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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 2019/2020 membership:

  • Simon Jones (Chair)
  • Andrew MacFarlane
  • Matthew Modisett 
  • Mark Rothwell 
  • Sandy Trust
  • Nick Spencer
  • John Bayliss
  • Alasdair Smith
  • Lucy Saye
  • 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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Start date
E.g., 22/11/2019
End date
E.g., 22/11/2019

Events calendar

  • Life Conference 2019

    The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
    20-22 November 2019
    Fully booked.

    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.

  • KSS event: Climate change, ESG and what it means for Insurers

    PwC Edinburgh, Atria 1, 144 Morrison St, Edinburgh
    2 December 2019

    Spaces available

    Speaker: Pallavi Konwar

    Pallavi has a background in banking and asset management as well as within government. She started her career at Wall Street in New York, where she worked for Citigroup on mortgage securitisations and collateral analysis. Before joining PwC, she worked within the Infrastructure UK team at HM Treasury. where she was responsible for contributing to the National Infrastructure Plan and reporting on the performance and delivery of nationally significant infrastructure projects.

  • Autumn Lecture 2019, London - Dr Kay Swinburne

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

    Spaces available

    We are delighted to announce that Dr Kay Swinburne will deliver this year’s lecture, "It’s not all about the numbers – regulatory challenges for UK financial services post-Brexit"

  • SIAS Event: Discount Rates are Flawed

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

    Spaces available

    This talk will be given by Jon Spain who, as far back as 1983, has been working independently, trying to bring “long-term” back to UK actuarial thinking. His current focus is on discount rates (see discrate.com).

  • A Holistic Study into Cash flow Driven Investment

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    4 December 2019

    Spaces available

    Given that Cashflow Driven Investment strategy has attracted growing interests from pension funds and insurers at the backdrop of current market conditions and clients’ circumstances, the objective of this event is to gather thought leaders from asset managers, banks and insurers to offer attendees their perspectives and insights on main aspects of consideration when adopting this strategy.

  • Your Actuarial Career: Managing Career Breaks

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    5 December 2019

    Spaces available

    Maternity or paternity leave, sabbaticals to study or travel, managing care responsibilities or escaping unemployment – Join Chika Aghadiuno and a panel of IFoA guests including Liz Dimmock, Founder & CEO of Women Ahead (International), and Lee Faulkner, Financial Wellbeing Actuary, First Actuarial, to explore the issues around career breaks from the perspective of an employee and an employer.

  • Sessional Meeting - Silent Cyber Assessment Framework

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

    Spaces available

    The (re)insurance industry is faced with a growing risk related to the development of information technology (IT). This growth is creating an increasingly digitally interconnected world with more and more dependence being placed on IT systems to manage processes. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

  • CPD Member Event in Shanghai, China

    Function Room, F39, S1 Fuson Group, the Bund Finance Centre, No.600 Zhongshang East 2nd Road, Huangpu District, Shanghai Chinese address:BFC外滩国际金融金融中心,S1复星集团,39层报告厅,上海中山东二路600号
    9 December 2019

    Spaces available

    The IFoA’s President-elect Tan Suee Chieh will visit Shanghai. We will host CPD and Awards Presenting event on Monday 9 December 2019. The event is part of Mr Tan’s first presidential trip to China.

  • Professional Skills Training - London (10 December 2019)

    Staple Inn, High Holborn, London WC1V 7QJ  
    10 December 2019

    Spaces available

    This event will be of interest to students and recently qualified actuaries.

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020.  The content and discussion at this session is particularly tailored to actuarial students and newly qualified actuaries working in any area and the format is interactive, so you should come along prepared to take part in the discussions with your peers.

  • IFoA Joint Member Event with the Sunshine Insurance Group, Beijing China

    Room TBC, Kuntai International Plaza, No.12, Chaowai Street, Chaoyang District, Beijing 地址:会议室待定,北京市朝阳区朝外大街乙12号1号楼昆泰国际大厦
    12 December 2019

    Spaces available

    The IFoA’s President-elect Tan Suee Chieh will visit Beijing. We will co-host CPD and Awards Presenting event with the Sunshine Insurance Group on Thursday 12 December 2019. The event is part of Mr Tan’s first presidential trip to China.

