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 scope of "Phase 1" (completed):

  • 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 scope of "Phase 2" (in progress):

  • To raise awareness in the profession of the ways in which actuarial skills can be applied to risk management work in fields beyond the traditional practice areas
  • To raise awareness in the profession of the areas in which actuaries can and are contributing beyond the traditional insurance, pensions etc. practice areas
  • To raise awareness beyond the profession of the actuarial skillset and how it can be applied to help solve problems
  • Achieving a wider diversity of roles for which actuaries are seen as go to employees
Chair: Matt Gurden
Membership: 12
Established: 2016

 

Related documents

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

  • GIRO 2020 Virtual Conference

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

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    16 November 2020 - 27 November 2020

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    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.

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