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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:

      Related documents

      Contact Details

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

      professional.communities@actuaries.org.uk

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      Events calendar

      • Data Science: Opportunities for Actuaries

        The IFoA's first virtual event   
        26 February 2019 - 28 February 2019

        Spaces available

        The IFoA are launching their first virtual conference on the topic of Data Science, that is free to attend. This is an exciting and forward thinking move to reach members all over the world and to share knowledge and discuss developments and techniques within data science.

      • Leicester Actuarial Science Society presents the 5th Annual Worshipful Company of Actuaries Lecture

        The University of Leicester, Ken Edwards Lecture Theatre 3 (see map and directions)
        27 February 2019

        Spaces available

        IFoA President-Elect, John Taylor will discuss his work on 'robo advice' and the implications of technology for the future of the profession, but also his thoughts about the immediate priorities for the actuarial profession based on his first year with the Presidential Team. 

        The Worshipful Company of Actuaries will also be explaining their work and presenting two prizes: one each to the best performing 2nd year and 3rd year BSc Mathematics and Actuarial Science student at the University during the session.

      • ARC: ERM Results Launch Event

        Staple inn Hall, High Holborn, London, WC1V 7QJ
        28 February 2019

        Fully booked.

         

        This event is now full. We do operate a waiting system for this event should there become availability, which you can register for here and be added to the waitlist. We will email everyone on the waiting list nearer the time to confirm whether there is availability for them to attend.

         

      • Actuaries Rock event – What happened at GIRO?

        Gibraltar Financial Services Commission P O Box 940 Suite 3, Ground Floor Atlantic Suites Europort Avenue GX11 - 1AA Gibraltar
        28 February 2019

        Spaces available

        This event is run by Actuaries Rock, the regional society for actuaries in Gibraltar. To register please email:  kmorgan@gfsc.gi 

      • SIAS Event: Challenges and Opportunities for Actuaries Working in Data Science

        Staple Inn Hall, High Holborn, London, WC1V 7QJ
        4 March 2019

        Spaces available

        This talk will present examples of the use of data science in the General Insurance and Health and Care practice areas. It will highlight some of the opportunities and challenges for actuaries in using the latest data science techniques in these fields.

        1. Lisa Balboa will present on using predictive analytics to improve health care forecasting.
        2. Alexander Hanks will present a practical example of training a neural network to fit curves to general insurance claims data.
      • Highlights of the Life Conference 2018 - London

        Ect Venues, 200 Aldersgate, St. Pauls, London EC1A 4HD
        5 March 2019

        Spaces available

        IFoA event AllThis event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best sessions from the Life Conference 2018.  Book now to ensure your place.

      • Life and F&I One Day Workshop

        Staple Inn Hall, High Holborn, London, WC1V 7QJ
        11 March 2019

        Spaces available

        IFoA Event Logo AllThis cross-practice event for Life actuaries and those in finance and investments roles offers high-quality CPD with a series of thought-provoking presentations covering economics and financial markets, responsible investment, CMA review outcome, FCA requirements, asset analytics, and much more.

      • Spring Lecture 2019, Edinburgh - Sir John Curtice

        Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
        13 March 2019

        Fully booked.

        In conjunction with the Scottish BoardEdinburgh is now full. However, you can still register here to view the event live online, allowing those who cannot attend in person to stream the lecture to their computer, laptop, tablet, and phones wherever they are in the world. 
        We do operate a waiting system for each of the Edinburgh and London venues should there be availability, which you can register for here and be added to the waitlist. We will email everyone on the waiting list nearer the time to confirm whether there is availability for them to attend.
      • Spring Lecture 2019, Live stream at Staple Inn - Professor Sir John Curtice

        Staple Inn, High Holborn, London, WC1V 7QJ
        13 March 2019

        Fully booked.

         
        In conjunction with the Scottish BoardFollowing the popularity of this year’s Spring Lecture, delivered by Professor Sir John Curtice, an additional venue has been sourced for Members to attend a London Livestream event at the Lloyd's building. Please register here. Alternatively, you can still register here  to view the event live online, allowing those who cannot attend in person to stream the lecture to their computer, laptop, tablet, and phones wherever they are in the world. 
         
      • Sessional Meeting: Investment risk for long term investors - risk measurement approaches

        Staple Inn Hall, High Holborn, London, WC1V 7QJ
        18 March 2019

        Spaces available

        The term ‘investment risk’ is often used loosely, and frequently confused with the notion of short term price volatility, particularly for equity instruments. For the long term investor, however, what is most apposite is the ability to meet future real cash flows as they become due.

      • KSS event – Index Based Longevity Hedging

        Royal London St Andrew House, 1 Thistle St, Edinburgh EH2 1DG
        18 March 2019

        Spaces available

        This KSS talk on Index Based Longevity Hedging  -  The Dutch Experience and implications for the UK market will cover the structure of deals to date in the Dutch market; the challenges in determining the Solvency 2 capital treatment for such deals and the work done by the Longevity Risk Transfer Working Party of the Dutch Insurance Association; a proposal for a method for quantification of Basis Risk based on a recent paper “Basis Risk in Index Based Longevity Hedges: A Guide for Longevity Hedgers” by Cairns & El Boukfaoui, and implications for the future, both in terms

      • Highlights of the Life Conference 2018 - Edinburgh

        Apex Grassmarket Hotel, 31-35 Grassmarket, Edinburgh EH1 2HS
        19 March 2019

        Spaces available

        This event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best sessions from the Life Conference 2018.  Book now to ensure your place.

