“Actuaries are pivotal in pensions and insurance, and increasingly in banking. These are all industries that directly influence what the future will look like, as they determine what activities are financed and insured. For example, in the UK, approximately a third of total investments are pensions-related. In other words, the decisions we make on how to invest these funds really can make a profound difference to the future we will all live in.
But making a difference requires a mindset shift for us. It requires us to consider not only the direct financial impact of our decisions but also the broader, real-world impacts that can have long-term effects on our customers, shareholders and wider society. It requires us to consider the financial system not as separate from the wider Earth system, but as intricately linked to it. Money simply cannot put right the fundamental changes that biodiversity loss might bring after it is too late – but the financial world can help keep it from getting too late.
We will need to adapt our actuarial toolkit to embrace new concepts like systems thinking, sustainability, risk interconnectedness and net zero. We will also need to evolve our sense of responsibility, recognising that we wield great power through the decisions we oversee in the global financial system – power to make choices today that will have far reaching and profound implications for the generations of tomorrow. Now is the time to update our operating manual and incorporate long-term sustainability into the tenets of the profession.
We actuaries have an immense opportunity. We can play a part in securing a sustainable future, in ensuring pensioners, policyholders and society at large will have a world worth living in. And we must choose to do so.”
Sandy Trust, IFoA Sustainability Board, Chair Elect
“This reading list guide helps provide a background to the significant risk of biodiversity loss for actuaries. Actuarial practice has a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge.”
Aled Jones, Professor, Anglia Ruskin University
Sessional Meeting - The Importance of Biodiversity Risks for Actuaries
Monday 26 April and Tuesday 27 April
Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offered an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.
Read the summary blog and links to underlying papers.
Log-in to the VLE to see Aled Jones and other panellists as they introduce their papers ahead of the roundtables.
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Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.