though copies of such work must not be attached to the submission.
Two referees must be listed to substantiate the applicant’s expertise.
The application period CLOSED on 1 October 2012.
Assessment Criteria
- Applicants should have a minimum of three years of substantial ERM experience and should meet at least two of the following criteria (but preferably three or four):
- the individual has performed work in the field of ERM at a senior level;
- the individual has advanced the actuarial profession within the ERM field;
- the individual has made substantial contributions to practice in the ERM field; and
- the individual has substantial ERM experience as a chief risk officer for an entity or line of business.
- The following additional factors will be considered to support an application. An individual will be expected to meet at least two of the following (but preferably more):
- the individual has significant visibility in the ERM field;
- the individual has served as a key contributor to an organisation's risk committee;
- the individual has experience managing interactions between multiple risks;
- the individual has developed or implemented a methodology for monitoring, measuring and managing risk in an ERM framework; and
- the individual has published academic research which has resulted in practical industry ERM applications.
- References to ERM above mean genuine ERM. So strong experience in only one aspect of risk management (e.g. financial risk management) will not suffice.
- Where reference is made above to work or experience, such work or experience must be substantial and must be for at least three years.
- All applications are to be supported by written explanation as to why the criteria are met in the view of the applicant, with names of two referees who can support the applicants submission.
Applicants who have been approved by Council for the CERA designation via LEPAP will also be required to complete the Institute’s two-day ERM workshop or have previously attended the Institute’s five-day ERM CPD course, which was offered from 2007 to 2009. A special separate session of the two-day ERM workshop for LEPAP approved members will be held in early 2013. More details will be provided in the near future. Note, the usual fee for attending the workshop will be charged.
For enquiries on the LEPAP application process, please contact the Education team.
