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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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.
This webinar will discuss good exam technique, including various approaches candidates can take in managing their time completing their exams in the online format.
This session is for new candidates and existing candidates where we will be discussing the practical steps you need to take leading up your exam and on the day. We will be discussing how to testing the online exam platform, downloading and uploading your paper and key information from the Exam Handbook.
The exam webinar is for candidates, new to IFoA exams and returning candidates, sitting in the September 2022 exam session.
The role of Non-Executive Directors has become increasingly challenging and critical over the past few years.
Big picture thinking, Governance knowledge, Independent mindset, Ambassador potential and Energy and commitment: these are the essential skills sought in a successful NED, according to the Chartered Governance Institute (UK & Ireland).
In parallel, Environmental, Social and Governance (ESG) criteria are increasingly key and used by investors to measure the sustainability and ethical impact of investing in an organisation.
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
In the UK, the idea of collective defined contribution (CDC) pension schemes is gaining more attention with the launch of the Royal Mail CDC scheme, the first of its kind in the UK. Our recent research on CDC plans investigates the sources of the putative benefits of CDC schemes: the smoothing of pensions for members. Using an attribution analysis to burrow into the scheme design, the reason for the smoothing of members' pensions is explained and understood.
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
Social care reform has long been on the to-do list for successive governments over the last two decades. In February, the government’s proposed reforms to adult social care [including cap on care costs] was published. Against this backdrop of funding promise and rising National Insurance taxation, in this session we will debate the resilience of these new proposals, the impact of future demand for care services and what role for the insurance industry and the important role it has played in long-term care funding in other countries where public-private partnership works.
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.
We are delighted to announce the return of GIRO as an in-person conference, giving you an opportunity to connect with actuaries in your practice area. Join leading experts to discuss key issues, emerging ideas, and new research across the General Insurance sector.
Life Conference returns as an in-person conference in 2022, giving you an opportunity to connect with your peers and fellow actuaries in your sector, in person. You will also hear leading experts discuss key issues, emerging ideas, and new research across the Life insurance sector.
Mortality and morbidity risk varies by variables such as age, sex and smoking. In traditional actuarial experience analysis, these variables, and certain combinations thereof can be explored. However, with the wealth of data now available it is becoming increasingly challenging to identify the key drivers of experience and account for the interaction between different variables. A univariate approach often compares apples and pears, for example males are more likely to smoke and have larger policies than females. Likewise, variable interactions are missed unless specifically included.