Institute and Faculty of Actuaries team up with Scottish Financial Risk Academy (SFRA) to launch the ARC12 September 2012
Based in Scotland, the ARC has been established to create a bridge between actuarial research and business and is anticipated to become an international centre for the furthering of actuarial science.
The ARC’s launch was announced at a reception to celebrate academic excellence at the Scottish Parliament yesterday evening. Attendees included Mark McDonald MSP and Derek Mackay MSP, Minister for Local Government and Planning.
David Hare President Elect of the Institute and Faculty of Actuaries comments;
“The Institute and Faculty of Actuaries have provided substantial funding to bring the ARC to life because it is vital that we have a centre of excellence that produces valuable research that can benefit not only the actuarial profession, but also the businesses that actuaries work within both in the UK and also internationally.
“ARC funding will significantly increase the availability of scholarships for talented and aspiring PhD students. Co-sponsorship of PhDs will allow businesses to engage in long-term research projects that would be difficult to resource in-house. This “win win” situation should ensure that research undertaken at the ARC will help to shape future business strategies.”
“The ARC has been designed to work in partnership with companies. Already Hyman Robertson and Partnership are co-sponsoring two research projects and we look forward to discussing the benefits that the ARC offers businesses with more companies.”
Professor Andrew Cairns, of Heriot Watt University and first Director of the ARC, believes that it will add value to businesses, the public, Governments and policy makers:
“The principle aim of the ARC is to be an international centre of excellence for actuarial research. Students will work on boundary-pushing research with practical applications for business, the public, Governments and policymakers across the world. The ARC will achieve this by providing sponsorships to support PhD students from a variety of relevant backgrounds whose research will focus on a range of topics that are of importance to the actuarial profession and to the financial services industry. All research will be published and therefore accessible to everyone.”
The ARC launches with two sponsored PhD students, with a third joining in 2013. It is expected that the ARC will sponsor 6 PhD students by 2014.
Further editorial information
About the Institute and Faculty of Actuaries: The Institute and Faculty of Actuaries is the chartered professional body for actuaries in the United Kingdom, as well as accrediting members from across the globe. A rigorous examination system is supported by a programme of continuous professional development and a professional code of conduct supports high standards, reflecting the significant role of the Profession in society. The ARC stands as testament to the Institute and Faculty of Actuaries’ commitment to driving innovation and advancing knowledge and understanding in actuarial science worldwide. www.actuaries.org.uk
About the Scottish Financial Risk Academy: The Scottish Financial Risk Academy was set up in April 2010 with funding from the Scottish Funding Council and industry, and is the first academic-industry partnership in the UK to focus on knowledge exchange in financial risk management. The Academy's knowledge exchange agenda is fulfilled through three activity streams: a vibrant events and training programme; postgraduate student placements on short industry projects; and industry-led courses on MSc programmes. The Academy is supported by a consortium of industry and academic founder members, led by the Maxwell Institute, the joint mathematics research institute of Heriot-Watt University and the University of Edinburgh. www.sfra.ac.uk
About The ARC: The ARC was launched in 2012 by the Institute and Faculty of Actuaries in partnership with the Scottish Financial Risk Academy (SFRA). It was established to create a bridge between actuarial research and business and is an international centre for the furthering of actuarial science. The ARC provides PhD studentship opportunities and so helps to create the next generation of researchers for the profession. Working in partnership with the SFRA, The ARC leverages the long established history of actuarial research and excellence to create a centre of international excellence for the benefit of the international actuarial profession and the financial services industry.
Heriot-Watt University, Department of Actuarial Mathematics and Statistics: Heriot-Watt will provide academic supervision to the first two PhDs supported by the ARC. The Department of Actuarial Mathematics and Statistics, in the School of Mathematical and Computer Sciences at Heriot-Watt University, is internationally-renowned for its research and teaching in actuarial and financial mathematics, probability and statistics. Heriot-Watt was the first university in the UK to offer a specialist degree course in Actuarial Science. The Department’s links to employers in the public and private sectors are strong and interaction is promoted and encouraged.
The ARC Director, Andrew Cairns: is Professor of Financial Mathematics at Heriot-Watt University. He qualified as a Fellow of the Faculty of Actuaries in 1993 and is an active member of the UK and international actuarial professions. Since 1996 he has been an editor of ASTIN Bulletin - the Journal of the International Actuarial Association, and has been editor-in-chief since 2005. His research interests concern valuation and risk management of long term insurance and pensions business, and he is a leading international expert on the modelling, measurement and management of longevity risk.