東大駒場のキャンパスでアクチュアリーの国際化について講義

東京大学数理科学研究科のアクチュアリー・統計プログラムコースの非常勤講師としての講義で７月は５回にわたって毎週木曜日の午後に２時間の授業で駒場のキャンパスに行っている。私は昭和４６年に理Iに入学したが、それからもう３８年の時が経った。今、ここで勉学されている学生さんは、自分の娘とほぼ同じ位の年頃で若さと希望に満ちあふれている。駒場のキャンパスは、建物がかなり改築されているが、深い緑の多種の樹木の美しさは、当時と全く変わっていない。丸の内のビジネス街から電車で１時間弱で駒場まで移動できるが、空気が澄んでいて、梅雨時の草花の薫りに心が和む。講義の内容は、国際アクチュアリー会の組織の仕組みと資本市場の国際化、会計や監督等の国際基準の設定団体の存在とグローバルプレーヤーの動向とアクチュアリーの技術的支援の役割などの大枠を説明し、個別のテーマとしては、保険の米国会計基準(USGAAP)、保険の国際財務報告基準(IFRS)、市場整合的エンベディッド・バリュー(MCEV)、保険会社のM&A、リスク管理(ERM)等である。院生の学生さんが多いようであるが、皆さん熱心に聴いておられて質問もなかなか良いポイントを突いてくる。将来の理系金融マンとして是非優秀な学生さんには金融界に育っていって欲しい。

IAA Tallinn Meetingに出張参加

５月２５日から６月１日まで、IAA Meetingsに参加するために、東欧のエストニア国のTallinn市に出張してきた。新型インフルエンザの関係で、海外出張が禁止されている金融機関が多く、日本からの出席者は通常の会議に比べて随分と少なかった。私の属する法人も、原則禁止になっていたが、IACAの議長の立場もあり、上司の了解をとって参加させていただいた。マスクをたくさん持って行ったが、外人は全くそのようなことは気にしておらず、日本との感染に関するリスク認識の温度差を感じた。私の専門は、会計回りのアクチュアリー業務であるので、Insurance Accounting Committeeに多くの時間を参加させていただいた。また、IACAのSection Chairの立場から、Section Chair Meeting, Member Services Committee, Executive Committeeにも参加して、IAAのガバナンスに関する議論にも加わった。私自身のホストするIACA委員会は、５月３０日の午前１０：３０から１２：００までであったが、電話会議が再度接続不能の状況で、そのためにバックアップで用意しておいた自分の法人の電話会議番号で、２０分ほど遅れて開始した。
後で聞くと、午前と午後を間違えて設定していたようで、この点については、事務局に委員会として適切なサービスを得られていない点を厳重に抗議し、夏までに改善を求めた。ランチの時間は、Global Development Subcommitteeを引き続き開催し、次期IAA会長のポール・ソーントン氏や元IAA会長で英国ガバメントアクチュアリーのクリスデイキン氏の意見も聞くことができた。基本的に、EAACの開催時期に合わせて、アジアパシフィック地域のコンサルティングアクチュアリー会を香港を拠点に創設する方向になりそうである。組織としては、IACAのアジア支部という形体になる。
一方で、午前中のIACA本体の議題は、次のとおりであった。

IACA Committee Agenda – Updated 18 May 2009
30 May 2009　10:30 am – noon Local Time
Meeting

I. Secretary’s Report Morten Harbitz

A. Approve minutes of 2 April 2009 conference call

II. Treasurer’s Report Morten Harbitz

A. 2008 Financial Information
B. Proposed Budget 2009-2012 – Approve 2009
C. Proposal from IAA Regarding Costs and Computer
D. Funds for Digitizing Past IACA Materials
E. Investments

III. Executive Director’s Report Margaret Sherwood

A. Bylaws
B. Geoffrey Heywood Young Consultants Award Task Force
C. Max Lander Award in 2010
D. Nominating Committee
E. Committee Attendance Record
F. Policies and Procedures Manual
G. Members’ Directory – Move to Membership Services Development Committee
H. Meeting Attendance and Cost History
I. Website Update

IV. IAA Governance and Strategic Plan Nick Dumbreck

V. Function Committees’ Reports – Membership, Terms of Reference, and Action Plans

A. Professionalism Committee Emmanuel Tassin
B. Publications and Research Joint Committee Andrew Vaughan
C. Membership Services Development Committee Liyaquat Khan
D. Global Development Committee Hideyuki Yoshida

