Wider 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:

• Article for PRMIA, October 2018
• 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

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