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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ARC Webinar Series 2021: Modelling cancer risk: regional and socioeconomic disparities
30 September 2021
Cancer incidence and mortality vary by region and socioeconomic status. Modelling the structure development and trends of cancer risk is important for insurance purposes and can impact pricing and reserving in related health insurance fields such as critical illness insurance and care provision. -
Sustainability Series: What will COP26 mean for investment?
6 October 2021
A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.This event is part of The Road to Glasgow: IFoA’s Sustainability Thought Leadership Series which will provide a platform for prominent contributors so that our members and others can understand the perspectives of a wide range of parties interested in the climate debate.
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Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.
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Sustainability Series: Climate Justice and Future Generations
12 October 2021How governments and societies collectively respond to the climate crisis is increasingly being analysed through the lens of intergenerational fairness. Our expert panel will assess and explore the extent to which inter-generous fairness is being considered in climate policies, the lessons from those countries who are leading the way on fairness and justice in climate interventions, and more. -
The Growth Mindset for Actuaries
13 October 2021 - 8 December 2021This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.
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Sustainability Series: Opportunities for Insurers
14 October 2021 -
The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.
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What next for Mental Health in Insurance?
1 December 2021
Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.
Cancer incidence and mortality vary by region and socioeconomic status. Modelling the structure development and trends of cancer risk is important for insurance purposes and can impact pricing and reserving in related health insurance fields such as critical illness insurance and care provision.
A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.
Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.