Risk management involves considering the risks of the enterprise as a whole, rather than considering individual risks in isolation.
As experts in risk, actuaries are natural leaders in risk management. The business world, along with the public sector, faces multiple challenges and greater uncertainty in the current hostile economic environment. It needs to manage its risks better to succeed and to serve all stakeholders well.
Actuaries can develop influential roles in wider risk management by building on core skills in our traditional areas, such as insurance. The profession can expand its horizon of activity to meet the needs of the wider business world as well as the demand of the profession’s growing global membership for stimulating and well rewarded jobs.
Explore all the IFoA’s active risk management research working parties.
The Risk Management Board is a member-led board of senior volunteer actuaries who act as a source of expertise within the IFoA on matters relating to the risk management practice area.
It promotes, supports, and champions the interests of:
The board operates within a terms of reference (167 KB PDF). It supports the IFoA’s Council in the delivery of its corporate strategy. If you have any questions for the board please contact: risk@actuaries.org.uk.
Further information for volunteers, including tips on how to chair a meeting, can be found in our Volunteer Information Pack.
Membership is drawn from a broad cross-section of the risk management community to ensure full representation of all areas of expertise. Its current members are:
The board’s key objective focusses on ‘engagement’. It is championing exciting initiatives to grow a vibrant and thriving risk management community and to deliver value to IFoA members working in risk management.
Integral to this is the board’s ambition to continue to showcase opportunities to illustrate where the analytical skills actuaries have can add value and support beyond insurance (‘wider fields’).
The Risk Management Board wants to connect, engage, and understand the needs of its risk community. To find out more, email risk@actuaries.org.uk.
Louise explains the value of the Chartered Enterprise Risk Analyst (CERA) credential. She also provides insight into what the board is doing to engage and enthuse its risk community.
The Risk Management Board is supported by the:
The Committee for Lifelong Learning in Risk Management ensures that education and CPD requirements are coordinated and developed for all members.
The committee’s key objectives focus on:
The committee operates within a terms of reference (137 KB PDF). It supports the IFoA’s Council in the delivery of its corporate strategy.
If you have any questions for the committee, please contact its dedicated email address: risk@actuaries.org.uk.
The IFoA believes that actuaries are strong risk management professionals. It supports and promotes a chief risk officer (CRO) group made up of actuaries working in senior risk management roles.
The group’s core aims are to:
The topic plan is still to be confirmed.
The non-commercial nature of the group makes it distinct from other CRO groups. Members have common challenges which can be discussed in a safe Chatham House Rule environment.
Please send your actuarial reference number and details of your role to Dawn McIntosh at dawn.mcintosh@actuaries.org.uk.
Feryal Nadeem is CRO for OneFamily, a medium sized mutual life insurer, in the UK. She is a qualified actuary with over 20 years’ experience working in the UK life insurance industry.
“I have found the CRO Group invaluable since joining. The group brings together senior professionals from across a variety of industries who can discuss topics that are front of mind for them as well as an opportunity to discuss key themes that are running across different sectors. Being able to tap into the experience of others can often lead to sharing of ideas and the opportunity to explore new ones.” – Feryal Nadeem
Louise Witts is Head of Pension Risk for HSBC in UK, Europe and their Global Service Companies, reporting into the UK CRO. She is a qualified actuary with extensive experience in the UK pensions industry and has spent the last 15 years in risk management in banking and investment.
“The Actuarial CRO Group is a great environment for sharing ideas and learning from the experiences of other actuaries working in the risk management space. The issues covered are topical and of wide relevance, and the group provides a valuable place to consider and robustly debate them with peers from a diverse range of views and backgrounds.” – Louise Witts
For more information about any of our practice areas, please email the Communities Engagement Team
