We also include appropriate material from the American Academy of Actuaries’ Standards of Practice, Society of Actuaries, Association for Investment Management and Research, as well as several presentations from risk management conferences.
Of course, special attention is given to papers that are heavily cited by subsequent work, as well as especially recent publications. Candidate papers from industry were found on the SOA website and CFA Institute website using a search function for "credit risk modeling" or "credit modeling.” Search results were then scanned for papers of interest. For the purposes of this review, we first focus on the economics and finance literature, paying special attention to historically important articles, those that were first to illustrate how to incorporate credit risk in particular ways, and any that shed light on the relative merits of a particular approach. Following this, we discuss insurance and industry-specific research, including journal publications, presentations, and industry assessments.