  • ARC Sessional Research Event: Drivers of Mortality - Risk Factors and Inequality

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    6 January 2020

    Spaces available

    The authors will focus on a large dataset obtained from the UK’s Office for National Statistics (ONS) and related sources. Data are available at the level of Lower Super Output Areas (LSOAs) – small geographical areas with, typically, 1000-2000 residents and include death counts, exposures and a significant number of socio-economic variables including the index of multiple deprivation (IMD).

  • SIAS Event: My Journey to Data Science, Big Data and AI

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 January 2020

    Spaces available

    Patrick Lee is an actuary who has made the transition to working in software architecture and artificial intelligence (AI). He holds Microsoft Professional qualifications in Data Science, Big Data and AI and is currently working towards a DevOps (the automation of software testing and deployment) qualification. He is a member of the IFoA Council and is also President of the Wessex Actuarial Society. He is also a member of the IFoA and the RSS's joint Data Science Focus Group and will talk on the ethical use of AI. 

  • Spaces available

    This presentation covers the detail for how the matching adjustment is calculated. A small simple example spreadsheet is provided and discussed in detail.

    For actuaries wanting to get more involved with the matching adjustment, this is the opportunity to get a detailed description of the mechanics involved. This includes cashflows derisking, PRA tests as well as hypothecation.

    The presentation is provided by James Sharpe who has worked on a number of matching adjustment calculations with several firms.

  • IFoA Volunteer Recognition Reception

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    15 January 2020

    Spaces available

    As a thank you to all our Institute and Faculty of Actuaries (IFoA) volunteers, you are invited to join us at Staple Inn Hall, for an evening of drinks, canapes and networking, in London.

    IFoA President, John Taylor, will be attending and will make a speech

    If you support the IFoA as a volunteer (member or non-member), or in any other role, and you are going to be in London on 15 January, please book your place and join us at this reception.

     

  • Professional Skills Training - London (16 January 2020)

    Staple Inn, High Holborn, London WC1V 7QJ
    16 January 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Sessional Meeting - Operational Risk Dependencies

    Royal College of Physicians of Edinburgh 9 Queen St Edinburgh EH2 1JQ
    20 January 2020

    Spaces available

    The Operational Risk Working Party aims to assist actuaries and others in the modelling and management of operational risk. One of the key challenges in modelling operational risk is the modelling of dependencies between operational risks, and between operational and non-operational risks such as market, credit and insurance risk. Their paper seeks to assist in this regard, and help develop good practice in setting assumptions and modelling operational risk dependencies. 

  • Professional Skills Training - Edinburgh (23 January 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    23 January 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • KSS event in Glasgow: Public Sector Pensions

    Hymans Robertson, Glasgow 20 Waterloo St, Glasgow
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin

    Come to your local KSS meeting to discover your future tax paying liability, the massive intergenerational transfer you are making and consider your professional public interest undertaking.

  • ARC Sessional Research Event

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    3 February 2020

    Spaces available

    This sessional will be delivered by members of the research team working on the ARC “Big Health & Actuarial Data’ research programme, led by Professor Elena Kulinskaya (University of East Anglia).

  • Professional Skills Training - London (11 February 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    11 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Sessional: Impact of E-cigarettes Working Party

    Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
    24 February 2020

    Spaces available

    This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

  • Professional Skills Training - Edinburgh (25 February 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    25 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    The sixth annual Asia Conference once again offers a prestigious line-up of home and international speakers discussing the insurance and financial industry’s innovation and change in Asia. This year's conference in Kuala Lumpur will be hosted by Tan Suee Chieh, IFoA’s first Asian President. He will also make his Presidential address at this conference and will expand on the important elements of IFoA’s new strategy. 

    Additionally, this landmark conference will showcase how the IFoA is reinventing itself to support its members to succeed and thrive in a digital age, within traditional businesses and beyond, as a global organisation. 

    No tot be missed by international industry players, opinion formers, academic and industry leaders, actuaries and non-actuaries.