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Special recognition is given to the following editors of this chapter:

Jillian Hagan, FCAS Virginia Jones, ACAS Betty Simkins, PhD


Bodie, Zvi, Alex Kane, and Alan Marcus. 2008. Investments. 8th edition. New York: McGraw- Hill.

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Merton, Robert. 1972. "An Analytical Derivation of the Efficient Frontier." Journal of Financial and Quantitative Analysis 7, September.

Miccolis, Jerry A., and Marina Goodman. 2012. "Next Generation Investment Risk Management: Putting the Modem Back in Modern Portfolio Theory." Journal of Financial Planning, January.

Lam, James. 2003. Enterprise Risk Management from Controls to Incentives. Hoboken, NJ: John Wiley & Sons.

Taleb, Nassim Nicholas. 2007. The Black Swan: The Impact of the Highly Improbable. New York: Random House.

Vaclavik, Milan, and Josef Jablonsky. 2011. "Revisions of Modem Portfolio Theory Optimization Model."


Ward Ching is Vice President, Risk Management Operations, at Safeway Inc., located in Pleasanton, California. His responsibilities include enterprise risk management, integrated risk finance, hazard loss control, environmental compliance, property risk control/engineering, and a variety of retail, distribution, and manufacturing risk management initiatives, including Safeway's Culture of Safety. Prior to joining Safeway, he was a principal at Towers Perrin and a managing director at Marsh. He completed his undergraduate and graduate degrees in international relations and economics at the University of Southern California, and has taught and written extensively on the subjects of international relations, game theoretical applications in foreign policy, and enterprise risk management.

Loren Nickel, FCAS, CFA, MAAA, is the Regional Director and Actuary for the Northwest Region (Seattle, San Francisco, and Los Angeles) and National Leader for Operational Risk for Aon Global Risk Consulting. He is responsible for providing clients with actuarial support as well as a variety of financial and tailored risk services. His work includes pricing, reserving, profitability studies, retention studies, dynamic financial analysis, and captive analysis for all major lines of insurance. He provides professional actuarial opinions as well as a variety of innovative risk solutions.

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