ST9 - Enterprise risk management. Specialist technical

This specialist technical subject will provide the successful candidate with the key principles underlying the implementation and application of ERM within an organisation.

This will include governance and process as well as quantitative methods of risk measurement and modelling. The student should gain the ability to apply the knowledge and understanding of ERM practices to any type of organisation.

You can find details of:

  • full objectives of the course in the syllabus
  • a specimen exam paper, and other past exam papers.

These documents, and others, are available on the right of this page.

Details of some additional reading and learning resources are given below.

Chartered Enterprise Risk Actuary (CERA)

CERA is a global risk management qualification and we have been accredited to award this to our members under certain conditions.

Members of the Institute and Faculty of Actuaries can obtain the CERA qualification if they:

  • become an Associate, including having a pass or exemption from CA2 and CA3, or
  • become a Fellow (or have completed the exams required for Fellowship)

You will also need to:

  • pass, or be exempt from, the ST9 (Enterprise Risk Management) exam, and
  • attend a CERA seminar (this is for those passing the ST9 exam after 1 September 2012, or who were granted an exemption after 30 January 2013)
    The seminar will enable you to investigate and discuss more practical applications of enterprise risk management

An exemption from ST9 may be granted if you have successfully completed an

  • MSc in Actuarial Managment at Heriot-Watt University
  • MSc in Applied Actuarial Science from the University of Kent
  • MSc in Actuarial Finance from Imperial College Business School

Members of other CERA accredited associations should contact their own association to find out how to obtain the qualification.

More information on the CERA qualification

CERA website

Learning portal for ST9

Core Reading for ST9 includes references to material in the following sources:

Financial enterprise risk management. Sweeting, P. Cambridge University Press, 2011. ISBN: 9780521111645. (Buy from eShop | Borrow from libraries) (eBook available via the Athens portal, contact the library service for details)
[Errata for this textbook can be found at]

Enterprise risk management from incentives to controls. 2nd ed. Lam, J. Wiley, 2014. (Borrow from libraries) (eBook available via the Athens portal, contact the library service for details). The 2nd edition forms core reading for the ST9 exam in 2015.

Practice Note on enterprise risk management for capital and solvency purposes in the insurance industry. International Actuarial Association. 31 March 2009.
(A previous IAA Practice Note version, dated 11 August 2008, is also accepted core reading for ST9.)

Insurance criteria: Evaluating the enterprise risk management practices of insurance companies. Standard & Poor's,

Details of direct references to these sources are given in the appropriate Units of the Core Reading.