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07

Grand launch for actuarial risk principles

Open-access content Tuesday 11th July 2017 — updated 5.50pm, Wednesday 29th April 2020

More than 60 members attended the launch of the IFoA actuarial risk principles framework at the Grand Connaught Rooms in central London on 21 June.

More than 60 members attended the launch of the IFoA actuarial risk principles framework at the Grand Connaught Rooms in central London on 21 June. 

Matt Gurden, chair of the Wider Fields Working Party, introduced the event, explaining that the 12 principles were developed to emphasise key areas to be aware of when putting a risk in context and then describing, measuring and managing it. They highlight the distinctive, often quantitative contribution actuaries can make to risk management.

Jasvir Grewal presented the first of three case studies. She showed how the principles apply to cyber risk, and that continuous monitoring is particularly important in this fast-changing area. 

Kevin Wenzel described the relevance of the principles to the growth of automated vehicles. There are many unknowns, 

such as how automation levels will develop, liability issues and insurance structures, but the risk principles offer a helpful framework within which to consider the challenges.

Nico Aspinall presented the final case study on climate change risk. He highlighted the principle of allowing for the full time horizon of interest when considering risks as particularly relevant for climate change issues that might not arise for many years.

The event concluded with a lively question and answer session. A recording will be available shortly on the IFoA website.

This article appeared in our July 2017 issue of The Actuary.
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