The purpose of this approach is three-fold:
- to bring relevant risks to the attention of members and our wider stakeholder community
- to inform the IFoA’s regulatory strategy and the prioritisation of our regulatory work; and
- to contribute to the IFoA’s assessment and management of its own risk.
The Risk Outlook paper, published in December 2016, provides an overview of our extensive 2015/2016 engagement programme with members to analyse areas of risk to the public, as relevant to actuaries and their work.
The Regulation Board reviews, refreshes and updates that analysis routinely. Included in the various ways in which it addresses the identified risks, it may issue targeted communications, known as "Risk Alerts", from time to time, when appropriate to do so.
Issued Risk Alerts are listed below (please note that these are accurate as at the time of publication and should be read in that context):
| Date | Title | Description |
|---|---|---|
| 13 May 2019 | Members must disclose to their own client and, in some circumstances, fellow actuaries, an appropriate level of information in relation to the model they are relying on. | |
| 13 November 2018 |
Actuaries should ensure that the advice they provide in relation to GMP equalisation (including any adjustments to benefits or transfer values) is limited to those aspects on which as actuaries they are competent to advise - specifically, this would not include advice on the legal implications. |
|
| 5 January 2018 | Risk Alert: General Data Protection Regulation (GDPR) | GDPR comes into force on 25 May 2018. While many organisations may already be well prepared, it is important that all Members are aware of how the substantial changes and increased obligations under GDPR may impact on their individual role within their workplace. |
| 23 November 2017 | Risk Alert: Model Manipulation | There are a number of risks associated with the use of models. Members must exercise care when using models to ensure that the rationale for selection of a particular model is sound and, in applying that model, it is not inappropriately used solely to provide evidence to support predetermined or preferred outcomes. |
| 12 May 2017 | Risk Alert: Climate-related risks | Actuaries should ensure that they understand, and are clear in communicating, the extent to which they have taken account of climate-related risks in any relevant decisions, calculations or advice. |
| 4 February 2017 | Risk Alert: Change to the discount rate for settling personal injury lump sum awards | Members should be aware of the announcement by the Lord Chancellor about concluding the review of the Ogden discount rate and publishing the result. This change will affect most members working in General Insurance. |
| 30 June 2016 | Risk Alert: General Insurance Reserving | Risk alerts are designed to bring members' attention to topics which arise out of actuarial work which could impact on the public interest. |
| 30 June 2016 | Risk Alert: Commutation Factors | Risk alerts are designed to bring members' attention to topics which arise out of actuarial work which could impact on the public interest. |
Contact Details
If you have any queries relating to the Financial Reporting Group please contact
Filter or search events
Events calendar
-
NoCA Event - Periodic Payment Orders (PPOs): the most extreme life risks are in non-life companies
N/A30 August 2019Presenter Matt Modisett
-
IFoA & PRI Webinar: TCFD – leaders and challenges
Online webinar2 September 2019In collaboration with the Institute and Faculty of Actuaries, the Principles of Responsible Investment is delighted to host this webinar discussing the response to the TCFD’s recommendations two years on from their publication. The webinar will feature new analysis of the 591 investors representing $45 trillion who responded to PRI’s 2019 climate indicators, insights from the past Chair of the IFoA’s Resource and Environment Board as well as an investor case study of implementation in practice from Aviva.
-
SIAS Event: Climate Zero to Climate Hero
Staple Inn Hall, High Holborn, London, WC1V 7QJ3 September 2019An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
-
KSS event – The Regulatory Perspective
Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG5 September 2019This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
-
Professional Skills Training session (Jointly held with China Life)
China Life Insurance, Beijing • China Life Shanghai Office • China Life Shenzhen Office6 September 2019Friday, 6 September, Beijing Local Time (CST) 14.00-16.30; British Summer Time (BST) 07.00-9.30
The IFoA Beijing Office and China Life are pleased to be co-hosting a Professional Skills Training (PST) session in Beijing, Shanghai and Shenzhen on Friday, 6 September. Wen Li (FIA), the IFoA Lead Representative in China and East Asia, will lead the PST presentation and discussion on ‘Getting it right!’.
