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Abstract "This standard applies to enterprise risk evaluation performed by actuaries. Some organizations will face requirements and requests for assessment of the risk evaluation part of the risk management system, in order to evaluate whether their risk management systems are operating at a level that meets or exceeds professional standards. Regulators in some industries may want similar evaluations. As described above, the ERM Task Force has also been actively working on a second proposed ASOP, Risk Treatment in Enterprise Risk Management. The second proposed ASOP considers the topic of risk treatment, which is the process of selecting and implementing actions to modify risks. Risk treatment is found in insurers, pension plans, other financial service organizations, and most businesses or organizations, and is typically a part of a risk management system. This second proposed ASOP was exposed with a comment deadline of September 10, 2012. The Task Force plans to present the proposed final standard on risk treatment to the ASB at its December 2012 meeting. Once the proposed ASOP, Risk Treatment in Enterprise Risk Management is adopted, the reference in section 1.2 of this ASOP No. 46 to proposed ASOP Risk Treatment in Enterprise Risk Management will be updated to reflect its adoption as final. These two standards cover the risk evaluation and risk treatment activities within risk management work but do not cover other ERM practices that are performed by insurers, pension plans, other financial service firms, and other businesses or organizations. In the future, other standards may provide guidance for other aspects of actuarial professional services in ERM. These two topics were chosen because they cover the most common actuarial services performed within risk management systems of organizations. These standards, as with all actuarial standards of practice, apply to the actions of individual actuaries, and not to their organizations, employers or clients."

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