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.
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.
ICAT Risk3 Workstream – Scenario Modelling
Risk3 is focused on helping the profession on scenario modelling for COVID-19 and future pandemics, including what risk factors and other considerations need to be taken into account when scenario modelling. Our team advises and hopes to package easy to use modelling tools to allow actuaries to do this work in house.
ICAT Risk4 Workstream – Cyber Security
Covid-19 has impacted cyber security risks through factors such as increased work from home, stretched risk controls and accelerated automation and digitisation of business (among others). Risk4 will provide an update on our review of these impacts on insurance companies' operations.
Contact Events Team for more information.
0207 632 1498
The webinar will take place between 12.00-13.30GMT
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