Actuaries are well aware of the importance of risk management as an important tool to help reduce losses, control uncertainty and optimise decision making in order to improve outcomes
We believe that our training and experience gives us an excellent base for tackling risk management challenges. It leads us to consider the full range of risks that might affect an organisation, and focus on measuring impacts, both positive and negative. Actuaries are also used to analysis not just based on short-term horizons but potentially extending many decades into the future, and understanding how the impact of risks can be valued in financial terms where this is warranted.
Matt Gurden, Chair of the IFoA’s Wider Fields Working Party, introduces the Risk Principles framework
You can watch the video recording of the launch event for the Actuarial Risk Principles framework in June 2017, which includes presentations of three case studies.
- Members can view the video via our learning environment and claim CPD for watching.
- Non-members can view the video on our YouTube channel.
The IFoA’s Wider Fields Working Party, led by Matt Gurden, has developed the Actuarial Risk Principles framework in order to summarise the key aspects of an actuarial approach to risk management, and how they are inter-related
The risk principles document looks at how a multi-faceted approach to decision making can add value in both existing and 'wider' actuarial fields, by providing decision makers with a better understanding of the risks involved.
It includes case studies in which topic specialists explore how these risk principles can be applied to analysing the risks implicit in three major issues of international scope:
- Climate Change
- Cyber Risk
- Automated Vehicles
Risk principles and climate change
The first edition of the risk principles document was introduced in December 2016 alongside a successful webinar run in conjunction with the World Business Council for Sustainable Development, which discussed how the risk principles could be applied to climate change risk.
- 5 June 2017
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The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.