You are here

Risk Management Board update – December 2021

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.

CRO Group

We heard back from Russell Gill’s report on a recent successful Chief Risk Officers Group meeting engaging actuaries in improved risk management with a focussed discussion on understanding the people and culture of any organisation. See their  webpage for future meeting dates and joining.

Lifelong Learning

There was a healthy discussion about future lifelong learning content. Steve Wilson presented a paper summarising the six main areas of risk management where content for webinars and other lifelong learning could be sourced – Soft skills, Climate, Governance, other ESG, Technology and CRO Responsibility. A paper will shortly be going out seeking ideas from the community by 24 January.

Diversity Action

Chika Aghadiuno joined our meeting to share with us the progress the profession was making on diversity, gender and inclusion and the way in which this work looked at the workings of our boards and working parties. Council had recently endorsed the strategy and was engaged with wider discussions on social inclusion in the workplace. We had a good discussion about the importance of recognising diversity risks in our working activities even when we feel things are in a good position.

Thought Leadership Volunteers needed

We will be recruiting additional members for our Research and Thought Leadership Committee soon. If you’re interested in getting involved, watch out for the vacancy on the IFoA volunteer vacancy webpage. The committee is currently considering proposals for new working groups on Climate Change Stress Testing, on integrating ESG into risk management activity and on Ethics and Culture in the use of AI. We held a healthy discussion on the possibility of an actuarial-profession focus on an index measuring climate risk and others who might be thinking about this space. 

Engagement with the RM Community

We had some discussion about the importance of measuring improvement in engagement with those identifying with being part of the risk management community through increasing the numbers of volunteers and attendance at our events. 

 

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 risk@actuaries.org.uk . Our next meeting is in March.