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
| Chair: | Matt Gurden |
|---|---|
| Membership: | 12 |
| Established: | 2016 |
Related documents
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Guidance for Member-Led Research Working Parties
9 November 2017
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Contact Details
If you want more information about this research working party please contact the Communities Team.
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Events calendar
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Professional Skills Training Webinar - 12 August 2020
Webinar12 August 2020
A Trusted ProfessionThis free 1 hour CPD webinar is designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020 and is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive.
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PHC Conference webinar: Cancer morbidity risk modelling – regional variation over time
Webinar12 August 2020
Part of the Protection, Health and Care Conference 2020 webinar seriesModelling the structure and trends of cancer morbidity risk is important for pricing and reserving in related health insurance fields such as critical illness insurance and care provision. We model the dynamics of cancer incidence over time in different regions in England, using 1981-2016 ONS data. The modelling allows estimation of cancer rates at various age, year, gender and region levels, following a Bayesian setting to account for statistical uncertainty. Our analysis indicates significant regional variation in cancer incidence rates.
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PHC Conference webinar: Learnings from our first climate-change related disclosures (TCFD)
Webinar13 August 2020Part of the Protection, Health and Care Conference 2020 webinar seriesIn this talk we will outline the steps Aviva took in pulling together our first large-scale disclosures on the exposure of our business to climate change published in March 2019; in line with the recommendations of the Taskforce on Climate-related Financial Disclosures. After touching on why insurers have such an important role in climate change, we'll cover a brief “how-to” guide for those who have not yet embarked on thinking about these topics before giving a case study of how the learnings from a TCFD disclosure exercise can be applied to investment portfolios.
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PHC Conference webinar: Can we manage Diabetes risk for healthier outcomes
Webinar17 August 2020Part of the Protection, Health and Care Conference 2020 webinar seriesThe insurance industry currently underwrites customers with diabetes based on a range of factors, medical expertise and various medical studies. The work undertaken by the Diabetes Working Party would help the industry to approach this using current research findings to update and enhance how potential risk from diabetes is considered. This includes the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes. This webinar will present our latest findings in the management of this important chronic condition which will include research in collaboration with the ARC.
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The new IFoA CPD scheme – What it means for you
Webinar21 August 2020This event is now fully booked. To join the wait list, please register here.
Get ready for the new CPD Scheme launching on 1 September. Join us for a discussion on what the new Scheme will look like in practice. There will be an opportunity to field questions to the IFoA Executive on how the Scheme’s requirements will affect you.
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Asia Conference Webinar Series
Webinars1 September 2020 - 24 September 2020
There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia. The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.
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Webinar: Is banking so different to insurance? Comparing an ICAAP with an ORSA
Webinar2 September 2020
In this webinar we will provide an insight into enterprise-wide risk management in banking, showing similarities to the world of insurance as well as identifying differences. Just as insurance companies have to submit an ORSA, so bank’s have to submit their own equivalent, the Internal Capital Adequacy Assessment Process or ICAAP. -
Examination Preparation
Webinar10 September 2020IFoA Webinar on Examination guidance for those candidates sitting Examinations in September, delivered by the Education Actuaries
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Personal and Professional Lifelong Learning – Supporting CPD Co-ordinators and Others
Webinar23 September 2020
This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements. The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise. In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities.
There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia. The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.
In this webinar we will provide an insight into enterprise-wide risk management in banking, showing similarities to the world of insurance as well as identifying differences. Just as insurance companies have to submit an ORSA, so bank’s have to submit their own equivalent, the Internal Capital Adequacy Assessment Process or ICAAP.
This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements.