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Wider Fields

The general purpose of the working party is to help promote the potential for actuaries to use their risk skills to work in areas beyond the traditional practice areas. That promotion to be both internally within the profession (raising awareness of the options) and externally (showcasing actuarial skills and the value they can add in different fields).

The key objectives of the working party will fall into three strands:

  • Workstream 1 has a framework for considering risk management that fits with the actuarial mind-set and can be flexed to work in different scenarios, the intention is to build awareness of this within the profession and then identify opportunities to share it externally.  This combines well with the Actuarial Risk Principles framework which was developed to increase awareness of actuarial skills in risk management in wider fields.
  • Workstream 2 is focussed on analysing what is being done in the risk reporting space across industry to meet the FRC’s guidance for directors on risk management and internal controls. The idea is to identify good practice and to see whether there are industries that might benefit from actuarial assistance in the risk management space.
  • Workstream 3 complements Workstreams 1 and 2, by looking within the profession to identify particular tools/methods/approaches that actuaries adopt that are applicable in other areas. Then subsequently looking outside the profession to see what risk management techniques and tools are used that we may be able to learn from and add to our repertoire.  Identify common principles, tools, skills that actuaries working in wider fields need/use [this could also involve identifying what is done in the traditional fields that could be applied wider and what others (non-actuaries) are doing in wider fields that we could learn from]

Outputs:

The group has already finalised the risk principles document Risk management – an actuarial approach.  The risk principles are a high level guide to measuring and managing risks while taking full account of the impact of stakeholder perspectives and system characteristics

IFoA Launch Event:  Actuarial Risk Principles – 21 June 2017

 

Chair: Matt Gurden
Membership: 5
Established: 2016

 

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Contact Details

If you want more information about this research working party please contact the Communities Team.

professional.communities@actuaries.org.uk

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Events calendar

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