VI. Convention Function Committee Nick Salter, Chair

A. 5-7 October 2009 - PBSS – Tokyo Ken Buffin
B. 12-15 October 2009 - EAAC – Korea Grace Jiang &
Bozenna Hinton
C. 1-4 November 2009 - CCA - Tucson, Arizona Ken Hohman

VII. 2010 Biennial Meeting - 7-12 March with ICA Meeting - South Africa Mike Codron

VIII. Next Biennial Meetings Hideyuki Yoshida

A. 2012 – 14-17 October - With Consent of Global Conference of Liyaquat Khan
Actuaries, PBSS, and IAAHS – Probably Delhi, India B. 2014 - 30 March - 4 April with ICA meeting - Washington, DC, USA not yet assigned
C. 2016 – Europe-Spain? Probably with PBSS and IAAHS not yet assigned
D. 2018 – Sydney? Berlin? With ICA meeting not yet assigned

IX. Other Business Hideyuki Yoshida

X. Next Meetings Hideyuki Yoshida

A. Conference Calls – Need to Schedule on in mid-to-late July and one in mid-to-late September
(Will do by e-mail)
B. Meeting – 12-15 November 2009 – Hyderabad, India
C. Meeting – 3-6 March 2010 – Cape Town, South Africa (in conjunction with the ICA 2010)
D. Meeting – 10-13 October 2010 – Vienna, Austria
E. Meeting – 5-8 April 2011 – Sydney, Australia
F. Meeting – 29 September – 2 October 2011 – Zagreb, Croatia
G. Meeting – 23-26 May 2012 – Los Angeles, United States
H. Meeting – Fall 2012 - TBD
I. Meeting – 23-26 May 2013 – Netherlands
J. Meeting – Fall 2014 - TBD
K. Meeting – 26-29 March 2014 – Washington, DC (in conjunction with the ICA 2014)

IACA News Letter

TallinnのIAA会議まであと１週間ほどになったが、この豚インフレの中でも決行するようである。私も、２５日から一週間ほど出張する予定にしている。会社の承認を得ることになるが。
さて、最近のIACAの活動をまとめたNews Letterを全世界のIACAメンバーに発信したので掲載する。

Dear IACA Members,

As usual I am writing to give you a brief update on recent activity and also draw your attention to a number of future events – both in the near term and in 2010 and beyond!

IACA Committee Activities

The next IACA Committee meeting will take place in Tallinn, Estonia on May 30, 2009.

Professionalism Committee
Mike Codron has resigned as Chair of the IACA Professionalism Committee and has been replaced by Emmanuel Tassin. Morten Harbitz, who is the delegate appointed by Den Norske Aktuarforening on IAA’s Professionalism Committee, will serve as the IACA liaison and report on relevant activities arising from proceedings of the IAA Professionalism Committee.

Publications and Research Committee
A project has been initiated to write a brief history of IACA and an outline of plans for the future development of IACA with a tentative goal of publishing a booklet ready for distribution at the time of ICA 2010. We would be delighted to hear from any members who would be prepared to contribute material for this project.

Membership Services Committee
The Membership Services Committee has been re-constituted as the Membership Services and Development Committee under the chairmanship of Liyaquat Khan, with members Barbara Addie, Ken Buffin, Ken Hohman, Jay Jaffe, Nick Salter, Margaret Sherwood, and Martin Stevenson. IAA-appointed delegate Nick Dumbreck will serve as liaison to the IAA Member Services Committee.

The Committee has finalized its Terms of Reference and Action Plan for 2009-2010. The Committee is proposing a very forward-looking and aggressive plan to extend membership in IACA and to strengthen the role and influence of actuarial consulting globally. We would be pleased to hear from any members who feel that they could help with increasing the IACA membership at a local country/region level.

Global Development Committee
This Committee held a meeting in Limassol on November 4, 2008 to discuss its Terms of Reference and proposed Action Plan. Some present and former IAA officers attended as invited guests and provided valuable advice and comments concerning the role and direction of the committee with respect to global development and interaction with various IAA committees and sub-committees. Ken Buffin will serve as liaison to the IAA Advice and Assistance Committee.

I am working on the establishment of an Asia Pacific regional actuarial consultants association and will be presenting details of this at the next East Asia Actuarial Conference to be held in Seoul, Korea in October, 2009 – more details on the conference are below.

