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Risk Management Board update – March 2022

15 March 2022

Simon Cartagena 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 15 March.

Digital Community Platform

Discussion on what it will mean for Practice Boards to be accountable to the members in that field. General view is that it’s a positive tool to engage with the wider community and key is to avoid enforced bureaucracy. Focus remains on what type of content do Practice Boards want to promote and how can the IFoA support them.

Discussed how the approach might work in practice and how can the drive to make it a success be sustained following initial momentum. Recognition that this may require a significant amount of work to deliver webinars for the practice area so identifying the areas of efficiencies and professional consistency are important.  Collaboration between practice boards will be important to deliver a consistent standard. Providing courses and training for members could be seen as a real asset from the Digital Communities and attract paying non-members to access. The RM Board member engagement workstream could also support this initiative.

Members were agreed that the content should be free to members and that any non-members volunteering should also be allowed access to the content being provided. Choice of platform was discussed and agreed that it will be important in how successful the initiative may ultimately become. Critical success factors will need to be defined and tracked to ensure quality/delivery.

The RM Board will raise their suggestions and work with the IFoA executive in the coming months to support the development of an IFoA Digital Community.

CRO Group

Russell Gill updated us on the CRO Group’s latest discussion on Emerging Risks tool and frameworks, an external presentation from Gartner on EMR and Governance/GRC tools as well an update on ERM module SP9.  The next discussion will focus on operational resilience and cyber risk management with a presentation from an external cyber consultancy.

The final meeting of 2021-2022 will be in July and hoping to meet up in person. 

Lifelong Learning

Steve Wilson explained the 6 topic areas that the webinars are looking to focus on. The 'Call for speakers' is ongoing and I would like to continue the push to create content. 5 confirmed webinars have been confirmed so far and posted on the website with more in the pipeline. The Board had a constructive discussion about Geopolitical risk as a topic for inclusion with recognition it would be a useful topic.

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Bringing cyber operational risk to life – 28

Neurodiversity and the Actuarial Profession – 22 April

Do actuaries make good risk officers? – 22 April

IFoA Conference June 2022

The IFoA is delighted to welcome members back to their first in-person conference since early 2020, also being delivered virtually in their first-ever hybrid event. The theme of the inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues. 

Register for Earlybird tickets

.Climate risk and Sustainability

Update provided by Simon Cartagena and Lawrence Habahbeh summarising progress so far. A call for working group members is to be made soon with the hope that members are in place by Q3.

Policy and Public Affairs

Matthew Levine provided an update including Climate and Sustainability and Great Risk Transfer, specifically CDCs, what makes a risk pooling scheme successful, and what role the IFoA should play in these initiatives (e.g. Flood Re). 

Click here for more information on the Risk Management Board and its activities