Risk Management is one of the most dynamic and fast-growing areas of actuarial science. Risk Management focuses upon considering the risks of the enterprise as a whole, rather than considering individual risks in isolation.
The goal of the Risk Management Practice Area is for the profession to use a risk management approach to expand its horizon of activity to meet the needs of the wider business world; as well as the demand of the profession’s growing global membership for stimulating and rewarding jobs.
We’re open to all IFoA members, from those looking to get started in risk management to those looking to take the next step in their career with our recognised CERA qualification.
Join the Risk Management Practice Area
A message from the Chair of the Risk Management Practice Board
I’m delighted to welcome you to Risk Management; a fast-evolving area of the profession with a wide range of applications. From our bespoke qualification to our growing Risk community, there’s a huge range of benefits for all.
Get involved today!
Keith Jennings
Chair, Risk Managment Practice Area
I’m delighted to welcome you to Risk Management; a fast-evolving area of the profession with a wide range of applications. From our bespoke qualification to our growing Risk community, there’s a huge range of benefits for all.Benefits of joining the practice area
There are many reasons to join the Risk Management practice area. From those who are simply curious about what Risk Management could offer them, to those who are looking for help with a specific enterprise risk problem to those who are embarking on a career in Risk management, there's a range of benefits for every member.
Practice area members get the following key benefits:
- Dynamic email updates bringing you the latest Risk Management news
- LinkedIn group and dedicated web updates
- The Chartered Enterprise Risk Actuary qualification, lifelong learning and continuous professional development opportunities
- Events, webinars, videos and research
- Face-to-face meetings and buddy scheme opportunities
Find out more about the Risk Management Practice Area
Filter or search events
Events calendar
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Insurers’ hidden risk from reinsurance recaptures; the perspective of UK annuity writers
29 June 2022There is a lack of publicly available information covering the practices insurers employ to manage their exposure to reinsurance recapture risk. A working party was set-up to shed light on the different approaches insurers use to mitigate this complicated to manage risk. This report is intended to form part of a publicly available information repository that market practitioners can refer to and reflect on as best practice evolves and develops.
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Climate Solvency The Actuaries Carbon Collaboration: Applying Actuarial Concepts to Carbon Emissions
6 July 2022The Actuaries’ Carbon Collaboration (ACC) is a group of actuaries and other professionals working towards a coherent understanding of the issues around greenhouse gas (GHG) emissions by considering them in an actuarial context.
Emissions into and absorption from the atmosphere can be modelled in the same way that we model variable cash flows, including the impacts of uncertain quantities and timing. The ACC’s work investigates both the insights that this analogy provides and its limitations.
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Sessional Meeting: Data and Modelling Considerations for mental health in life insurance
11 July 2022This talk presents the work of the Data and Modelling workstream of the IFoA Mental Health Working Party. We explore data and modelling considerations in the risk assessment and underwriting of mental health conditions. We will also consider how newer risk factors and improved data availability might open up opportunities for additional underwriting and product designs.
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Pensions Dashboards
12 July 2022As the industry prepares for Pensions Dashboards, we have lined up a specialist panel who is at the heart of the ongoing work in this area. Hear the latest developments, future proposals and have the opportunity to put forward your questions to our speakers.
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Applying AI – From Concept to Practice
19 July 2022Artificial Intelligence is heralded as a game-changer to the ways industries use data, with the insurance industry especially looking to embrace these new technologies. This brings many questions – not least around data privacy, ethics, potential biases and so on – with regulators increasingly interested in developments.
Moreover, whilst the stunning progress of specific technologies such as Watson and Alphazero made headlines some years ago, current commercial applications of AI remain far from mature.
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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
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This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on the expected future changes. Through examining the transformation, we will highlight how the sector is and can use actuarial expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.
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Sessional Meeting: Covid-19 and the Effectiveness of ERM Frameworks
Online15 August 2022The 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.
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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
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Health – Our Greatest Asset
2 November 2022Health 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.