This event marks the formal launch of the Institute and Faculty of Actuaries’ (IFoA) document Risk management – an actuarial approach, which has been developed by the Wider Fields Working Party led by Matt Gurden. The risk principles are a high level guide to measuring and managing risks while taking full account of the impact of stakeholder perspectives and system characteristics.
Topic specialists will explore how these risk principles can be applied to analysing the risks implicit in three major issues of international scope. Using these examples, we will then invite you to take part in an interactive discussion. This will look at how a multi-faceted approach to decision making can add value in both existing and ‘wider’ actuarial fields, by providing decision makers with a better understanding of the risks involved.
Risk management is an important tool to help reduce losses, control uncertainty and optimise decision making in order to improve outcomes. We believe that actuaries’ training and experience gives them an excellent base for tackling risk management challenges. Our training leads us to consider the full range of risks that might affect an organisation, and focus on measuring impacts, both positive and negative. Actuaries are also used to analysis not just based on short-term horizons but potentially extending many decades into the future, and understanding how the impact of risks can be valued in financial terms where this is warranted.
The IFoA has developed the Actuarial Risk Principles in order to summarise the key aspects of an actuarial approach to risk management, and how they are interrelated. The risk principles document was introduced in December 2016 alongside a successful webinar run in conjunction with the World Business Council for Sustainable Development (see https://www.youtube.com/watch?v=hdQtKxr94Bw&t=4s ), which discussed how the risk principles could be applied to climate change risk – a topic to be explored further at this event.
| 09:00 - 09:30 | Registration and refreshments |
| 09:30 – 09:45 |
Introduction to the risk principles Speaker: Matt Gurden, Chair of IFoA Wider Fields Working Party |
| 09:45 – 10:00 |
Case study 1 - Cyber risk Speaker: Jasvir Grewal, IFoA Cyber Risk Working Party |
| 10:00 – 10:15 |
Case study 2 – Autonomous vehicles Speaker: Kevin Wenzel, Chair of General Insurance Standards and Consultations Committee |
| 10:15 – 10:30 |
Case study 3 – Climate change Speaker: Nico Aspinall, Chair of the IFoA’s Resource and Environment Board |
| 10:30 – 11:00 |
Panel discussion with audience Q&A Chaired by Matt Gurden |
| 11:00 – 11:30 | Refreshments |
Location
Address
Grand Connaught Rooms, 61 - 65 Great Queen Street , London
Nearest Public Transport
Holborn Underground Station