You are here

Home » Practice areas » Risk Management

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

      You might also like

      Contact Details

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

      professional.communities@actuaries.org.uk

      Filter or search events

      Start date
      E.g., 17/06/2019
      End date
      E.g., 17/06/2019

      Events calendar

      • Webinar Series: Risk and Investment Conference 2019, 17 June

        These are online webinar events
        17 June 2019

        Spaces available

        The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

      • Sessional Meeting - Climate Risk Reporting Practices by UK Insurance Firms and Pension Schemes

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

        Spaces available

        Increasing global concern over the impact of climate change has recently led to public scrutiny over the adequacy of existing risk management practices by insurance firms and pension schemes in dealing with these challenges, that potentially impact both individual actuaries and the IFOA generally.

         

      • Pensions Conference 2019

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

        Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June).  There is also a day ticket option available for the 19 June. 

      • KSS event – FinTech and The Actuarial Profession

        EY, Atria One, 144 Morrison Street, Edinburgh
        19 June 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.

        To book your place, please email Barry_Shannon@standardlife.com 

      • Current Issues in General Insurance (CIGI) 2019

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

        Spaces available

        CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

        There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

      • Cass Event – New Thinking about Deferred Annuities

        Cass Business School, Executive Education Facilities 200 Aldersgate St, London EC1A 4HD
        21 June 2019

        Spaces available

        Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

      • IFoA/SAS Joint Professional Skills Training – Singapore

        Room 903, NTUC Centre, Level 9, One Marina Boulevard, Singapore 018989
        25 June 2019

        Spaces available

        The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

      • Webinar Series: Risk and Investment Conference 2019, 26 June

        These are online webinar events.
        26 June 2019

        Spaces available

        The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

      • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

        The Hub  Castlehill Edinburgh EH1 2NE
        26 June 2019

        Spaces available

        Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

      • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

        Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
        27 June 2019 - 29 June 2019

        Spaces available

        The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

      • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

        Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
        28 June 2019

        Spaces available

        The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

      • SIAS: The Impact of Air Pollution on Health and Life Expectancy

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

        Spaces available

        Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

      • Webinar: Opportunities for Actuaries in Banking

        Online webinar
        10 July 2019

        Spaces available

        The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.

      • Implications of 2019 IFRS 17 Exposure Draft

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

        Spaces available

        Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments. 

        For more information on the FRG please visit this webpage. 

      • 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. 

         

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

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

        Spaces available

        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.