Actuaries work in a variety of practice areas and are supported by six practice area executive committees. These committees support members in their area of practice in a variety of ways, including by providing CPD opportunities, acting as a focal point for knowledge development and research and fostering a sense of community amongst members practising in the area.

Enterprise risk management

Enterprise risk management is a wider subject than traditional risk management and covers all the risks within an enterprise (or company). The focus of ERM is to make sure that the risk-taking activities of the company are aligned with the objectives of the firm and the willingness of the company to take such risks. Actuaries working in this area are supported by the Enterprise Risk Management Practice Executive Committee.

Finance and investment

The Finance and Investment Practice Executive Committee gives broad support to actuaries working in the finance and investment area. Prior to March 2008, finance and investment and risk management were dealt with by the Finance, Investment and Risk Management Board.

General insurance

Although it is still true that only a relatively small part of the actuarial profession works in general insurance, there has been significant growth in recent years. Furthermore, although any material involvement only began about 30 years ago, actuarial contributions to general insurance go back to the first edition of Journal of the Institute of Actuaries in 1851. Actuaries working in this area are supported by the General Insurance Practice Executive Committee.

Health and care

Today actuaries are making an impact in many aspects of healthcare, and are supported by the profession via the Health and Care Practice Executive Committee. In both the private sector and public sector actuaries' work will expand as the government seeks ways of restructuring the welfare state to meet the demands of a changing population.

Life assurance

Actuaries have traditionally worked in life assurance, and their role and responsibilities have evolved as life assurance itself has developed external relations. The Life Assurance Practice Executive Committee supports those members working in both insurers and consultancies who are concerned with long-term (life assurance) business.

Pensions

Pensions continues to be one of the main areas of actuarial work and the Pensions Practice Executive Committee supports those members working in the pensions arena.

Social policy

The Social Policy Board ceased to exist on 1 March 2008, when the profession's revised structure took effect. During its lifetime it provided input to Government and others on the development of social policy, wherever actuaries have a contribution to make. There are a number of member interest groups which are continuing the work undertaken by the Social Policy Board and its committees.