Deepak Jobanputra believes that when change comes, opportunity follows
The role of an actuary continues to evolve beyond the traditional career path that we have seen over previous decades. The profession offers a wider range of opportunities now than ever before.
Risk management is a particular area of growing importance, driven, in part, by the increasing regulatory focus across the globe. The impact of this stronger emphasis is intended to more appropriately measure, monitor and manage risk. Personally, though, I am always reminded of the infamous reference to US secretary of defence Donald Rumsfeld's 'known unknowns'. There have been numerous articles and bestsellers on all topics of risk management and, as such, the advancement of risk management techniques will not only highlight known risks but hopefully also recognise the unknown.
This month, we have an interview with an experienced actuary sharing his views on the role of a chief risk officer (CRO). This is relatively new territory, particularly in an environment described as more volatile and unpredictable than any previously experienced. The role of CRO therefore presents an exciting opportunity but will also be a huge challenge given economic uncertainty worldwide, made more complex by the increasing interdependencies of major economies.
We extend our reach on the theme of risk management into the banking arena with an article that considers asset liability modelling and the challenges posed by Basel III.
There has also been a lot happening at the newly branded Institute and Faculty of Actuaries, with new president David Hare establishing his key areas of focus for the coming year. A further series of achievements for the profession relates to the enhancement of services for members, also covered in this month's issue.
It is staggering to note the dedication of our volunteers, members groups and practice areas, which help drive research, development and thought leadership for the profession and give so much back to developing and enhancing our already strong standing.