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.
- 5 June 2017
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Cancer incidence and mortality vary by region and socioeconomic status. Modelling the structure development and trends of cancer risk is important for insurance purposes and can impact pricing and reserving in related health insurance fields such as critical illness insurance and care provision.
A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.
This event is part of The Road to Glasgow: IFoA’s Sustainability Thought Leadership Series which will provide a platform for prominent contributors so that our members and others can understand the perspectives of a wide range of parties interested in the climate debate.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.
How governments and societies collectively respond to the climate crisis is increasingly being analysed through the lens of intergenerational fairness. Our expert panel will assess and explore the extent to which inter-generous fairness is being considered in climate policies, the lessons from those countries who are leading the way on fairness and justice in climate interventions, and more.
This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.
The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.
Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.