On 21 June at Staple Inn Hall, London, we will be launching the IFoAs actuarial risk principles, which have been developed by the Wider Fields Working Party, led by Matt Gurden.
On 21 June at Staple Inn Hall, London, we will be launching the IFoA's actuarial risk principles, which have been developed by the Wider Fields Working Party, led by Matt Gurden. They provide a high-level guide to measuring and managing risks while maintaining a deep awareness of how those risks are shaped by stakeholder perspectives and system characteristics. This approach recognises distinctive features in the way actuaries approach risk management, such as seeking to understand the range of potential impacts of a risk rather than a single impact and probability, and the capacity to analyse long-term horizons when necessary.
The principles reflect a belief that multi-faceted decision making can add value in both existing and 'wider' actuarial fields by providing a better understanding of the risks involved. At the launch event, we will be putting this thesis to the test, as topic specialists apply the principles to three major global risks - cyber risk, autonomous vehicles and climate change. We have already demonstrated the relevance of the risk principles to climate change at a webinar in December 2016 (bit.ly/2jTwoWy), which was presented jointly with the World Business Council for Sustainable Development. We continue to work with WBCSD in this area.
We are keen to gather evidence, at the event and after, on existing risk management activities that show the use and effectiveness of the risk principles. This will inform a second event later in the year.
For more information on the event, visit bit.ly/2qoeXwS