This cyber risk thematic review is now open to submissions from members and the organisations for which they work until 13 September 2024. This page has everything you need to take part.
Cyber risk is now an established risk being managed by firms employing actuaries.
The work of actuaries in this field may include quantifying and managing risks from potential cyber events, developing and pricing cyber risk products, and identification of potential latent risk from legacy products not intended to specifically cover cyber events.
This review aims to understand better where and how actuaries are involved in the management and quantification of cyber risk, and through cyber risks products which are sold to customers.
The review will look at how actuaries are involved in cyber risk at the organisations for whom they work. This will include both actuarial involvement in operational cyber risk as well as involvement in the insurance of cyber risk. We will consider the range of actuarial involvement in cyber risk, and seek to understand how actuaries play a role in wider organisational teams of cyber risk specialists.
The review is international and open to all IFoA members and the organisations for whom they work. The review may be of particular interest to insurance actuaries, especially those working in London Markets, but is open to all members who deal with cyber risk as part of their work.
To take part:
| Title and status | Description | Documentation |
|---|---|---|
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Cyber risk Treatment and quantification of cyber risk by actuaries, including insurance of risks. Status: opens to submissions |
Cyber risk is now an established risk being managed by firms employing actuaries. The work of actuaries in this field may include quantifying and managing risks from potential cyber events, developing and pricing cyber risk products, and identification of potential latent risk from legacy products not intended to specifically cover cyber events. This review aims to understand better where and how actuaries are involved in the management of cyber risk both within their firms, and through cyber risk products which are sold to third parties. |
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Pension scheme design Advice given to trustees or sponsors on changes to member benefits. Status: scoping |
Actuarial advice is critical when benefit changes are proposed for UK DB pension schemes, as it affects the accrued or future benefits payable to scheme members. The advice in this area ranges from changes to future benefits (including closure to new accrual) to adjustments to the timing or structure of accrued benefits. The review will look at current practices adopted by actuaries in pension scheme design affecting groups of scheme members. It will also cover the treatment of potential conflicts of interest. |
Documents for participants will appear here following launch |
Future review topics will be published following a selection process in late 2024.
An enhanced system to promote the quality of actuarial work.
For more information please contact the Actuarial Review Team
Level 2, Exchange Crescent · 7 Conference Square · Edinburgh · EH3 8RA
