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How can I get into Enterprise Risk Management (ERM)?

If you are interested in making a career move into ERM and don’t have any current experience, here are a few ideas that might help you to make that transition. You are also welcome to contact any member of the profession's Risk Management Board and Committees via their dedicated email address: risk@actuaries.org.uk.

Get CERA qualified

Pass SP9, get the Chartered Enterprise Risk Actuary (CERA) credential and then show it off!  For more information about how to plan your study route if you are a member of the IFoA, then view this page.  If you are a member of another actuarial association, then please visit the CERA Global Association website.

Hone your “softer” skills

These are very important in any actuarial practice area, but being able to demonstrate strong personal and business skills such as communication, adaptability, tenacity and leadership can be particularly useful when making a transition between different areas.  Those who already work in ERM emphasise the importance of being able to understand a full range of business functions and activities, of being able to communicate clearly with and to non-actuaries, and of being willing to both listen and challenge – and to spot when you are not being told the truth or only half of the truth!  In addition, softer skills are valuable during any interview process.  Please visit our Lifelong Learning webpages for further information.  

Read around the subject

There are lots of resource materials available on ERM which will allow you to understand the range of activities which comprise the risk management cycle and to appreciate current issues and developments.  As well as providing the base for your personal development, they can help you to make decisions about which particular risk management area you might wish to focus on, or whether you would prefer a wider ERM role.  Even if you do not wish to take the SPrisk@actuaries.org.uk9 examination, the SP9 reading materials for it are a very good starting point.  Lists of other useful resources can be found on the Global CERA credential website and there is also the list of related IFoA library material available to you.

Attend events

Attendance at ERM-related events will help you to improve your understanding and knowledge of the area and will be something that those who are recruiting for ERM roles will be looking for.  There are many risk management focused events available offered by the profession (including occasional one day ERM seminars), regional actuarial societies, SIAS and other providers.  The profession’s annual Risk & Investment Conference has clear risk management streams, and there are normally many ERM-related talks at the other practice area conferences and at Momentum.  For those who are unable to attend in person, look for the online opportunities such as webinars.  You may also want to look at what is offered by organisations such as IRM and PRMIA.

Network

Take every opportunity to talk to others who work in ERM.  Risk management focussed networking events are organised and held periodically by the IFoA.  Any of the events mentioned above are great opportunities at which to make useful contacts and to learn from others’ experiences

Get involved with the profession

Look out for opportunities to be involved with ERM related activities such as working parties, research groups and education-related roles.  Not only will these look good on your CV, they will provide even more networking opportunities.  Although you may not feel able to provide specialist expertise, a willingness to work hard and to contribute time is often more highly valued than knowing all of the answers.  Find out more about the latest volunteering opportunities.

Sign up to the Risk Management practice area

When you log into our website under “My preferred interests” and then “Practice area community preferences”, make sure that you are subscribed to the ERM option (you can subscribe to as many different practice areas as you like).  This will ensure that you receive regular e-newsletters which highlight relevant news items, events and volunteering opportunities that are specifically tailored to risk management

Get involved at work

Make it known that you are interested in risk management as part of your career progression plan.  Go and talk to the people who already work in risk management within your organisation and/or have conversations with your clients about their own risk management framework (e.g. if you currently work in pensions: how has the employer integrated the pension scheme risks into its overall risk management program?).  Look out for risk management related projects that you could get involved in at work, even if at first it is only on an occasional basis alongside your day-to-day responsibilities.  You could even volunteer to start such a project yourself

Look for every opportunity

As with all personal development, you cannot rely on things just happening for you.  You must be proactive, both in terms of the suggestions made here and in looking out for job opportunities (whether internal or external).

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

    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

  • Spaces available

    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.

  • Actuarial Innovation in the COVID-19 era

    This event is online. 
    26 April 2021 - 7 May 2021
    Spaces available

    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.

  • Spaces available

    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.

  • Europe Town Hall

    28 April 2021

    Spaces available

    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.

  • Spaces available

    Sessional Meeting - Free to viewMis-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

  • Finance & Investment Virtual Conference 2021

    Available to watch globally in May.
    10-12 May 2021
    Spaces available

    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

  • Spaces available

    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.

  • Spaces available

    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.

     

  • CILA 2021

    Available to watch globally in May.
    19-21 May 2021
    Spaces available

    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.

  • Pensions Conference 2021

    Online webinar series
    16-22 June 2021
    Spaces available

    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.