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Risk Management board update – June 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 21 June. 

Regulation

We had a discussion with Neil Buckley, the Chair of the Regulatory Board, on current regulatory issues. As well as the reform to our Disciplinary Scheme, the major area of current interest is the scope of the regulation of the profession (in particular in public interest roles) in the replacement for the FRC (ARGA). The profession’s hope is that ARGA’s focus will be on areas where regulatory protection is visibly needed. 

The Regulatory Board compiles a horizon scanner looking at regulatory risks where the work of actuaries has implications for the public interest. We had a good discussion about the importance of identifying these risks and ensuring that actuarial involvement is beneficial.

CRO Group

This group meets regularly looking at major risk issues. At the last meeting, the scope for cyber attacks during the current Ukraine war was discussed, together with work on operational resilience. The group next meets on 5 July to look at geo-political risk. A forward agenda for a wide range of topics for discussion is maintained. CROs and senior in-house risk professionals wishing to join visit the Actuarial CRO Group webpage for future meeting dates and joining. 

Lifelong Learning

We had a discussion about lifelong learning webinars and the range of opportunities for learning and development. There was recognition that more could be done in the community on blogs and other contributions rather than simply delivering webinars and similar. The importance of interaction with the lifelong learning approaches of other practice boards was emphasized.

Working Parties

We had an update on the working parties that are currently active and seeking members with new ones on AI Ethics, on Black Swan Insurance and a call for a new one on the future of risk pooling (an idea for a WP possibly for the Risk Board to supervise. Overlaps with other boards were discussed. 

International Updates

We had an update on international issues.  The IAA and AAE have both taken greater recent interest in climate change and the scope to collaborate in this area.  The issue of treating existing customers fairly compared with new customers is also an issue of international interest.    

Policy and Public Affairs

The IFoA has begun  publishing brief summaries online of key policy areas at the IFoA Policy summaries webpage.  A blog summarizing the key successes of the Great Risk Transfer campaign was published in May The Great Risk Transfer – one year on. Current consultation on Solvency II is being responded to.

Digital Community

We were updated on the development of the IFoA’s digital community, following the progress of the ones set up in areas such as Banking.  This is planned for Risk Management for early autumn.  There will be a platform for members of the community to share ideas, news, plans for events, and so on.  Its success will depend on the participation of people with issues to share.

 

You can find out more about the Risk Management Board or the CRO Group via their IFoA 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 September.