12 April 2023
Risk Management Board update
Andrea Egan provides an update from the latest board meeting.
Succession Planning
We discussed succession planning for the Risk Management Board, specifically the upcoming vacancy for a Deputy Chair; the vacancy will be advertised on the volunteering page, with applicants who meet the requirements encouraged to apply.
Update from IFoA on Employer Engagement
We heard from the IFoA Employer Engagement team how they deliver value to members through strong and meaningful relationships with employers. In particular, a key account management approach has been introduced for the largest actuarial employers. This includes organising round tables between senior contacts at key employers and the IFoA. The Board recommended additional major employers who the IFoA may wish to approach.
Chartered Enterprise Risk Actuary (CERA) Qualification
We heard an update on the CERA qualification which continues to grow in popularity and provides actuaries with strong ERM knowledge to help drive better business decisions. A review is ongoing to determine any further enhancements to the qualification, now that it has been in place for a number of years. The Board provided their feedback into this process.
IFoA Website Refresh
The Board heard an update on the new IFoA website, including a demo of the new Risk Management pages. A key aim of the update is to make the website more user friendly and easier to navigate.
Digital Community Platform
The Board heard an update on the new digital community platform and discussed potential uses for the platform going forwards.
CRO Group
The CRO Group meets regularly looking at major risk issues, most recently in February 2023 where the topics for discussion were Artificial Intelligence and Consumer Duty. The group is open to senior in house risk professionals (not just CROs); those interested in joining can do so through the link on the IFoA website.
Lifelong Learning
We discussed an update on key themes for the next IFoA Conference in June 2023, which will focus on cross-practice issues. The conference provides a good opportunity for collaboration and the Conference Organising Committee consists of representatives from each of the key practice areas. Good progress has been made on planning and the Board provided feedback on the outline conference programme.
International
We heard of the work going on within the IAA and Actuarial Association in Europe on risk management.
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.