Future Events

PBSS Colloquium in Tokyo
The PBSS Tokyo Colloquium will be held October 4-6 at Toshi Center Hotel, Tokyo in association with the Japanese Society of Certified Pension Actuaries (JSCPA), who will be celebrating their 20th Anniversary. The theme of the Colloquium is Actuarial Management of Pensions and Social Security – Past, Present and Future and there will be an Asian theme to a number of the sessions. Details of the program, including registration, are available on the website at http://4thpbsstokyo.visitors.jp

IACA will participate with a session on Monday October 5 at 15:45-18:00 featuring speakers, Hideyuki Yoshida, Ken Buffin and Yvonne Sin who will address the topics of Role of the Consultant; Influence of Supranational Organizations; Role of World Bank in Pensions and Social Security; and China’s Pension System.

On Wednesday 7 October there will be sessions (in Japanese) to celebrate the 20th Anniversary of JSCPA but all Colloquium attendees are invited to attend the celebratory dinner on Wednesday evening.

East Asia Actuarial Conference
The 15th East Asia Actuarial Conference (EAAC) will be held on October 12-15 at Lotte Hotel, Seoul. Details of the program are available on the website at http://www.eaac15th.org. A half-day session will be allocated to IACA on either October 13 or October 14. Speaker recruitment for the IACA session is progressing with three speakers and topics already confirmed.

ICA 2010
An ad hoc task group has been formed under the leadership of Mike Codron to help organize the IACA sessions for the International Congress of Actuaries to be held in Cape Town, March 7-10, 2010. Full details for the Congress can be found at: http://www.ica2010.com/

Further details on the scientific programme and the first call for papers and presentations are attached.

IACA has been allocated 7 sessions for its members and other interested parties. There can be up to three papers per session. We already have various papers and panel discussions that have been proposed, but we call on all IACA members to please come forward with suggestions of papers they wish to write or with ideas of subjects that could be introduced and then discussed at a suitable session.

In particular we have 2 subjects that have been proposed but as yet no person to write a paper.

These are:

1. Impact of World Economic situation on Actuarial Consulting
2. Accounting issues impacting the actuarial world

If you are interested in writing a paper (including the two subjects above) or have ideas for discussions, please could you send an email to both hideyuki.yoshida@jp.pwc.com and mike.codron@icon.co.za.

One of the panel sessions planned is entitled “The Consulting Actuary: Entrepreneur and Professional” and this will be lead by Jay Jaffe from the US. He is seeking 2 others for the panel. The panel will discuss the dual role which most consulting actuaries have and how best to deal with and balance these responsibilities. He is particularly interested in IACA members who have done something different in their actuarial practices and businesses and who are willing to share their experiences with IACA members.

For example, over the years Jay’s client base has changed from insurance companies to insurance agents and program sponsors. He has developed non-actuarial intellectual property as well as actuarial skills. People now come to him with business proposals rather than simply asking for consulting services.

Please contact Jay Jaffe at jay@actentltd.com to become part of the panel or to suggest someone who would make a good panellist. Each presentation is expected to last 15-20 minutes.


Joint IACA/PBSS/IAAHS Colloquium India 2012
A joint colloquium of IACA, PBSS and IAAHS to be held in India in 2012 was proposed in May 2008 at the time of the Boston 2008 colloquium. Work on planning for this colloquium has already commenced under the leadership of Liyaquat Khan who has formed a local committee comprised of leading consulting actuaries in India. This committee has submitted a comprehensive report that is now under consideration of the full IACA, PBSS and IAAHS committees and it is anticipated that a number of decisions will be reached during the respective committee meetings in Tallinn to facilitate the next steps in the planning process for the joint colloquium in India in 2012.

Other Future Meetings
IACA maintains a close liaison with the Conference of Consulting Actuaries (CCA) in the US and Association of Consulting Actuaries (ACA) in the UK and, when requested, provides input into the planning process concerning potential topics of an international or global nature for consideration by the respective CCA and ACA program planning committees.

The next annual meeting of the CCA is scheduled to be held November 1-4 in Tucson, Arizona – see attached link: http://www.ccactuaries.org/events/am2009/index.html.

The next annual meeting of the ACA would likely follow past practice and be scheduled for early February 2010 at Gatwick, UK.


As ever I will be pleased to hear from members in relation to any aspect of IACA.

