Articles from Paul Harwood, Member of the Risk Management Board
Risk v Uncertainty? Just semantics? Maybe not
Paul Harwood shares his thoughts.
Has risk management failed?
Paul Harwood shares his thoughts on useful resources on this topic.
Are you a digitally aware actuary?
‘Risk Management in a Digital World’ is one of the most interesting and forward-looking of our working parties. Paul Harwood shares his thoughts.
Cynic or Idealist? Which sort of actuary are you?
‘Cynic and Idealist: two views of the insurance cycle’ is a 2003 paper recommended to me as worthy of another look. I caught up with the author, actuary Martin White, and asked him whether it still had relevance.
Risk Classification – worth another look
Solvency II’s insistence that we consider ‘all risks, actual or potential, that are or may affect a firm’ can be a bit daunting.
For ORSA purposes, I tend to fall back on the fact that we always test lower sales, higher claims and greater expenses, which are the obvious outcomes from all manner of unthought-of risks.
The benefits of perverse outcomes
I’ve always been fascinated with unexpected outcomes and structures that become unintentionally ironic. From five cats introduced to Marion Island to control mice (becoming a huge threat to the bird population) to Orwell’s Ministry of Truth, the counter-intuitive and simply perverse holds a slight fascination.
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The Risk Management Board wants to connect, engage and understand the needs of its risk community - email risk@actuaries.org.uk with any suggestions you may have and a member of the Board will be only too pleased to respond to you.
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