The Financial Reporting Council had issued a consultation paper on new requirements for risk management and risk reporting in 2014 and the new rules required major listed companies to undertake robust risk assessments, often backed up by scenario modelling, and for auditors to be able to investigate and challenge the work done to evidence these assessments.
The working party’s key objectives were to:
- investigate how the profession could increase awareness of the potential contribution actuaries could make in this area, either by direct approaches to interested parties, or by general messaging
- provide a forum for development of ideas and training materials or events, and sharing of best practice in this area.
Further information relating to the new UK Corporate Governance Code from the Financial Reporting Council (FRC) and the FRC and Risk Reporting Working Party is available here.
The remit of the working party has come to a natural end and below is a summary of all the work it has achieved:-
- A steep climb for FRC guidelines February 2015
- Bridging the divide September 2014
- Working party takes on FRC risk reporting June 2014
Presentations at events:
- Adding Value through Compliance with New Risk Management Requirements of the UK Corporate Governance Code 1 December 2015
- Pensions conference 2014
- Risk and Investment conference 2014
- GIRO 2014
- Life conference 2014
- Revisions to the UK Corporate Governance Code - Raising the bar on risk management: How prepared are the UK companies? 24 November 2014
- The Institute and Faculty of Actuaries (IFoA) has conducted a survey of UK Listed companies to gain an understanding of the impact of the updated Code. Bringing together key stakeholders from the FRC, Institute of Risk Management (IRM), IFoA and a range of companies from a number of sectors; the IFoA presented its findings and provided a unique opportunity for interested parties to come together to discuss the impact of the changes. The report is available below.
- Research Report - FRC Risk Reporting Guidance for Boards.
Press Releases and Promotional Literature:
- Oil and Gas Case Study - February 2016
- Hospitality Case Study - February 2016
- Risk Reporting - The Long View January 2016
- Pharma Case Study December 2015
- Actuaries and Risk Management today November 2015
- New Risk Guidelines for Companies – How Actuaries can help you to comply October 2015
- Actuarial Skills in Risk Management September 2014
- Practical Applications of Actuarial Skill in Risk Management Today September 2014
- Research shows companies may be underestimating challenges of meeting new Financial Reporting Council requirements November 2014
- IFoA welcomes the new UK Corporate Governance Code from the Financial Reporting Council (FRC) September 2014
Current focus (2016/2017):
A meeting will take place to consider expanding the focus of this working party to wider fields. Further information will be available in the autumn session.
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If you have ideas for cross practice research, or want more information about cross practice working parties, please refer to our Guidance for Research Working Parties or contact the Communities Team.
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This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.
Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.
Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.
Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year
The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.
Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.
We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.