The Institute and Faculty of Actuaries (IFoA) has developed online Professional Skills Training (PST) content to assist members in meeting their Professional Skills Training requirements.
Around 12,000 members are required to complete the Stage 3 PST and the IFoA’s online content is just one option to satisfy the requirements. The content includes a range of video case studies covering professional and ethical issues.
Here is a flavour of what to expect in this year’s videos:
- The challenges of working in a multidisciplinary project team to implement a pilot using AI technology for insurance renewal pricing;
- Deputising for the CRO, you find yourself asked to give the go ahead on a project launch which you think may be outside the firm’s risk appetite;
- Under pressure from management to come up with a “best estimate” in an impossible time frame;
- Facing a tough decision on whether to blow the whistle;
- What level of information do you need to disclose about your model to another professional who is relying on the results to formulate their advice?;
- “Inspired” by the model licensed from an actuarial software provider - you come up with a plan to save costs;
- You suspect your boss has personal reasons for favouring a particular service provider in a competitive tender; and
- Your career prospects are threatened when you announce your intention to take paternity leave, as the firm is relying on your skills for a particular project.
Reflect on how to navigate these challenges whilst upholding the reputation of actuaries so we are A Trusted Profession.
For each video case study there is a separate video where actuaries provide their thoughts on the issues raised.
If you would like transcripts of any of the videos, please contact email@example.com.
To reduce buffering issues and improve the user experience, we recommend that you access the videos from a home PC or a mobile 4G connection, as these usually deliver more bandwidth than corporate networks where bandwidth may be limited.
Professional skills online videos 2019/2020
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As part of the ARC Webinar Series 2021, this webinar will review the work of the UEA/Aviva research team over the last four years on a major research programme funded by the IFoA’s Actuarial Research Centre.
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Whilst insurers have been performing stress and scenario testing for many years, in the last 12 months the PRA has increased its focus on the ability to identify, measure and increase financial and operational resilience.
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This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.
This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)
What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'.
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.