The Banking MIG was set up to promote actuarial involvement in this area and deliver its objectives

Welcome to the Banking Member Interest Group (MIG), which is here to support our members in banking, those interested in banking as a career, or those wanting to find out more about actuaries in banking.

A management committee has been established to set and deliver the MIG's objectives. The committee has identified a number of short term and medium term goals and the main objectives are:

  • Implement a programme of events, articles and presentations to facilitate knowledge sharing, education (CPD) and networking.
  • Understand the extent to which members of the profession are currently involved in banking, or would like to become involved in banking, and to ensure the programme of events meets their needs.
  • Research the extent and way that other actuarial societies support and encourage their members' interests in banking.
  • Encourage members to become involved. Ideas and volunteers for events or working parties will be gratefuly received. If you are keen to get involved then please contact any of the management committee or email
Professional development
  • Build a knowledge base of actuarial techniques used in banking as a means to equip members for work in the banking sector and as a means to promote the profession's skill sets within the banking industry.
Focal point
  • Act as a point of contact for Public Affairs/Policy Managers on banking related consultations.
The Banking MIG management committee members
Dick Rae (Chair)

Mahidhara Davangere

Colm Kelly
Aonghas Mc Intosh
Damian Mitcham

Iain Allen

Martin Collins

Kudzai Chigiji

Krystna Dougall

Elvis Gannon (IFoA)

Vacancies exist for individuals with complementary skill sets and experience. Please email if you would like to take an active part in the Banking MIG.

Members of this MIG have experience in the Banking, Finance and Investment practice area. The groups’ objectives hope to determine how best members in this area can get involved in consultations; share ideas; and feed ideas on content for banking related events to the F&I Education and Continuing Professional Development committee.  Key areas for delivery include looking at ways to expand the IFoA footprint in the banking sector via:

  1.  Review of Basel regulation to understand where actuaries can possibly add value with relevant training and experience in banking risk roles. [Basel Pillar 1 (Regulatory Capital) considers credit risk, operational risk and market Risk. Basel Pillar 2 (Supervisory) considers other risk types such systemic risk, pension risk, concentration risk, strategic risk, liquidity risk and legal risk. Pillar 3 looks at market disclosures. Basel 3 is due to implement in 2018 alongside existing Basel Regulations and looks to deepen regulation on liquidity risk.]
  2. Review broader commercial banking opportunities for actuaries by analysing job market, engaging with recruiters and potential employers, and understanding competitors in this market
  3. Building and owning relationship with Chartered Institute of Bankers and new Banking Standards commission to collaborate on regulatory and risk developments (including professionalism standards and training)
  4. Act as point of contact for Public Affairs/Policy Managers on banking related consultations. Engage senior actuaries involved in the sector to help promote the profession.
  5. Liaise with education on identified gaps in knowledge/training in exam syllabus and work with CIBS on equivalence/exemptions between the organisations
  6. Develop CPD events for members either IFoA specifically or joint events with other institutes e.g. CIBS, IOR
  7. Liaise with Research to develop research to support the delivery of the above objectives. 
  8. Maintain a risk register with mitigations in line with IFoA practice for this strategic development. 

Members of this group are able to:

  • Identify key issues relating to Banking and Finance and have a desire to raise awareness and contribute to addressing the issues
  • Share knowledge and experience in an educational context for the benefit of other members of the MIG, and the profession
  • Be willing to help develop and share professional best practice
  • Be willing to assist in representing the MIG to engage and influence the IFoA (and other stakeholders) on matters relevant to the group
  • Be able to oversee or contribute to an area of the MIG’s initiative or work stream

The Banking MIG hopes to create a community of banking actuaries. The ambition would be to transform banking as an activity for actuaries and to achieve this; the MIG has set up several linked work streams:

  • To create an ongoing stream of high quality papers for the actuary magazine and other journals that will also provide ongoing CPD for actuaries in banking. The papers look to cover areas of work where the actuarial skills set have proven valuable, responses to industry and regulatory issues and educating actuaries or bankers. The papers should “sell” actuarial skills and insights to an intended audience of bankers
  • Organise and run social events to enable sharing of ideas and experience
  • Create and maintain a central SharePoint where ideas, papers and contacts are accessible to members
  • Engage with other bodies such as the South African Actuaries who are developing a course or the Chartered Institute of Bankers in the UK.

In addition, the MIG in conjunction with the IFoA hopes to consider how to assist actuaries of the future understand banking in order to make it easier for members to move into banking as a career path.

Contact Details

If you want more information about Member Interest Groups, or would like to start one, please contact the Professional Communities Team:

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Events calendar

  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Fully booked.

    The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.

  • Insurance Investment Roundtable with the IFoA & PRA - 25 July 2019

    EY Offices 1 More London Place London, SE1 2AF
    25 July 2019

    Spaces available

    The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.

  • SIAS Event: Climate Zero to Climate Hero

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    3 September 2019 - 4 September 2019

    Spaces available

    An introductory session to help you get ahead with climate change.

    • Science, terminology and initiatives: handy facts to keep in your back pocket 
    • Getting your point across: how to influence people and avoid common traps and pitfalls
    • Taking action: what are actuaries expected to do...and what are we actually doing?
  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
    • The future of regulation
    • FCA Engagement in Scotland
  • Sessional Research Event - Risk Margin Working Party

    Staple Inn Hall, High Holborn London, WC1V 7QJ
    9 September 2019

    Spaces available

    For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 


  • The Future of the Actuarial Profession

    Staple Inn Hall, High Holborn London WC1V 7QJ
    3 October 2019

    Spaces available

    Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.

  • Spaces available

    Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better? 

    It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.

  • Sessional Meeting - Autonomous Vehicles and impacts on the wider insurance industry

    Staple Inn, High Holborn, London WC1V 7QJ         
    28 October 2019

    Spaces available

    The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October.  The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters. 

  • Life Conference 2019

    The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
    20-22 November 2019
    Spaces available

    The Life Conference is the premier event for professionals interested in life insurance.  Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.

  • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    2 December 2019

    Fully booked.

    The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.

  • Autumn Lecture 2019: Live Streaming

    2 December 2019

    Spaces available

    Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.