Actuarial Aspects of Risk Management
Insurance Institute of India: Fellowship Examination
One of eight actuarial papers for Fellowship. Covers risk management from an actuarial science perspective.
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AS-05(v) exam at a glance
| Level | Fellowship |
|---|---|
| Credit points | 40 |
| Exam | 2 hours, online, multiple choice |
| Pass mark | 60% (75% for distinction) |
Across 10 chapters, every question reviewed and exam-aligned.
Tap a chapter to see what it covers.
1The Operating Environment of an Enterprise45 questions45
Business operating environment: economic, political, legal, social and technological factors, and enterprise risk management basics.
2Assessment of Risks45 questions45
Risk assessment: identifying risks, rating impact and likelihood, risk appetite and building assessment into business processes.
3Classification of Risks45 questions45
Classification of risks: how firms group risks, credit risk measurement, other risk types and capital buffers.
4Determination of Assumptions and Scenario Testing45 questions45
Assumptions and scenario testing: scenario analysis, sensitivity analysis, stress and solvency testing, and multi-year scenario effects.
5Reserving & Valuation of Liabilities45 questions45
Reserving and valuing liabilities: economic capital, CAPM, outstanding claims reserves and insurance liability valuation methods.
6Qualitative and Quantitative Risk Management45 questions45
Qualitative and quantitative risk analysis: risk identification, FMEA, event trees, sensitivity analysis and simulation models.
7Risk Mitigation45 questions45
Risk mitigation: mitigation planning, risk avoidance and control, managerial flexibility, and portfolio based risk optimisation.
8Risk Modelling45 questions45
Risk modelling: allocating economic capital, value at risk methods, ERM systems and benchmarking key risks.
9Monitoring the Experience and Exposure to Risk45 questions45
Monitoring risk: regular risk reviews, benchmarking performance, watching operations and checking whether risk actions worked.
10Solvency & Profitability of Enterprise, Management of Capital45 questions45
Solvency and profitability: working capital, cost of capital, interest rate risk, liquidity and capital management.
Draws from all 450 questions across every chapter, so no two attempts are the same.
AS-05(v): frequently asked questions
What does AS-05(v) cover?
AS-05(v) covers actuarial aspects of enterprise risk management: the operating environment, risk assessment and classification, scenario testing, reserving, risk measurement, mitigation, modelling, monitoring, solvency and capital management.
Which exam level is AS-05(v) for?
Fellowship. AS-05(v) is worth 40 credit points.
What is the pass mark for AS-05(v)?
60%. A score of 75% or more is a pass with distinction.
How long is the AS-05(v) exam?
2 hours. It is an online exam with multiple choice questions.
When will I know my result?
You see your score right after the online exam. The formal result usually follows within about a month.
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