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Disbanded research working parties

Listed below are the Risk Management working parties which have now completed their research and are disbanded. Please use the links provided to find out more about the area of research each working party undertook and to view their final output
  • Climate Risk Reporting - undertaking research on climate risk-related practices in reporting by a range of UK insurance companies and pensions funds
  • Design of the Risk Function - to look at how we define a risk function and how does risk function define its role
  • Dynamic Two-Way Operation of a Capital Allocation Framework - providing practical guidance on how capital is allocated to support strategic and day-to-day management of insurance companies
  • Environmental Risk Reporting - building on the work of the ‘Risk Reporting’ Working Party and the ‘incentives facing UK firms to adopt early risk reporting provisions of the Revised Corporate Code
  • Emerging Risks - considering emerging risks in the core actuarial fields of insurance, pensions and investments
  • Extension Implementation Risk Reporting - examining implications for the profession arising from the FRC consultations
  • IFR - developing a method of analysing the financial performance of an insurance company in terms of the risks identified by the risk management function
  • Model Risk - this is not as well defined and established as other more traditional risks, so the identification, understanding and communication of model risk is crucial
  • Proxy Modelling - assessing the impact of methodology and design choices against a number of relevant criteria, including accuracy, speed, complexity, ease of implementation and cost
  • FRC and Risk Reporting - focus was on research into Long Term Viability Statement and Risk Culture
  • Reasons for insurance company failures - considered the lessons learnt from the failure of insurance companies, and how effective the FSA reverse stress testing requirements were in mitigating future failours
  • Risk appetite and risk limits - how to ensure top down appetite is consistent with bottom up limits
  • Risk Classification - risk terminology varies from organisation to organisation and actuaries working in different organisations may use different terms to refer to the same risk, or use the same nomenclature for completely different risks
  • Risk Culture - explores how to represent and assess risk culture and the feasibility of changing risk taking cultures at the level of a solo insurer
  • Risk Management in a Digital World - forming views and recommendations to assist actuarial practitioners in risk management considerations relating to operating in a digital world
  • Risk Measures - looking at the policy issues arising from the trend to short term investment behaviour by pension funds and life companies, lower equity holdings reflecting reduced willingness to take on risk, and procyclical investing that exacerbates market cycles
  • Risk Reporting - looked to develop proposals for enhancing our understanding of risk reporting based on the key elements, reporting to regulators, reporting to outside stakeholders, reporting for managing the business.

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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

  • Spaces available

    There is a lack of publicly available information covering the practices insurers employ to manage their exposure to reinsurance recapture risk. A working party was set-up to shed light on the different approaches insurers use to mitigate this complicated to manage risk. This report is intended to form part of a publicly available information repository that market practitioners can refer to and reflect on as best practice evolves and develops.

  • Spaces available

    The Actuaries’ Carbon Collaboration (ACC) is a group of actuaries and other professionals working towards a coherent understanding of the issues around greenhouse gas (GHG) emissions by considering them in an actuarial context.

    Emissions into and absorption from the atmosphere can be modelled in the same way that we model variable cash flows, including the impacts of uncertain quantities and timing. The ACC’s work investigates both the insights that this analogy provides and its limitations.

  • Spaces available

    This talk presents the work of the Data and Modelling workstream of the IFoA Mental Health Working Party. We explore data and modelling considerations in the risk assessment and underwriting of mental health conditions. We will also consider how newer risk factors and improved data availability might open up opportunities for additional underwriting and product designs.

  • Pensions Dashboards

    12 July 2022

    Spaces available

    As the industry prepares for Pensions Dashboards, we have lined up a specialist panel who is at the heart of the ongoing work in this area. Hear the latest developments, future proposals and have the opportunity to put forward your questions to our speakers.

  • Spaces available

    Artificial Intelligence is heralded as a game-changer to the ways industries use data, with the insurance industry especially looking to embrace these new technologies. This brings many questions – not least around data privacy, ethics, potential biases and so on – with regulators increasingly interested in developments.

    Moreover, whilst the stunning progress of specific technologies such as Watson and Alphazero made headlines some years ago, current commercial applications of AI remain far from mature.

  • Spaces available

    This webinar will cover:

    • Some background on the risks of misselling in an ESG context, including the DWS case

    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

  • Spaces available

    This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on  the expected future changes. Through examining  the transformation, we will highlight how the sector is and can use actuarial  expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.

  • Spaces available

    The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.

  • Spaces available

    The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar.   Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity.   This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations.    Attendees will be invi

  • Spaces available

    Health contributes to happiness at the personal, family, community and societal level.  Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.