The main venue will be in Beijing. Members in Shanghai and Shenzhen can join the interaction with Beijing via video conference at China Life’s regional venues. (see full details below)
-
Sessional Research Event - Risk Margin Working Party
Staple Inn Hall, High Holborn London, WC1V 7QJ9 September 2019This event is now fully booked. Please click here to register for the wait list.
-
Webinar: Opportunities for Actuaries in Banking -16 September
Worldwide16 September 2019The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking we have two actuaries sharing their experience
-
GIRO Conference 2019
EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE24-26 September 2019
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. `
-
NOCA event - Discount Process Is The Problem
N/A27 September 2019Presenter Jon Spain
-
Chief Actuaries and Senior Life Actuaries Workshop 2019
Staple Inn Hall High Holborn London WC1V 7QJ2 October 2019
This workshop, now in its sixth year, is aimed at senior actuaries working in life insurance - predominantly Chief Actuaries, but also Reviewing Actuaries and others working in risk and financial reporting. It will provide seven hours of relevant CPD. -
The Future of the Actuarial Profession
Staple Inn Hall, High Holborn London WC1V 7QJ3 October 2019Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
-
Sessional: Applying Actuarial Theory and Techniques in Non-Traditional Areas - A ‘Green’ Case Study
9 Queen St, Edinburgh EH2 1JQ7 October 2019Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
-
RSS/IFoA Data Science Ethics: the role of practitioners
Royal Statistical Society, 12 Errol St, London EC1Y 8LX7 October 2019The Institute and Faculty of Actuaries and the Royal Statistical Society have worked together to develop joint ethics guidance on data science. This is the culmination of an 18 month programme of practitioner led work.
Join us for the launch of this new guidance, with a high-level panel discussion which will explore the role of data science practitioners and professional bodies in data ethics. -
Sessional Meeting - Autonomous Vehicles and impacts on the wider insurance industry
Staple Inn, High Holborn, London WC1V 7QJ28 October 2019The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
-
ARC Event: Beyond Proportional Hazards
Staple Inn Hall, High Holborn, London, WC1V 7QJ30 October 2019
ARC Event: Beyond Proportional Hazards: Statistical methods for assessment of the impact of medical advances and health interventions on longevity and population projections.
This workshop is being delivered by the Actuarial Research Centre’s (ARC) ‘Big Health and Actuarial Data’ Research Programme.
-
Hot Topics in Health and Care: Networking and Drinks
Staple Inn, 4 High Holborn, London WC1V 6DR4 November 2019This evening will feature two new cases studies that highlight the implications for insurers of issues impacting on health and mortality for life, pensions, and health and care products; Impactability modelling: a worked example in Type II diabetes presented by Josephine Robertson, and Seasonal Mortality in England and Wales 1993-2016 presented by Mary Hall, Dublin City University. -
Autumn Pension Seminar
Grand Connaught Rooms, 61-65 Great Queen St, Holborn, London WC2B 5DA13 November 2019Join us for this brand new seminar that brings together our Current Issues in Pensions, Pensions and the Law, and Investment for Pension Actuaries events. The seminar builds on the IFoA’s Annual Pension Conference with sessions covering CDC, TPR’s code of practice, investments, legal updates and Professional Skills Training with a focus on interactive discussion throughout. -
KSS event: How is Scotland’s population changing and what are the implications?
Barnett Waddingham, 163 West George Street, Glasgow, G2 2JJ14 November 2019The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:
- population statistics
- life expectancy
- changes in age structure
- birth and death rates, including causes of death statistics.
-
Life Conference 2019
The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 120-22 November 2019The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals. -
Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP
Lincoln's Inn The Treasury Office, London WC2A 3TL2 December 2019The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies. -
Autumn Lecture 2019: Live Streaming
Webinar2 December 2019Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP. -
Behavioural Finance Research Launch- 14 January 2020
Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR14 January 2020We are delighted to announce the launch of the findings from our ARC funded Behavioural Finance research with a special evening event at Staple Inn on Tuesday14th January 2020. Entitled Behavioural Aspects of Institutional Investment Decision-Making, this research programme is being delivered by City, University of London, Leeds University Business School and Ipsos.
This workshop, now in its sixth year, is aimed at senior actuaries working in life insurance - predominantly Chief Actuaries, but also Reviewing Actuaries and others working in risk and financial reporting. It will provide seven hours of relevant CPD.