Yours truly,


Hideyuki Yoshida
Chairman

英国コンサルティングアクチュアリー協会ACAについて

IACAは、世界全体のコンサルティングアクチュアリーの協会であるが、国単位のコンサルティングアクチュアリー協会が、英国や米国では存在する。まずは、IACAの委員のNick Salterによる英国コンサルティング協会ACAを紹介する。貼り付けの関係で、下から読んでいただきたい。

IACA電話会議を開催しTallinn会議の準備をする

４月２日の東京時間２０時から、定例のIACA電話会議を開催し、次のTallinn会議へ向けての諸課題を審議した。議事録のドラフトは、次のとおりである。機能別の部会がいよいよ始動してきてくれたのは、ありがたい。メンバーシップ部会の部会長人事は、何度も辞任されてこまったが、インドのLiyaquat Khan氏が引き受けてくれて、精力的に推進はじめた。私のGlobal Development部会も、アジアの地域にコンサルタントのIACA支部を作る方向でまとまった。EAACの際には、創設タスクフォースが実質立ち上げをおこなうことになろう。ICA2010、15th EAACについても、それぞれの委員長が徐々に準備をすすめている。IACAは、IAAのSectionであるが、諸Committeeとの連携もdelegateを部会から派遣してコラボレートしていく予定である。

Attendance

Committee members in attendance:
Hideyuki Yoshida, Chair
Mike Toothman, Past Chair
Ken Buffin, Vice Chair
Margaret Sherwood, Executive Director
Morten Harbitz, Secretary/Treasurer
Michael Codron
Kenneth Hohman
Liyaquat Khan
Alexander van Stee
Emmanuel Tassin
Segundo Tascon
Andrew Vaughan
Gerd Warncke

Committee members absent with regrets were:
Nick Dumbreck
Nicholas Salter

Committee members absent were:
Barbara Addie
Grace Jiang
Zainal Abidin Mohd-Kassim
Janina Slawski

Guests:
Peter Withey, Chairman of Scientific Committee, ICA 2010

Because of the guest participant, item VII on the agenda was discussed first.

2010 Biennial Meeting 7-12 March with ICA Meeting – Cape Town

Peter Withey and Mike Codron gave the committee an update of the proposed agenda for the congress, where there still is a possibility to make changes. They urged the Committee members to look at the itinerary and give suggestions to new topics. The whole structure will depend on the topics.

There will be tracks designated to the different sections throughout the congress. IACA has been given 2 sessions Monday and Tuesday and 3 sessions Wednesday; each of which will last for approximately 1 ½ hours. IACA does not have to fill all 7 sessions, if there is no programme. Also the Professionalism Track could be interesting to IACA members. Some of the members in the IACA Committee have offered to write a paper, amongst whom are Jay Jaffe and Mike Toothman. Mike’s presentation will take 1 ½ hours with discussion. He will send what he has by now to Peter Withey and Mike Codron.

IACA’s Organizing Subcommittee will have to discuss topics and how to get papers on IACA relevant matters. The Committee ought to have a telephone conference pretty soon. Following persons are members of this committee: Mike Codron, Liyaquat Khan, Jay Jaffee, Ken Buffin, Andrew Vaughan, Mike Toothman and Hideyuki Yoshida.

Tuesday and Thursday afternoon are occupied with social activities, and the official dinner is Tuesday night. The IACA General Meeting will be Monday at 17.00. As this is at the end of the day, it will not be a problem if the meeting takes more time than supposed. On the agenda for the General Meeting will be the secretary’s report and the treasurer’s report, and election of new members of the Committee. We shall need a nominating committee. After the Committee members are clear, the officers will be elected.

The IACA lunch can be held Wednesday. The Max Lander Award winner will be presented during the lunch. Peter Withey needs a list of invited people (with accompanying persons), in order to make proper arrangements.

For the IACA Committee Dinner Monday seems to be best choice. ICA will find a proper place, but need to know how many will attend.

Secretary’s Report

Amended version of the minutes had been circulated to the Committee Members. The minutes were approved. Morten Harbitz tells Christian Levac to post it on IACA’s website.

Treasurer’s report.

2008 Financial Information
The 2008 financial accounts are OK. Morten Harbitz will split it on the different quarters by next meeting.

Proposed Budget 2009-2012 – Approve 2009
We have received a paper from IAA, indicating increased costs at the Secretariat. We can anticipate a further increase of the dues to IAA up to $10 per member. The current financial outlook for IACA has no room for a further increase of costs without increasing the income. It is therefore important to increase the number of members, from the current 582.

The budget for 2009 does not contain any additional expenses at the Tokyo Meeting (except the $500 that are set off for total expenses for odd-year meetings in 2009).

IAA also indicates extra costs for a computer. We need to know more about this. Morten Harbitz gets information from the IAA Secretariat.

Morten will get a report on the investments and bring the information back to the committee at next meeting.

