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Syllabus for ST9: linkDownload


The aim of the Enterprise Risk Management (ERM) Specialist Technical subject is to instil in successful candidates the key principles underlying the implementation and application of ERM within an organisation, including governance and process as well as quantitative methods of risk measurement and modelling. The students should gain the ability to apply the knowledge and understanding of ERM practices to any type of organisation.

  ERM Concept and Framework
  ERM Process
  Risk Categories and Classification
  Risk Modelling and Aggregation of Risks
  Risk Measurement and Assessment
  Risk Management Tools and Techniques
  Economic Capital


Core Reading


2017 edition  

Published: 2016

Publisher:  The Institute and Faculty of Actuaries


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Studying Material


Learning portal for ST9

The Core Reading for ST9 includes references to material in the following sources: ( Download )


1. Financial enterprise risk management. Sweeting, P. Cambridge University Press, 2011. ISBN: 9780521111645. 
    (Borrow from libraries | Access eBook after member login IFoA eLibrary via Athens )  [Errata for this textbook]
(eBook available via the Athens portal, contact the library service for details)*


2. Enterprise risk management from incentives to controls. 2nd ed. Lam, J. Wiley, 2014.
    (Borrow from libraries) The 2nd edition forms core reading for the ST9 exam in 2015.


3. Practice Note on enterprise risk management for capital and solvency purposes in the insurance industry
International Actuarial Association. 31 March 2009.


4. Insurance criteria: Evaluating the enterprise risk management practices of insurance companiesStandard & Poor's.



Instructions for candidates sitting an exam



Author:  The Institute and Faculty of Actuaries

Publication date:  19 August 2016
Download File: PDF 38.14 KB   Instruction