Actuaries are well aware of the importance of risk management as an important tool to help reduce losses, control uncertainty and optimise decision making in order to improve outcomes
We believe that our training and experience gives us an excellent base for tackling risk management challenges. It leads us to consider the full range of risks that might affect an organisation, and focus on measuring impacts, both positive and negative. Actuaries are also used to analysis not just based on short-term horizons but potentially extending many decades into the future, and understanding how the impact of risks can be valued in financial terms where this is warranted.
Matt Gurden, Chair of the IFoA’s Wider Fields Working Party, introduces the Risk Principles framework
You can watch the video recording of the launch event for the Actuarial Risk Principles framework in June 2017, which includes presentations of three case studies.
- Members can view the video via our learning environment and claim CPD for watching.
- Non-members can view the video on our YouTube channel.
The IFoA’s Wider Fields Working Party, led by Matt Gurden, has developed the Actuarial Risk Principles framework in order to summarise the key aspects of an actuarial approach to risk management, and how they are inter-related
The risk principles document looks at how a multi-faceted approach to decision making can add value in both existing and 'wider' actuarial fields, by providing decision makers with a better understanding of the risks involved.
It includes case studies in which topic specialists explore how these risk principles can be applied to analysing the risks implicit in three major issues of international scope:
- Climate Change
- Cyber Risk
- Automated Vehicles
Risk principles and climate change
The first edition of the risk principles document was introduced in December 2016 alongside a successful webinar run in conjunction with the World Business Council for Sustainable Development, which discussed how the risk principles could be applied to climate change risk.
Related documents
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Risk management – an actuarial approach
5 June 2017
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Events calendar
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Presidential Speaker Series - The New Long Life
Webinar26 January 2021Drawing from his most recent book “The New Long Life” and his longevity research Andrew J Scott will outline how longer lives and new technologies will fundamentally reshape how we structure our lives and transform the economy. As well as looking at the agenda this will set governments and corporates he will focus on the implications for you and how you prepare your future career.
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Pensions: Actuarial Factors used to Calculate Benefits in UK Pension Schemes
Webinar28 January 2021The IFoA’s Actuarial Review Team has published its first thematic review, which looked at the actuarial advice given by scheme actuaries to UK pension scheme trustees on setting transfer values and commutation rates.
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India Town Hall
Webinar28 January 2021
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann. -
Winter Thought Leadership Lecture with Vicky Pryce
Webinar3 February 2021What are the options for the world economy looking ahead?
In this Thought Leadership Lecture, Economist, Vicky Pryce, will be discussing world economic trends, including the differences in geographical performance and how output is recovering and where.
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Professional Skills Training Webinar - 9 February 2021
Webinar9 February 2021
Trust and Leadership for ActuariesLed by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:
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Health and Care Hot Topics webinar
Online webinar10 February 2021In this webinar, we have two presentations showing the latest research on the implications for life and health insurers of two key issues: genomics and pandemic risk.
Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.
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As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.
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Sub-Saharan Africa Town Hall
26 February 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann. -
MENAP Town Hall
2 March 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann.