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The Actuary The magazine of the Institute & Faculty of Actuaries

Financial crisis seminar hits the mark

The Profession played host to figures at the hub of the financial world on 9 June, when the Global Financial Crisis Group (GFCG) ran a half-day seminar at Staple Inn to discuss the financial crisis and ways to move forward. The aim was to enhance the Profession’s reputation as risk management experts and provide a forum for debate for those at the centre of financial regulation.

Over 50 delegates signed up for the event including representatives from the regulators (FSA, TPR, PPF and FRC), civil servants (DWP and GAD), senior figures in the fields of banking and insurance and academics from several major universities.

Dr Alistair Milne of Cass Business School presented the interim findings of systemic risk research commissioned by the Profession. The research focused on the causes of the crisis and what can be done to reduce risk in future.

Ralph Frankland and Andrew Smith presented the thoughts of the Profession’s Extreme Value Theory working party and looked at the need for stress-test models and quants in the risk-aware financial firm.

The FSA’s Paul Sharma spoke on the qualitative approaches to risk management, including existing best practice and the improvements anticipated through Solvency II, and Dr Paul Wilmott, author and lecturer, tackled the lack of common sense in risk management and how the ‘wrong sort of maths’ contributes to the current problems.

The programme for the seminar is available at http://www.actuaries.org.uk/conf_flyer/GlobalFinancialRisk20090609.pdf

You can contribute to the GFCG’s discussion board on the financial crisis at http://kan.actuaries.org.uk/gfcg/Wiki Pages/Home.aspx. Just log in using your username and password.