Philip Scott, former President, the Institute and Faculty of Actuaries, launched the profession's ERM strategy at the Risk and Investment Conference in 2012. Today the strategy is being driven by the Risk Management Board's objectives.
Opportunites in risk management
Businesses and the public sector face multiple increased challenges and greater uncertainty in a world that is rapidly changing - organisations need to manage their risks better to succeed and to serve all stakeholders well.
The profession believes that members can develop influential roles in wider risk management, building on core skills in our traditional areas such as insurance and pensions and expanding into newer areas within investments and retail banking to help manage other business risks.
In this way, we believe that the profession needs to expand its horizon of activity to meet the needs of its growing global membership for stimulating and well rewarded jobs that leverage core actuarial skills and serve the public interest.
Our expertise
Actuaries have a particular expertise in risk management, combining technical capabilities with a breadth of business and financial understanding. This powerful combination places actuaries in a strong position to develop influential roles in risk management, not only in traditional sectors, but in other areas of financial services and beyond.
The need
Increasing complexity and regulation are two of the greatest challenges facing businesses today. Against this background, organisations are restructuring their approaches to risk management and developing frameworks to provide an enterprise-wide risk perspective to effectively balance the limitation of downside risk with the exploitation of the upside potential. It is a challenging undertaking that is providing opportunities for both technical and business professionals.
Why actuaries are in a strong position
Their distinguishing characteristics:
- Professional objectivity
- Financial modelling expertise
- Experienced in dealing with uncertainty
- Ability to look at the overall risk in a business context
- Ability to communicate and influence at senior levels
- Forward looking perspective.
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Contact Details
For more information about Risk Management working parties contact the CommunitiesTeam.
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Events calendar
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Building Appropriate Trust and Maintaining Integrity as a Non-Executive Director - Edinburgh
Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA1 April 2020
We are sorry that this Professional Skills event has been cancelled.The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.
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SIAS Event: CMI Update
Staple Inn Hall, High Holborn, London, WC1V 7QJ1 April 2020We are sorry. This event has now been cancelled.
Following the release of the updated CMI Mortality Projection Model, CMI_2019, the CMI Mortality Projections Committee will lead a discussion on future mortality improvements.
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Finance and Investment Webinar: Investing in Private Credit – An Investment Manager’s Perspective
Webinar3 April 2020
In the webinar, Stuart Hitchcock, Head of Portfolio Management for Private Credit, within LGIM Real Assets, will provide some insight into the nature of the private credit markets. Discussion will evolve around development of the markets and lending landscape, key investment characteristics including structural and legal protections, public vs private investments, advantages and drawbacks for borrowers, and attractiveness for investors.
The webinar will also focus on describing the investment process such as origination through execution, credit, structure, pricing, on-going asset management, portfolio construction within private markets.
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Current Issues in General Insurance (CIGI) 2020
Hilton London Tower Bridge, 5 More London Riverside, Tooley St, London SE1 2BY22 April 2020
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
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Professional Skills Training - Edinburgh (29 April 2020)
IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA29 April 2020A Trusted Profession
A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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Professional Skills Training - London (29 April 2020)
Staple Inn, High Holborn, London WC1V 7QJ29 April 2020A Trusted Profession
A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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CANCELLED The Global Actuarial Profession
Staple Inn Hall, High Holborn, London, WC1V 7QJ30 April 2020We are sorry that this event has been cancelled.The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.
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SIAS Event: Cyber Insurance
Staple Inn Hall, High Holborn, London, WC1V 7QJ4 May 2020The talk will cover:
• Why cyber security is regarded as the top threat to businesses (Allianz Risk Barometer 2019)
• What is causing the shift in threat landscape
• Who is attacking, why, and how we can stop them
• Customer impressions of cyber security and how you can help them
• Threats to evaluating insurable losses and responding to claims
• How cyber insurance policies have evolved, and need to continue to do so
• Can and should you recover ransoms under cyber insurance?
• What is the future for cyber risk? -
KSS event: Technology: A red-eyed Terminator or an actuary’s best friend?
Hymans Robertson, Exchange Place 1, 1 Semple Street, Edinburgh, EH3 8BL4 May 2020Despite long-running concerns that innovation could lead to widespread redundancy, technology has enabled greater productivity, created higher-value jobs and spurred us on to new heights. With artificial intelligence increasingly automating work undertaken by professionals, I look at the prospects for the actuarial profession in the era of unprecedented technological innovation.
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Finance and Investment Conference 2020
Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE05-05 May 2020Join us at this year’s Finance and Investment Conference in London that will focus on ESG. The environmental, social and governance (ESG) space is growing rapidly and increasingly moving centre stage. In many cases, it is now an essential part of policy and central to the way stakeholders make decisions for the long term to ensure retention of clients, manage risk better, and ensure more economically efficient and sustainable investment returns.
ESG factors cover a wide range of areas reflecting how vital consideration of these factors are part of wider systemic risks.
The IFoA’s policy regarding Coronavirus is designed to safeguard the well being of those who attend IFoA events. Find out more.
If you have further questions specifically about this event please contact the IFoA Events Team on eventmanagament@actuaires.org.uk
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Professional Skills Training - Edinburgh (19 May 2020)
IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA19 May 2020A Trusted Profession
A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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Professional Skills Training - London (19 May 2020)
Staple Inn, High Holborn, London WC1V 7QJ19 May 2020A Trusted Profession
A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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CILA 2020
Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE20 May 2020CILA is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in, or advise on, the life assurance market in the UK and Europe. The programme this year features a timely mix of hot topics including sessions on: -
Protection, Health and Care Conference 2020
The Grand Brighton, 97-99 Kings Rd, Brighton BN1 2FW02-03 June 2020The Protection, Health and Care Conference is an annual conference aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations. -
SIAS Event: Why personal impact matters for career progression & organisational performance & what affects it
Staple Inn Hall, High Holborn, London, WC1V 7QJ2 June 2020How we relate to others at work, whether they are colleagues, clients, prospective clients or other business contacts is key to individual career progression and business performance. People buy people , so considering what we are known for and how to be positively memorable are vital. This session looks at the importance of professional relationships, the psychology of personal image and impact and the three personal impact 'tools' which affect what people say about us when we're not in the room.
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Mortality and Longevity 2020
1 Birdcage Walk, Westminster, London SW1H 9JJ08-08 June 2020This highly regarded seminar will provide topical and practical updates and discussion on the latest thinking and innovations in mortality and longevity. The program is designed for life, pensions and health and care actuaries, academics, researchers, underwriters and related practitioners eager to learn about the latest developments in mortality and longevity. The sessions are designed to be very accessible to a broad range of exp -
Professional Skills Training - London (10 June 2020)
Staple Inn, High Holborn, London WC1V 7QJ10 June 2020A Trusted Profession
A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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Professional Skills Training - Edinburgh (17 June 2020)
IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA17 June 2020A Trusted Profession
A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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Professional Skills Training - London (18 June 2020)
Staple Inn, High Holborn, London WC1V 7QJ18 June 2020A Trusted Profession
A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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Pensions Conference 2020
Renaissance Manchester City Centre Hotel, Blackfriars Street, Manchester,M3 2EQ18-19 June 2020Join us as this year’s conference that will focus on topics including funding and savings, pension law current issues, ESG, the end game and transferring risk, investment issues, data visualisation and data science. -
IFoA Asia Conference 2020, Kuala Lumpur
CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia24-25 June 2020This event has been postponed. A new date will be announced.
The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.
To this end the IFoA and their strategic partner, the AIR, have taken the decision to postpone this year's Asia Conference. A new date will be announced pending further reviews over the following months.
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.