Executive Director’s Report

Website update
Most is updated, but Margaret Sherwood needs a little help from Ken Buffin and Ken Hohman. Also the historic data may need some updating. It turned up that the German text is not good. Gerd Warncke will send corrected text to IAA. We also need to get the Spanish and French text checked.

A Nominating Committee needs to be formed.

Margaret has got an email from Spain with an invitation to hold a colloquium there in 2012. That year is occupied, and Margaret will reply that 2016 is available.

We ought to publicize that members can pay the dues directly to IAA.

IAA Strategic Plan

There has been considerable input from many sources. IAA is also studying the question of governance. Both items will be discussed at the Tallinn meeting – they are on the 60 day agenda for the Council. The voting system is under debate. So there is a lot of activity going on. It looks, however, that the sections are relatively unscathed from the governance paper. Hideyuki Yoshida will try to make IACA still a member of the Executive Committee. The Committee members were urged to read both documents, and if possible attend the Council Meeting.

Function Committees’ Reports – Membership, Terms of Reference, and Action Plans

Professionalism Committee
Emmanuel Tassin has just stepped into the chair’s shoes. He will try to send discussion material to the Committee members before the Tallinn meeting.

He told that in Europe CEIOPS has caused a lot of work.

Morten Harbitz is the Norwegian representative in IAA’s Professional Committee, and can report from those meetings.

Publications and Research Joint Committee
Andrew Vaughan is trying to get info from previous chairs and form the historic papers. It was mentioned that the books from the IAA Congresses can provide interesting information.

Andrew hopes to have a newsletter done towards the end of April.

Ken Buffin told that there is a very interesting service on papers from the PBSS Section. The Committee Members are sending info on possible interesting papers to the editor in PBSS. Could we consider doing something similar?

Also, it was told that CAS is awarding the Hachemeister Price this year. They have some 90 papers for consideration. Most of them are very academic, but 6 - 8 papers are very interesting with practical angles. It could be worth reading them.

Membership Services Committee
Margaret Sherwood has tried to get a new chair for this committee, but so far with no success. There is one potential, who still has not said no. If this fails, Liyaquat Khan would be a good choice. As Margaret is waiting a final answer from the other candidate, she would like to see this first. It seems that this problem will be solved before the Tallinn Meeting.

Global Development Committee
At the conference call 24.02.2009 there was an interesting discussion. Many of the functions in ACA and CCA can be copied when a regional organization is formed. Hideyuki Yoshida told that he would like to use the EAAC Conference in the process of forming the new organization – the Asia Pacific Ocean Actuarial Consultants Organization. There will be need for a task force to found this organization. This will be discussed at the next meeting of this committee, in Tallinn at lunch after the IACA Committee Meeting.

When this organization is formed, the next regions in line are Latin America and Africa.

Convention Function Committee

5 February 2009 – ACA – Gatwick
The meeting went very well.

5-7 October 2009 – PBSS – Tokyo
The program is on the website. IACA has been invited to organize one session.

Hideyuki Yoshida, Ken Buffin and Yvonne Chen will speak at the conference.

Hideyuki urged the members to make an effort to attend the conference.

12 – 15 October 2009 – EAAC - Korea
Bozenna Hinton and Grace Jiang are appointed as co chairs.

Hideyuki Yoshida and Liyaquat Khan will speak at the conference, and there will be two other IACA-related speakers. If anybody should be interested to speak, they should give notice to Grace, Bozenna or Hideyuki. Ken Buffin could be willing, but there is a heavy travelling burden at that time, so it may be difficult.

1 – 4 November 2009 CCA – Tucson, Arizona
Ken Hohman told that the plans are to recommend two sessions. They are trying to get speakers.

Next Biennial Meetings

2012 – February or March – With Global Conference of Actuaries, PBSS and IAAHS – Probably Mumbai, India
Liyaquat Khan told that the planning committee had delivered two reports, the last one 22.03.2009. The planning started back in 2008 in conjunction with the Global Conference of Actuaries. The proposal is now to have the meeting in September, when the climate is best, and in New Delhi.

Because of the latest turmoils IAA says that this has to be handled very carefully. It is still not clear that PBSS and IAAHS agree with the proposition. We need to check with them at the Tallinn Meeting. Hideyuki Yoshida will send the report to the other two sections.

Next Meetings

Meeting 30 May 2009, 10.30 am to 12.00 noon local time – Tallinn, Estonia
Only 4 committee Members will be present in Tallinn. A lot has said that they will join by telephone. Christian Levac will see to that the telephone works this time.

