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Institute and Faculty of Actuaries welcomes the new Corporate Governance Code from the Financial Reporting Council

Commenting on the Financial Reporting Council's (FRC's) updated UK Corporate Governance Code which comes into effect on 1 October, David Hare, Immediate Past President of the Institute and Faculty of Actuaries (IFoA) said:

“The new Code from the FRC is a welcome development that should enhance the quality of information about the long-term health and strategy of listed companies and their assessment and reporting of risk.

“This raising of the bar for risk management will require companies to undertake robust risk assessments which will often be backed up by scenario modelling.  Access to professionals with established expertise in the modelling of risk and financial uncertainty will be vital for shareholders and Directors.  This plays to the heart of the actuarial skillset, and we believe actuaries, who are subject to the profession's rigorous standards and regulatory arrangements, can and will play a key role in helping companies implement these new requirements.

“The IFoA is currently conducting research with Chief Finance Officers and Chief Risk Officers to assess the expected impact of the Code and highlight areas where most change is likely to be required.  This will help map the way forward, outlining how actuaries can assist companies with this important work.”

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For further comment, or to answer any questions that you may have please contact Annette Heninger, Media Relations Manager at the IFoA, on 07525 592 198 or by emailing annette.heninger@actuaries.org.uk

Editorial notes:

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body. 

Research undertaken by the IFoA is not commercial. We are a professional body. As a learned society, research helps us to fulfil two of our royal charter requirements; to further actuarial science and serve the public interest.  

Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.

The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.

 

 

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