The social, business, and financial worlds are increasingly being affected by environmental and societal risks, the likelihood of future changes, and the measures taken by governments to try to deal with them.
As long-term risk managers, such developments are of crucial interest to actuaries. The sustainability practice area works to identify the implications for actuaries and their clients and help in the development of appropriate responses.
Foremost amongst these is climate change, an existential threat that has implications for existing practice areas such as:
The sustainability practice area works closely with all other practice areas in responding to these issues. It has created a number of practical guides for actuaries in the different investment practices which are available to download and include: Climate Change for Actuaries: An Introduction (374 KB PDF).
View all the sustainability practice area: practical guides.
Other sustainability impacts on actuarial work include:
Explore all the IFoA’s active sustainability research working parties.
In addition to considering the impact of environmental change on existing work, the Sustainability Board fosters the development of actuarial involvement in new areas of environmental work as well as those that support the Sustainable Development Goals. For example:
This is a key part of the work of the board.
Learn more about the Sustainability Board.
The board is supported by one specialist sub-committee: the Sustainability Research and Thought Leadership Sub-committee.
The board is a senior, member-led committee of volunteer actuaries drawn from a variety of existing practice areas. It advises the IFoA on sustainability issues, including climate-related risks and is a source of expertise within the profession on such matters. It supports and promotes the interests of members in accordance with the profession’s strategic objectives.
Many environmental issues have a global impact and the Sustainability Board is keen to work with IFoA members across the world. It also supports the work of the International Actuarial Association Resource and Environment Working Group.
The Sustainability Board builds on the work conducted by the former Resource and Environment Member Interest Group (MIG). The research and activities that were undertaken by the MIG are now conducted by the Resource and Environment Board. The board supports:
It is also the practice board sponsor of the IFoA’s Financial Systems Thinking Innovation Centre (FinSTIC).
Until July 2020, the Sustainability Board was known as the Resource and Environment Board.
The Sustainability Board is made up of senior volunteer actuaries, drawn from a variety of practice areas, with experience or interest in environmental matters. It is the senior committee that advises the Institute and Faculty of Actuaries (IFoA) on important environmental issues. Its current members are:
The Sustainability Research and Thought Leadership Sub-committee ensures a strong research output in the sustainability practice area through member-led research.
The sub-committee oversees all research in the sustainability practice area. Its focus is to:
The committee is developing a list of topics as a guide to inform the provision of sustainability CPD opportunities for actuaries. Learn more at Resource and Environment Issues for Actuaries: Outline topics to guide CPD provision (203 KB PDF).
Find out more about current sustainability research projects at sustainability research working parties.
The membership of the committee is drawn from a cross-section of the IFoA community and external experts to ensure a broad spectrum of specialties and topics are supported.
For more information about any of our practice areas, please email the Communities Engagement Team