公認会計士協会にてMCEVについて発表

３月３０日に開催された公認会計士協会の保険会計研究会で,ヨーロッパのCFO Forumが昨年６月に発表した市場整合的エンベッディド・バリューMarket Consistent Embedded Value)について、２時間ほど１００ページ程のプレゼン資料の発表を行った。保険IFRS Phsase2やSolvency IIの手法と類似している点も多数あり、皆さん大変興味をもたれたようである。金融庁の方からその場でいただいた質問は、ユニットリンクに関する話で、なぜ従来のEVに比べてよい結果がでてくるのかという鋭い質問であった。海外に照会したら、次のような回答が帰ってきて報告させていただいた。

Unit linked contracts tend to look good under MCEV as the removal of a risk adjusted discount rate being replaced with a risk free rate tends to be greater than the non hedgeable risk allowance added back in. This happens as the risk adjusted discount rate makes an average allowance for risk across all contracts and UL tends to be lower risk so under this method bears more risk allowance than necessary. However under MCEV using a risk free and a separate allowance for risk will tend to increase the value.

つまり、従前は、全商品共通のrisk adjusted discount rate でリスクへのアローワンスをしていたが、MCEVになって、non hedgeable risk allowance で対応することになり、相対的にリスクの低いユニットリンク商品が、MCEVでは公平に評価されて価値も高くなったもようである。

今後商品政策にも影響を与えていくことになろうと思う。

また、監査法人との関係で言えば、現状では、わが国ではMCEV(EV)は監査の対象になっていない。
一方で、保険会社のホームページにおいて、EVは投資家やアナリスト等に公開されている。
MCEV(EV)の計算の方法と正確性に関する保証は、新しいMCEV原則で必須要件となったが、現状はアクチュアリー・コンサルティング会社によって意見書が付されている。一方、欧州では監査法人が意見を付与よる場合が増えていると聞く。IFRS PhaseII とMCEVが、類似の計算手法と共通のインフラを使用することが高い確度で予想される。（Economic CapitalやESG)。このような状況を勘案すると、日本の監査法人においても、当局との連携のもとにMCEVを監査（アシュアランス）業務の対象とするなど、近い将来に実施することになるIFRS保険負債の監査に十分な品質で取り組めるテクニカル基盤の準備を進めておく必要があると思われる。

London出張 ヨーロッパのERMの現状を聞く

３月１１日から今週は、ロンドンに滞在している。目的は、会社のPwCのアクチュアリーのチームを訪問して情報交換することと、現地開催のERMセミナーの討論に参加することである。英国とヨーロッパからの参加者が多く、日本人は私一人であった。内容は、盛りだくさんであり、英国の金融庁FSAや保険協会(ABI)のソルベンシーII導入に向けての内部モデル(Internal Model)の承認手続きの詳細が示された。SOXの時と同様にドライラン(Dry Run)を事前に実施し、準備期間に第一次検証を実施する模様だ。Use Testなど、監査法人のアクチュアリーの役割が重要になると予想される。基本的に、ヨーロッパ会社は、MCEVも導入中または完了しており、インフラのかなりが構築されているので、IFRS PhaseII同様にソルベンシーII導入に向けての抵抗は全く感じられなかった。むしろ今回の金融危機で、ERMによるリスク管理の重要性がいかに大切であるかを認識し、ヨーロッパ全体で英知を結集して取り組む意気込みが感じられた。ファクター方式による標準モデルは、マネジメントの考えでは、（Simply it cannot be acceptable for global firm）ということであり、アリアンツのような大手は勿論、ほとんどの会社が内部モデルを目指しているようである。無論、モデル議論がすべてではなく、企業文化の中にいかにエコノミックキャピタルや、資本配分、リスク対収益認識方式を浸透させるかの論点も重要であり、全員が企業のトップ(CEO)とCRO、CFO、ALM委員会、ALM実行委員会などのトップダウン・メカニズムの重要性を指摘していた。それにしても、デターマネジメント、キャッシュフローシステム、経済シナリオジェネレーター、リスク計測と統合システム、資本管理システム等が絶妙に相互連携して巨大なインフラになっている。日本は、QIS3,4の標準モデルの試行は実施しているが、まだほとんどの生保が、内部モデル（確率論的手法と複製ポートフォリオ）は未着手かと想像する。ヨーロッパに遅れること、４年位というのが実感である。やはり、英国およびヨーロッパ域内で、SolvencyIIやMCEV原則等の、ERM周辺の法的整備が進んでいるのがドライバーになっていると思われる。