Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2013
10

IFoA: News in brief

Open-access content Thursday 3rd October 2013 — updated 9.20pm, Thursday 2nd April 2020

Risk management: changes across the board

From the start of the 2013/14 session the enterprise risk management board will be known as the risk management board. The change of name recognises the much wider context and remit of the work this board is undertaking and is an easier reference to use with our industry stakeholders.

Andrew Hitchcox, who is chief risk officer of Kiln, has been appointed as chair of the risk management board with effect from the 2013/14 session. Andrew has already served as deputy chair of the board and other key committee roles and will continue to drive the valuable work this practice area contributes.

Andrew is now seeking to appoint a deputy chair to the board. This is an interesting and rewarding role, shadowing the chair during his term as chair to help deliver the IFoA's risk management strategy. There are specific projects to be tackled with the expectation the deputy will take over as chair in due course.  

 If you are interested in applying for this role please visit the volunteer vacancy web page: tinyurl.com/qa6ltgc 


Recovery and resolution

The IFoA has formed a working party to consider the impacts of developing a recovery and resolution regime for insurers. Having learnt from the banking crisis, regulators are keen that they and financial firms have plans in place to deal with the failure of a company. While much of the initial work of this group has been focused on understanding the current legal framework for the failure of an insurer, and the circumstances in which an insurer might fail compared to a bank, they have moved on to the specific regimes being proposed.  

In August, the financial stability board (FSB) published, inter alia, for consultation the Assessment Methodology for Key Attributes of Effective Resolution Regimes for Financial Institutions and more specific documents dealing with both non-bank financial institutions (including insurers) following on from the IAIS papers in July. Nick Dexter, chair of the working party, said: "We hope the working party can make a valuable contribution to the work of the FSB and other regulators and ensure that, as far as possible, the regime that is implemented is relevant to insurers. Although the formal consultation process closes on 15 October, we anticipate that we need to continue working beyond this date to enable actuaries to play their part in implementing the regime."  Members who are not part of the working group but wish to contribute to its work are advised to contact Paul Shelley at [email protected]

This article appeared in our October 2013 issue of The Actuary.
Click here to view this issue
Filed in
10

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Pensions Actuarial Analyst

London, Midlands, Scotland
£Market Competitive
Reference
143788

Senior Manager/Director level roles - Life insurance

Stirling
Generous salary with excellent bonus and benefits
Reference
143787

Reinsurance Pricing Actuary

London (Central)
£60-90K depending on experience
Reference
143786
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