Ronald Bowie, President of the Institute and Faculty of Actuaries, delivers his address. To view the video of the event or download a transcript, click here. In his address, he said that the Actuarial Profession was at a unique moment in its history and argued for a step change in the pace of the development and growth of the profession.
Speaking in the first Presidential Address to the recently formed Institute and Faculty of Actuaries, Mr Bowie said that the merger of the Institute of Actuaries and Faculty of Actuaries should be used as a defining moment in the profession, creating more streamlined and effective decision making to support an increase in pace. Mr Bowie said: “We must seek to define better what it is that the actuarial skill-set brings to modern business and, at the same time, we need to define better what is the role of our new professional body.”
Examining what defines actuaries as ‘trusted experts’, Mr Bowie emphasised that actuarial expertise must be combined with trust and that this trust has to be gained through the behaviour of actuaries. He said: “Bolstered by professional ethics and by an innate sense of public interest we are prepared to speak up when we feel it necessary. Most actuaries I meet want to do the right thing because it is the right thing, not because rules and regulations tell them to.
“If understanding uncertainty is the essential expertise then doing the right thing and being prepared to put the public interest before our own is the essential behaviour. In combination they are a powerful force for good.”
Mr Bowie continued by saying that the Council of the Institute and Faculty of Actuaries will be debating how the Profession can further develop its role in ensuring its members are valued and sought after. In his address, Mr Bowie shared his personal views on what this could mean with regard to the Profession’s future role in qualification, education, wider risk management, public affairs and engagement with the global actuarial community.
He concluded by inviting actuaries to join him in this vital journey and seize the opportunities that lie ahead.
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Notes for editors
- A video and full transcript of the speech will be available on www.actuaries.org.uk on the afternoon of Monday 22 November.
- Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
- Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
- The Profession is governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.
- The Profession is available to provide expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.
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