Risk management involves considering the risks of the enterprise as a whole, rather than considering individual risks in isolation.
As experts in risk, actuaries are natural leaders in risk management. The business world, along with the public sector, faces multiple challenges and greater uncertainty in the current hostile economic environment. It needs to manage its risks better to succeed and to serve all stakeholders well.
Actuaries can develop influential roles in wider risk management by building on core skills in our traditional areas, such as insurance. The profession can expand its horizon of activity to meet the needs of the wider business world as well as the demand of the profession’s growing global membership for stimulating and well rewarded jobs.
Explore all the IFoA’s active risk management research working parties.
The Risk Management Board is a member-led board of senior volunteer actuaries who act as a source of expertise within the IFoA on matters relating to the risk management practice area.
It promotes, supports, and champions the interests of:
The board operates within a terms of reference (167 KB PDF). It supports the IFoA’s Council in the delivery of its corporate strategy. If you have any questions for the board please contact: risk@actuaries.org.uk.
Further information for volunteers, including tips on how to chair a meeting, can be found in our Volunteer Information Pack.
Membership is drawn from a broad cross-section of the risk management community to ensure full representation of all areas of expertise. Its current members are:
The board’s key objective focusses on ‘engagement’. It is championing exciting initiatives to grow a vibrant and thriving risk management community and to deliver value to IFoA members working in risk management.
Integral to this is the board’s ambition to continue to showcase opportunities to illustrate where the analytical skills actuaries have can add value and support beyond insurance (‘wider fields’).
The Risk Management Board wants to connect, engage, and understand the needs of its risk community. To find out more, email risk@actuaries.org.uk.
Louise explains the value of the Chartered Enterprise Risk Analyst (CERA) credential. She also provides insight into what the board is doing to engage and enthuse its risk community.
The Risk Management Board is supported by the:
The Committee for Lifelong Learning in Risk Management ensures that education and CPD requirements are coordinated and developed for all members.
The committee’s key objectives focus on:
The committee operates within a terms of reference (137 KB PDF). It supports the IFoA’s Council in the delivery of its corporate strategy.
If you have any questions for the committee, please contact its dedicated email address: risk@actuaries.org.uk.
The Risk Management Research and Thought Leadership Committee stimulates the advancement of actuarial science and provides a focal point for research in the practice area and cross practice initiatives.
The committee has key objectives which focus on:
Membership is drawn from all practice areas, academia, and anthropology.
The committee operates within terms of reference (117 KB PDF).
If you have any questions for the committee, please contact their dedicated email address: risk@actuaries.org.uk.
The IFoA believes that actuaries are strong risk management professionals. It supports and promotes a chief risk officer (CRO) group made up of actuaries working in senior risk management roles.
The group’s core aims are to:
Topic plan for 2023 to 2024 (38 KB PDF)
The non-commercial nature of the group makes it distinct from other CRO groups. Members have common challenges which can be discussed in a safe Chatham House Rule environment.
Please send your actuarial reference number and details of your role to Dawn McIntosh at dawnm@actuaries.org.uk.
Wade Butlion is Head of Risk Management at RGA Reinsurance Company of South Africa. He is a qualified actuary with extensive experience in risk management and is responsible for all aspects of enterprise risk management across the company. He also holds the Financial Risk Management designation from the Global Association of Risk Professionals and is an associate member of the Institute of Risk Management South Africa.
“The Actuarial CRO Group is a platform to share ideas and learn from other senior actuaries working in the risk management space. The nature of the group facilitates robust discussion and debate on topical issues in the risk management and wider business arenas. The group offers professional support from a diverse range of views and is a great way to benchmark practices and network with like-minded peers.” – Wade Butlion
Feryal Nadeem is CRO for Utmost Life and Pensions in the UK. She is a qualified actuary with over 20 years’ experience working in the UK life insurance industry.
“I have found the CRO Group invaluable since joining four years ago when I first became a CRO. The group brings together senior professionals from across a variety of industries who can discuss topics that are front of mind for them as well as an opportunity to discuss key themes that are running across different sectors. Being able to tap into the experience of others can often lead to sharing of ideas and the opportunity to explore new ideas.” – Feryal Nadeem
For more information about any of our practice areas, please email the Communities Engagement Team
