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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

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Events calendar

  • SIAS Event: Navigating Organisational Politics Positively

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

    Spaces available

    The term 'office politics' usually has a lot of negative connotations and indeed an inability to be able to navigate an organisation's formal processes and interact effectively with others at work can have far reaching adverse consequences.

  • Spaces available

    Public scrutiny of what investment funds deliver for consumers continues to be high profile, with the FCA’s Asset Management Market Study requiring fund managers to make (and publish) an annual assessment of value for authorised funds from the end of 2019.

  • Reimagining ageing

    Staple Inn Hall, High Holborn London WC1V 7Q
    14 June 2019

    Spaces available

    Reimagining ageing, hosted by the Institute and Faculty of Actuaries, in partnership with the ILC

  • Spaces available

    Increasing global concern over the impact of climate change has recently led to public scrutiny over the adequacy of existing risk management practices by insurance firms and pension schemes in dealing with these challenges, that potentially impact both individual actuaries and the IFOA generally.

     

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (18 June) giving you the opportunity to develop your network. 

  • KSS event – FinTech and The Actuarial Profession

    EY, Atria One, 144 Morrison Street, Edinburgh
    19 June 2019

    Spaces available

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

    To book your place, please email Barry_Shannon@standardlife.com 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Spaces available

    CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

    There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

  • Cass Event – New Thinking about Deferred Annuities

    Cass Business School, Executive Education Facilities 200 Aldersgate St, London EC1A 4HD
    21 June 2019

    Spaces available

    Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

  • IFoA/SAS Joint Professional Skills Training – Singapore

    Room 903, NTUC Centre, Level 9, One Marina Boulevard, Singapore 018989
    25 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

    Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
    27 June 2019 - 29 June 2019

    Spaces available

    The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

  • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

    Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
    28 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

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

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

  • 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.