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Articles from Paul Harwood, Member of the Risk Management Board

Risk v Uncertainty? Just semantics? Maybe not

Paul Harwood shares his thoughts.
 

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Has risk management failed?

Paul Harwood shares his thoughts on useful resources on this topic.
 

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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.
 

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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.
 

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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.
 

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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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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.