Sim Segal, Academic Director of the M.S. in Enterprise Risk Management program, was a Principal Investigator for a new report making the case for using the principles and methodology of ERM to understand public policy issues.
Commissioned by the Casualty Actuarial Society, Canadian Institute of Actuaries, and the Society of Actuaries, Future Long-Term Care in Canada: An Enterprise Risk Management Framework to Identify and Quantify Major Concerns caps more than a year of work by a trio of Principal Investigators—Segal, FSA, CERA; Bonnie-Jeanne MacDonald, PhD, FSA, FCIA; and Michael Wolfson, PhD—and Co-Investigator Heidi Walsh, LLM. The report was published May 6 and is available at the Society of Actuaries and Canadian Institute of Actuaries websites.
The goal of the project was “to identify some of the major risks relating to the future of long-term care for older Canadians” by applying “a well-established tool to manage risk among large corporations in the financial sector.” The resulting study, the authors assert, “provides a novel demonstration on how ERM can be applied to serve the Canadian public by informing decision makers on the risks facing the current and future delivery of long-term care.”
While making clear that they are neither commenting nor offering recommendations on public policy, the authors extol the virtues of using an ERM framework to “collect, organize, filter, and quantitatively express the web of concerns” around the issue:
“Good public policy should be based on a sound understanding of the problems at hand and the challenges to be faced. ERM is an invaluable structure and discipline for approaching the challenges of understanding the future of long-term care in Canada while drawing on the varied expertise and experience of our panel of experts.”