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An update from the IFoA’s Covid-19 Action Taskforce [ICAT] Risk Management workstreams

Monday 25 January 2021 12:00 - 13:30

Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.

We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.

Four of the Risk Management workstreams are keen to share what they have been doing.

ICAT Risk1 Workstream – Effectiveness of ERM Frameworks

During this session, Risk1 will give an update of their current work where they are exploring the effectiveness of ERM frameworks and comparing what would have been an ideal response to an emerging pandemic relative to the response in reality. In particular, the workstream considers whether there are any lessons of “best practice” or “areas of improvement” that can be learnt from how frameworks have responded to Covid-19.

Speaker: Laurence Habahbeh

ICAT Risk2 Workstream – Great Risk Transfer

The Great Risk Transfer (GRT), shifting risk from institutions to consumers, has been in progress for many years before Covid-19. Risk2 will discuss how these two phenomena, so different in their time scales, are interacting. We are examining how the GRT has affected the impacts of the pandemic, particularly on investors, and how the pandemic has affected the GRT.

Speaker: Gilli Engel, Legal & General and Jessica Crowson, Milliman

ICAT Risk3 Workstream – Scenario Modelling

The ICAT Scenario Modelling team is working across actuarial disciplines to guide actuaries in constructing future pandemic scenarios. This encompasses scenarios for Covid-19 for the next two years and other future pandemics. The team is working on simple models to recommend including offering guidance and tools for key assumption setting. The work also consider a range of pandemic scenarios and the issues that actuaries face in scenario modelling across life, health and general insurance. 

Speaker: Maryam Abdullah

ICAT Risk4 Workstream – Cyber Security

Massive increases in phishing attacks and ransomware are examples of the impact Covid-19 has had on cyber risk. We will review the impacts of Covid 19 on cyber risk and what companies need to do in response.

Speaker: Hazel McNeilage

Event organiser

Contact Events Team for more information.

eventmanagement@actuaries.org.uk

0207 632 1498

The webinar will take place between 12.00-13.30GMT

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