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About Risk Management

Risk Management involves considering the risks of the enterprise as a whole, rather than considering individual risks in isolation

As experts in risk, actuaries are natural leaders in Risk Management.  The business world, along with the public sector, faces multiple challenges and greater uncertainty in the current hostile economic environment - it needs to manage its risks better to succeed and to serve all stakeholders well.  Actuaries can develop influential roles in wider risk management by building on core skills in our traditional areas, such as insurance. The profession can expand its horizon of activity to meet the needs of the wider business world as well as the demand of the profession’s growing global membership for stimulating and well rewarded jobs.

Governance and how you can connect with the Risk Management Board

The Risk Management Board - is a member-led Board of senior volunteer actuaries who act as a source of expertise within the Institute and Faculty of Actuaries (IFoA) on matters relating to the risk management practice area, and promotes, supports and champions the interests of members working in risk management within the traditional fields of life and general insurance as well as members using risk management techniques in wider fields such as commodities or banking.

The Board's objectives for 2018-2019 focus around two key areas:-

Engagement:-
- identifying our risk community (our customers) and engaging with them
- taking up opportunities to get involved with the IFoA’s Corporate Boards to influence strategy

Strategic:-
- ensuring the delivery of high quality CPD and research outputs
- improving the visibility and awareness of ‘past’ high quality research deliverables
- continuing to find opportunities to illustrate where the analytical skills actuaries have would add value and support the move beyond insurance

The Risk Management Board wants to connect, engage and understand the needs of its risk community - email risk@actuaries.org.uk to find out more.

      The Risk Management Board is supported by three subcommittees:

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      Contact Details

      For more information about Risk Management working parties contact the CommunitiesTeam.

      professional.communities@actuaries.org.uk

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      Events calendar

      • IFoA & PRI Webinar: TCFD – leaders and challenges

        Online webinar
        2 September 2019

        Spaces available

        In collaboration with the Institute and Faculty of Actuaries, the Principles of Responsible Investment is delighted to host this webinar discussing the response to the TCFD’s recommendations two years on from their publication. The webinar will feature new analysis of the 591 investors representing $45 trillion who responded to PRI’s 2019 climate indicators, insights from the past Chair of the IFoA’s Resource and Environment Board as well as an investor case study of implementation in practice from Aviva. 

      • SIAS Event: Climate Zero to Climate Hero

        Staple Inn Hall, High Holborn, London, WC1V 7QJ
        3 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
      • Professional Skills Training session (Jointly held with China Life)

        China Life Insurance, Beijing •  China Life Shanghai Office • China Life Shenzhen Office  
        6 September 2019

        Spaces available

        Friday, 6 September, Beijing Local Time (CST) 14.00-16.30; British Summer Time (BST) 07.00-9.30

        The IFoA Beijing Office and China Life are pleased to be co-hosting a Professional Skills Training (PST) session in Beijing, Shanghai and Shenzhen on Friday, 6 September. Wen Li (FIA), the IFoA Lead Representative in China and East Asia, will lead the PST presentation and discussion on ‘Getting it right!’.

        The main venue will be in Beijing. Members in Shanghai and Shenzhen can join the interaction with Beijing via video conference at China Life’s regional venues. (see full details below)

      • 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. 

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      • Chief Actuaries and Senior Life Actuaries Workshop 2019

        Staple Inn Hall High Holborn London WC1V 7QJ
        2 October 2019

        Spaces available

        This workshop, now in its sixth year, is aimed at senior actuaries working in life insurance - predominantly Chief Actuaries, but also Reviewing Actuaries and others working in risk and financial reporting. It will provide seven hours of relevant CPD.

      • The Future of the Actuarial Profession

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

        Fully booked.

         

        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.

      • RSS/IFoA Data Science Ethics: the role of practitioners

        Royal Statistical Society, 12 Errol St, London EC1Y 8LX
        7 October 2019

        Spaces available

        The Institute and Faculty of Actuaries and the Royal Statistical Society have worked together to develop joint ethics guidance on data science. This is the culmination of an 18 month programme of practitioner led work. 
         
        Join us for the launch of this new guidance, with a high-level panel discussion which will explore the role of data science practitioners and professional bodies in data ethics. 

      • 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. 

      • ARC Event: Beyond Proportional Hazards

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

        Spaces available

        ARC Event: Beyond Proportional Hazards: Statistical methods for assessment of the impact of medical advances and health interventions on longevity and population projections.

        This workshop is being delivered by the Actuarial Research Centre’s (ARC) ‘Big Health and Actuarial Data’ Research Programme.

      • Hot Topics in Health and Care: Networking and Drinks

        Staple Inn, 4 High Holborn, London WC1V 6DR
        4 November 2019

        Spaces available

        This evening will feature two new cases studies that highlight the implications for insurers of issues impacting on health and mortality for life, pensions, and health and care products; Impactability modelling: a worked example in Type II diabetes presented by Josephine Robertson, and Seasonal Mortality in England and Wales 1993-2016 presented by Mary Hall, Dublin City University.

      • Autumn Pension Seminar

        Grand Connaught Rooms, 61-65 Great Queen St, Holborn, London WC2B 5DA
        13 November 2019

        Spaces available

        Join us for this brand new seminar that brings together our Current Issues in Pensions, Pensions and the Law, and Investment for Pension Actuaries events. The seminar builds on the IFoA’s Annual Pension Conference with sessions covering CDC, TPR’s code of practice, investments, legal updates and Professional Skills Training with a focus on interactive discussion throughout.

        • KSS event: How is Scotland’s population changing and what are the implications?

          Barnett Waddingham, 163 West George Street, Glasgow, G2 2JJ
          14 November 2019

          Spaces available

          The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:

          • population statistics
          • life expectancy
          • changes in age structure
          • birth and death rates, including causes of death statistics.
        • 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

          Webinar 
          2 December 2019

          Spaces available

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

        • Behavioural Finance Research Launch- 14 January 2020

          Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR
          14 January 2020

          Spaces available

          We are delighted to announce the launch of the findings from our ARC funded Behavioural Finance research with a special evening event at Staple Inn on Tuesday14th January 2020. Entitled Behavioural Aspects of Institutional Investment Decision-Making, this research programme is being delivered by City, University of London, Leeds University Business School and Ipsos.