ST9 - Enterprise risk management. Specialist technical

This specialist technical subject will provide the successful candidate with an understanding of 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.

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.
Enterprise risk management from incentives to controls. [1st ed.] Lam, James. Wiley, 2003. ISBN: 0-471-43000-5. (Buy from eShop | Borrow from libraries).

Please note that Core Reading for 2014 exams references the 1st edition of 2003 - see the conversion note.

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.

Chartered Enterprise Risk Actuary

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 be eligible to receive the CERA qualification if they:

  • become an Associate member and pass ST9, the Specialist Technical exam in enterprise risk management;
  • become a Fellow (or have completed the exams required to transfer to the class of Fellow) and have passed ST9 as one of their ST subjects for Fellowship, or as an additional ST subject;

Those passing or being exempt from the ST9 exam after 1 September 2012 will need to attend a CERA seminar which will enable them to investigate and discuss more practical applications of enterprise risk management.

If you are not a member of the Institute and Faculty of Actuaries, but you are a fully qualified member of another actuarial association, then you cannot be awarded the CERA qualification by only passing ST9. Members of other accredited associations should approach their own association to find out how to obtain this qualification.

More information on the CERA qualification

CERA website