You are here

Resource and Environment Board

The Resource and Environment 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 Resource and Environment issues and sets key objectives annually.

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:

Board 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

Communities

  • 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.

Education

  • 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

International

  • 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.

Research

  • 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).

Contact Details

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:

professional.communities@actuaries.org.uk

Filter or search events

Start date
E.g., 23/07/2019
End date
E.g., 23/07/2019

Events calendar

  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Fully booked.

    The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.

  • Insurance Investment Roundtable with the IFoA & PRA - 25 July 2019

    EY Offices 1 More London Place London, SE1 2AF
    25 July 2019

    Fully booked.

    The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.

  • SIAS Event: Climate Zero to Climate Hero

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    3 September 2019

    Spaces available

    An introductory session to help you get ahead with climate change.

    • Science, terminology and initiatives: handy facts to keep in your back pocket 
    • Getting your point across: how to influence people and avoid common traps and pitfalls
    • Taking action: what are actuaries expected to do...and what are we actually doing?
  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    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
  • Sessional Research Event - Risk Margin Working Party

    Staple Inn Hall, High Holborn London, WC1V 7QJ
    9 September 2019

    Spaces available

    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 Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    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. 

     

  • The Future of the Actuarial Profession

    Staple Inn Hall, High Holborn London WC1V 7QJ
    3 October 2019

    Fully booked.

     

    Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.

  • Spaces available

    Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better? 

    It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.

  • Sessional Meeting - Autonomous Vehicles and impacts on the wider insurance industry

    Staple Inn, High Holborn, London WC1V 7QJ         
    28 October 2019

    Spaces available

    The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October.  The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters. 

  • Life Conference 2019

    The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
    20-22 November 2019
    Spaces available

    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.

  • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    2 December 2019

    Fully booked.

    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.

  • Autumn Lecture 2019: Live Streaming

    Webinar 
    2 December 2019

    Spaces available

    Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.