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:
|The Banking MIG management committee members|
|Dick Rae (Chair)|
|Dr Rajat Sinha|
|Anne Marie Shepherd|
|Elvis Gannon (Communities Manager)|
Vacancies exist for individuals with complementary skill sets and experience. Please email firstname.lastname@example.org 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:
- 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.]
- Review broader commercial banking opportunities for actuaries by analysing job market, engaging with recruiters and potential employers, and understanding competitors in this market
- 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)
- 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.
- Liaise with education on identified gaps in knowledge/training in exam syllabus and work with CIBS on equivalence/exemptions between the organisations
- Develop CPD events for members either IFoA specifically or joint events with other institutes e.g. CIBS, IOR
- Liaise with Research to develop research to support the delivery of the above objectives.
- 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.
If you want more information about Member Interest Groups, or would like to start one, please contact the Practice Executive: