Risk Alerts

Date Title Description
6 September 2023 Risk alert: The development and use of Artificial Intelligence (AI) techniques and outputs by actuaries This Risk Alert is relevant for all Members, with a particular focus on actuaries involved in the development and use of AI techniques and outputs, including eventual users of such output.
31 August 2022 Risk alert: The impact of high inflation on actuarial practice Significant global economic pressures are taking measures of inflation to high levels which increases the risk of economic uncertainty and may affect actuarial practice. It is important that actuaries fully account, and carefully consider, the nature of the market conditions, how these are likely to rapidly change and how this affects their work.
21 April 2022 Risk Alert: Climate change and sustainability related issues There is a risk that actuaries may not appropriately consider, or communicate clearly, the impact of climate change and sustainability related issues in their actuarial work.
15 January 2021 Risk alert: Funeral Plan Trusts Actuaries’ involved in determining, calculating and verifying the assets and liabilities of UK pre-paid funeral plans are encouraged to be aware of transitional risks, prior to the implementation of FCA regulation, and carry out appropriate due diligence.
22 April 2020 Risk alert: COVID 19 This Risk Alert aims to help bring to the attention of Members some specific issues that have been identified that they may need to consider in the immediate term as a result of the COVID - 19 outbreak.
13 May 2019 

Risk alert: Disclosure of information relating to models

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

Risk alert: GMP Equalisation – immediate issues

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.
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