It presented its paper at two of the IFoA’s sessional meetings (23 September, London and 18 November, Edinburgh). Paul Klumpes was keen to build upon this work and so this new working party was established to recommend the implementation of the findings of this first report.
- Extend and update the analysis regarding best practice Risk reporting in the insurance sector in the UK, EU, US and Asia Pacific regions, by extending the analysis to include some smaller (specialist) insurance firms (and potentially banks)
- Extend the analysis to focus on current practices related to operational risk, risk capital management and regulatory risks
- Update the analysis to incorporate risk classification framework appropriate to sustainability (integrated) reporting environments
- Identify proposed implementation guidelines for best practice reporting by standardised reporting entities to stakeholders and by specific reporting to inside stakeholders.
Subsequently the IFoA established the FRC WP chaired by Colin Ledlie to examine implications for the profession arising from the FRC consultations regarding the recommendations of the Lord Sharman report on enhancing the risk disclosures of UK corporates, and in January 2014 a joint venture between this Working Party and Colin Ledlie’s Working Party was established to implement recommendations arising from feedback garnered from the original working party research.
This collaboration will continue in 2015/2016 to extend the work already completed for 2013 and provide a further update to 2014 financial accounts, to see disclosure practice trends over time from before to after final announcement of the corporate code requirements.
- Revisions to the UK Corporate Governance Code - Raising the bar on risk management: How prepared are the UK companies? Research launch event, 24 November 2014
- Sessional Research event: Investigating Risk Reporting Practices in the Global Insurance Industry, September 2013
- 9 November 2017
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If you want more information about this research working party please contact the Communities Team.
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Wicked Problems, Clumsy Solutions and Leading Change
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'.
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators
Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning.
This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place.
Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work
This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.
We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.