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Strictly Professional

The Institute and Faculty of Actuaries (IFoA) develop online Professional Skills Training (PST) content for its Members to enhance their professional skills and to assist those Members who are subject to the requirements of the CPD Scheme to meet their Professional Skills Training requirements under the Scheme.

The IFoA’s online content is just one option to satisfy the requirements which are to undertake a minimum of 2 hours of “CPD Activities with a Learning Outcome related to managing professional ethical challenges”. The content includes a range of video case studies covering professional and ethical issues.

This second of two planned releases of content for the current CPD year has now been published.  The combined content published in November 2021 and April 2022, together with our programme of professional skills webinars provide Members with ample opportunities to enhance their professional skills and to meet their CPD requirements if applicable.

Here is a taster of the video case studies included in the latest release of content published in April 2022

  • Boss’s Best Buddy – Michael, a graduate trainee Actuary, finds himself the talk of the office when his colleagues notice how much time he’s been spending with their manager Sofia, and how much special attention he may be receiving as a result. Entirely harmless from his perspective. But as yearly review time rolls around, his colleagues can’t help but raise the question of whether unfair favouritism may be at play?
  • Data – What Data?! – Aalia has been asked to put together data for a regulatory submission, looking at an international insurance group’s (headquartered in the UK) exposure to various potential catastrophe events around the globe. She discusses their difficulties with colleague Jools, whilst being pestered by Cliff who is the Compliance Manager to ‘just put together whatever they can’ to meet the regulatory submission deadline.

  • Judgement Day – Rhiannon, an actuary, gives advice in two different circumstances - each of which she believes is ‘valid’. However, whilst everyone was happy about the first set of advice, Steven, the scheme’s Member Trustee, cannot understand, nor justify, the apparent inconsistencies between this and what Rhiannon is about to propose.

  • Profit before Probity – Luke, a pricing actuary, has been asked by his boss, the Commercial Director or a large insurance firm, to analyse and implement new data courses which will allow greater profit optimisation to take place when pricing insurance policies. In carrying out the analysis Luke has some concerns in relation to customer fairness considerations. 

  • Sticking up for Climate – Maya is an actuary trying to understand how climate change might affect her work as an actuary. She has read the IFoA’s climate change statement from January 2021 which says that tackling climate change risk is urgent and she is frustrated at what she sees as the slow response to climate change in her community, at her work, and in her country. She has therefore joined a citizens’ group taking direct action on climate. She has just been arrested and convicted of an offence for blocking a main road in the capital city.

 

View the 2021/2022 videos
 

In addition, there are other mini case studies in various formats. For each video case study, there is a separate video where actuaries and others discuss the issues raised.

Request a Toolkit from professional.skills@actuaries.org.uk if you wish to run a professional skills session for your colleagues or local association.  This will give you access to downloadable links for the videos, useful tips on running a session, and access to a range of supplementary content.

Contact Details

professional.skills@actuaries.org.uk

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