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The IFoA's Risk Strategy

The IFoA's Risk Strategy is ‘to facilitate the movement of actuaries into the wider risk management space where their analytical and overarching risk management skills would enable them to significantly contribute to the organisation's success’

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.

Contact Details

For more information about Risk Management working parties contact the CommunitiesTeam.

professional.communities@actuaries.org.uk

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Start date
E.g., 27/09/2020
End date
E.g., 27/09/2020

Events calendar

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    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.

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference 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 life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Spaces available

    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.

  • Spaces available

    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.