The Board is responsible for:
- developing member-led research working parties and helping push through research outputs, such as sessional research papers, presentations and articles in the British Actuarial Journal (BAJ)
- providing timely CPD opportunities through specialist events and by working with other practice areas, ensuring all members have access to Resource and Environment CPD of the highest standard
- helping to shape IFoA responses on consultations
- raising issues of strategic interest to the profession.
The principal areas of focus for the Resource and Environment Board, in the 2018/2019 Session, are:
- to support actuaries in existing practice areas with resource and environment issues
- to develop the actuarial profession, enabling Actuaries to work in the resource and environment area
- to serve the public interest.
The Resource and Environment Board will work to meet the above through pursuit of the following key objectives:
- Deliver between two and four practical guides to support actuaries in understanding how to consider climate risk in their fields of work, from a list of possible fields that will be defined by the Board.
- Give support on Resource and Environment issues to all members, regardless of their location.
- Use the practical guides for liaison and outreach purposes across different stakeholder communities, both internationally and within the UK
- Focus on growing awareness in different actuarial communities of practical guides and implications for actuarial work.
- Develop mechanisms for effective digital engagement of actuarial communities.
- Continue to be involved with education part of the IFOA to influence and direct more R&E themes into the education syllabus (additional subjects and additional content).
- Look for additional opportunities for R&E themes to go into syllabus e.g. modelling of climate related issues and how we allow for these in the work that we do on how climate change will affect underlying exposures
- Look to try and get an education actuary to represent R&E
- Try and get an R&E type questions into the exams
Events and CPD
- Demonstrate the provision of CPD opportunities across a range of:
- Geographic locations
- R&E topics
- Formats (eg events, webinars, and podcasts)
- Providers (including Subcommittee-led, IFoA conferences and outside sources)
- Degree of technical knowledge (both entry-level, and more advanced levels)
- Deliver an R&E sessional meeting in November 2018 and plan for the delivery of another in 2019
- Create content to help actuaries to learn about R&E topics through private and collaborative study, eg
- Study groups led by the R&E Member Interest Group
- Articles and blogs, eg on the IFoA website and in The Actuary
- Discussions on social media, eg R&E LinkedIn group
- Engage with the Lifelong Learning Board
- Act as conduit to ensure relevant parties are aware of the R and E initiatives of the IFoA and other actuarial bodies
- Lead and/or participate in joint IAA projects
- Engage with the IAA REWG to shape and support its aims and to align with the R and E Board’s objectives
- Disseminate content originating from the Research and CPD subcommittee
Policy and Regulation
- In conjunction with the Executive, create engagement with regulatory, actuarial and industry bodies together with other interested parties for the purposes of developing and promoting the actuarial perspective on a range of R&E topics.
- Identify actuarial angles on issues relating to R&E policy and regulation and promoting the actuarial perspective and/or evidence to influence public policy development. Examples of this include the SDGs, TCFD and responding to consultations where appropriate.
- Oversee strategic relationships; ensuring learning from relationships are used to bolster awareness within the profession of R&E considerations so that suitable allowance is made for these in modelling and in professional judgement, especially within statutory roles.
- Strategic liaison, and management of the relationship, with the Regulation Board and the Joint Forum on Actuarial Regulation.
- Effective oversight of other partnerships including the UN Principles for Responsible Investment, the UN EP Finance Initiative Principles for Sustainable Insurance and the Taskforce for Climate-related Financial Disclosure.
- Identify gaps and requirements that have arisen from practical guides work (eg macro-economic modelling of the impacts of Climate Change).
- Identify gaps and requirements that have arisen from the Risk Alert and potential knowledge/skills gaps for best practice.
- Support existing R&E working parties to help ensure useful outputs on a timely basis
- Climate Change Working Party
- General Insurance Practical Guide Working Party
- Investment Practical Guide Working Party
- Life Practical Guide Working Party
- Climate Risk Reporting Working Party (cross practice with Risk Management)
- Help establish two new working parties and/or “task and finish” groups with appropriate objectives
- Identify key questions for actuarial research on R&E topics and, if appropriate, develop the case for commissioning external research to study one or more of them
- Facilitate appropriate access to the latest external developments in research for the R&E Board, RCPD Subcommittee, public affairs team and other actuaries
Resource and Environment Board 2018/2019 membership:
- Louise Pryor (Chair)
- Simon Jones (Deputy Chair)
- Claire Jones
- Andrew MacFarlane
- Matthew Modisett
- Mark Rothwell
- Sandy Trust
- Nick Spencer
- John Bayliss
- Alasdair Smith
- Dermot Grenham (Council representative)
- Sharon Cumberbatch - Resource and Environment Communities Manager
The Board operates within a Terms of Reference.
The Resource and Environment Board is supported by one specialist sub-committee:
The Resource and Environment Board is dedicated to raising awareness of environmental issues that effect actuaries in various practice areas across the world.
The Board is represented on the Resource and Environment Working Group of the International Actuarial Association.
Prior to the establishment of the Resource and Environment Board, much work in this area was carried out by the Resource and Environment Member Interest Group (MIG). The work of the MIG is now conducted by the Resource and Environment Board but its past work can be accessed here. A new Resource and Environment MIG was set up in 2017 in order to build and share resource and environment knowledge among IFoA members to expand the profession’s capacity in this area.
How to join the Resource and Environment Board
All vacancies arising on Boards and their sub-committees are advertised on our volunteer vacancies web page. Further information for volunteers, including tips on how to chair a meeting, can be found in the Volunteer Induction Pack (VIP).
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If you have any questions about a practice area, its working parties, Member Interest Groups or Board and sub-committees, please contact the Communities Team:
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