15 December 2022
Peter Tompkins provides an update from the latest board meeting
The Risk Management board is responsible for developing and delivering the value of IFoA membership, for actuaries who work in risk management practice or who want to know about this field.
The board recently met on 14 December.
We welcomed two new members, Andrea Egan from London and Elena Papadopoulou from Cyprus.
Our Purposes
We had some discussion about the terms of reference for the Board and the need for regular feedback from members on the goals for the year. The advent of Digital Communities is likely to provide greater opportunity for engagement. A group of members were taking up the opportunities provided by the forthcoming introduction of the digital community groups.
International
We heard of the work going on within the IAA and Actuarial Association in Europe on risk management and received a report from the AAE October meeting including a paper developed on reputational risk from sustainability for insurers and pension funds.
CRO Group
This group meets regularly looking at major risk issues. It is open to in house risk managers rather than consultants and has a loyal following. The group is looking to expand its active membership. Details are linked below.
Lifelong Learning
We considered the themes for the next IFoA Conference in June 2023, noting an emphasis on a variety of cross-practice issues such as working practices and mental health. The ‘Call for Speakers’ is open!
Climate and Sustainability
The RM Board’s working group on this topic is focusing on Research, Awareness and Application. We noted that the Practical guide to climate change for risk management actuaries has been published.
Policy and Public Affairs
We had an update on current activity, in particular an update on the Great Risk Transfer initiative and the recent survey work done in Scotland on trust – or lack of – in financial services. Partnership with the David Hume Institute had helped to keep the subject a live area of discussion.
The profession’s input to the debate about the risks which arose with LDI was discussed and the “black swans” group looking at things which could emerge as issues in the future.
You can find out more about the Risk Management Board or the CRO Group via their webpages
If there is anything you think should be discussed at the board then please let us know either via the Risk Management Community LinkedIn page or by emailing Professional.communities. Our next meeting is in March.