      • KSS event - FinTech and The Actuarial Profession

        Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
        20 March 2019

        Spaces available

        This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

      • IFoA’s Diversity Advisory Group: The Power of Deep Listening

        Aviva, The Agora, Level 2B, St Helens, 1 Undershaft,  London EC3P 3DQ
        21 March 2019

        Spaces available

        8th March is International Women’s Day. The IFoA’s Diversity Advisory Group will be facilitating a session later in March as part of this celebration. Subject to availability. All members are welcomed. Please contact Susan Hunter Jones (susan.hunterjones@aviva.com) to register for the session.

      • Professional Skills Training - Edinburgh (26 March 19)

        IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
        26 March 2019

        Spaces available

        A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

      • Ogden Discount Rates Round Table

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

        Spaces available

        Amid significant UK political uncertainty, the bodily injury settlement framework has continued to make progress. At the time of the Ogden discount rate change of early 2017 and throughout that year, Staple Inn was host to a set of events to discuss the changes and the subsequent MOJ review. This provided an important forum for debate, supporting your own thinking while helping inform the IFoA of the wide range of views on the subject.

      • Professional Skills Training - London (16 April 19)

        Staple Inn Hall, High Holborn London WC1V 7QJ
        16 April 2019

        Fully booked.

        Please register here to join the wait list

        A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

      • TIGI 2019 (Technical Issues in General Insurance)

        Royal College of Physicians, 11 St Andrews Place, Regent's Park, London, NW1 4LE
        25-26 April 2019
        Spaces available

        This General Insurance CPD offering has been changed from former years of individual one day seminars to include individual sessions for IFRS 17, Pricing, Capital Modelling and Reserving over a two-day event  packaged as Technical Issues in General Insurance, providing attendees with a varied program . The event is suitable for anyone who works, or are interested, in these areas.

      • Professional Skills Training - Edinburgh (30 April 19)

        IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
        30 April 2019

        Spaces available

        A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

      • IFoA Asia Conference 2019, Chengdu

        Crowne Plaza Chengdu Panda Garden, Poly Park 198, No. 1980 ShuLong Avenue,Xindu District, Chengdu
        09-10 May 2019
        Spaces available

        IfoA Logo for eventsOffering a diverse selection of plenary sessions and cross-practice workshops, the annual Asia Conference is the perfect opportunity to discover and discuss current and developing actuarial topics in Asia, whilst providing excellent opportunity to grow your network of contacts.

      • CILA 2019

        30 Euston Square, London NW1 2FB
        14 May 2019

        Spaces available

        CILA is one of the pre-eminent events in the annual Life calendar. It is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in or advise on, the life assurance market in the UK and Europe.

      • KSS event – Bulk Annuity Market Update

        Willis Towers Watson 2 Lochrin Square, 96 Fountainbridge, Edinburgh EH3 9QA
        15 May 2019

        Spaces available

        This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond.  The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book please email Dawn.Neil@willistowerswatson.com.

      • KSS event – Bulk Annuity Market Update

        Willis Towers Watson 2 West Regent Street Glasgow G2 1RW
        16 May 2019

        Spaces available

        This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond. The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book a place please email Dawn.Neil@willistowerswatson.com

      • Risk and Investment one day Conference 2019

        Amba Hotel, Charing Cross, Strand, London WC2N 5HX
        20-21 May 2019
        Spaces available

        This year's Risk and Investment Conference will be taking place at Amba Hotel, Charing Cross, London.

        To book your place click here.

         

      • Sessional Research Event - Saving for Retirement: Rules of Thumb

        Staple Inn Hall, High Holborn London WC1V 7QJ
        20 May 2019

        Spaces available

        How much does the average person need to save over a full working life to provide a decent retirement income? We call this the Lifetime Pension Contribution (LPC) and have attempted to quantify it.

      • Professional Skills Training - London (12 June 19)

        Staple Inn Hall, High Holborn London WC1V 7QJ
        12 June 2019

        Spaces available

        A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

      • NED Event: Behavioural Finance and Boards

        Staple Inn Hall, High Holborn, London, WC1V 7QJ
        18 June 2019

        Spaces available

        Substantial work has been undertaken in the field of behavioural finance to explore the psychological factors affecting investment decisions made by individuals.  In contrast, “behavioural” factors (such as politics or human psychology) affecting decisions and actions made by institutional investors, such as insurers or pension schemes, are less understood.

      • Pensions Conference 2019

        Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
        18-19 June 2019
        Spaces available

        This year's Pensions Conference will be taking place at the Bristol Marriott City Centre.

      • Current Issues in General Insurance (CIGI) 2019

        Inmarsat, 99 City Road, London, EC1Y 1BJ
        19 June 2019

        Spaces available

        CIGI will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics.  The programme will be broad in nature, so will be of most value to those with some experience in the industry. 

      • Professional Skills Training - London (25 June 19)

        Staple Inn Hall, High Holborn London WC1V 7QJ
        25 June 2019

        Spaces available

        A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.