The Institute and Faculty of Actuaries has now been formed, and I am delighted to be the first leader of the Scottish Board. This letter outlines my views of the role and of the Scottish Board and the future of the Scottish constituency.
The Scottish Board will champion and develop the actuarial community in Scotland
We all want a thriving community of actuaries in Scotland, a community which feels and knows it has a purpose, a purpose which is recognised by actuaries and others, in Scotland and beyond. The role of the Scottish Board will be to champion and develop the actuarial community in Scotland.
The Scottish constituency comprises all former Faculty members, including students, in Scotland and beyond and those former Institute members who live or work in Scotland and elect to join the Scottish constituency.
If you are a former Faculty member or student, in Scotland or beyond, and wish to be part of the Scottish constituency you need take no action. If you are a former Institute member who lives or works in Scotland and you wish to be part of the Scottish constituency, please send an e-mail to the membership team at email@example.com.
Times are changing, and we want actuaries to be at the forefront of those changes
We need to widen the scope of our services, learn new skills, and apply these and our traditional skills so that the actuarial skill set is properly understood and appreciated by current and future clients. Our profession is already taking great steps in that direction with the development of the internationally recognised risk management qualification, chartered enterprise risk actuary (CERA). Actuaries in Scotland have been at the forefront of the development of CERA and I believe we are in a great position to drive forward in this area. Traditional areas of actuarial work are changing, and we must all look to the future to ensure our profession is able to adapt to the challenges ahead.
Academia, actuaries and business - a key triangle for mutual benefit
To keep up with our changing environment, I believe it is crucial to build strong links with both academia and business. We must work to understand what skills and knowledge current and potential employers need, consider how well actuaries are suited to meet those needs, and use the appropriate academic expertise and resources to develop in the right direction. Then we need to apply these skills not only with traditional employers, but also with the smaller and non-traditional companies and encourage members, with the appropriate skills, to develop new services. A triangle between our profession, academia and business was recently defined by the President of the Institute and Faculty of Actuaries. We have a geographically close community in Scotland in which this triangle can be developed and flourish.
Developing a vibrant actuarial community in Scotland
We have already taken a number of steps to develop a vibrant actuarial community in Scotland, including:
- The Profession is a founding member of the Scottish Financial Risk Academy. Among its activities, the academy carries out research into risk management topics and runs training and re-training courses. You can find out more about the academy at www.sfra.ac.uk
- Actuaries in Scotland have been actively involved in the design and launch of the CERA qualification.
- We are organising an informal meeting in Edinburgh with representatives from academia and business, including the head of mathematics at Edinburgh University and the Chief Executive at Scottish Enterprise. This will include a discussion on the use of risk management techniques in larger firms and possible application to smaller firms.
- We would like to encourage actuaries to volunteer to act as mentors on research projects at both Heriot-Watt and Edinburgh universities. If you are interested, please contact the Profession’s research manager Ruth Loseby at firstname.lastname@example.org
- A range of events and activities, including meetings and forums, will continue to be offered to members in Scotland. If you have an idea for a topic or an event, please contact the Profession’s secretary to the Scottish Board, Chris Morgan, at email@example.com
What can you do?
Whether you’re a former Faculty member or student, in Scotland and beyond, or a former Institute member who lives or works in Scotland, I hope you will feel part of the Scottish constituency and get involved in the range of activities on offer. If you’d like to find out more about how you can get involved, please visit https://www.actuaries.org.uk/get-involved To help foster a sense of community for the Scottish constituency, we will be setting up an online community on the Profession’s website, so that members of the Scottish constituency, regardless of where they live and work, can share news and information and discuss actuarial ideas and topics.
It is in all our interests for Scotland to continue as a centre of actuarial excellence. The Scottish Board can only do this with your input and support. If you want to find out more about how you can be involved in developing a vibrant actuarial community in Scotland, please come along to the meeting on 18 October at the Royal College of Physicians of Edinburgh.
I want our profession, and our community in Scotland, to thrive and expand. I look to you for support, encouragement and direction.
By working together we can create bright futures for all.
Gordon M. Bagot
Leader of the Scottish Board of the Institute and Faculty of Actuaries