Kelvin Chamunorwa looks at how actuaries are giving back and highlights the many benefits of doing so
In recent articles in The Actuary, there has been introspective thought into our profession, with some contributors considering how effective actuaries have been in various areas. One such article on predictive modelling generated a lot of debate online. I came across a comment from a risk management professional who was asking why it is that actuaries do not win the lottery every week, showing a misconception of actuaries' expertise.
There are probably many who share similar sentiments of actuaries more widely. The criticism of actuarial models in the aftermath of the global financial crisis is one example, although it is clear that there were many factors that led to those events.
Since then, there has been increased regulatory and media attention on corporate governance, particularly in the financial sector. In his article,
Colin Czapiewski addresses this through the lens of a non-executive director.
He considers how the role has changed over the years and shares practical tips of how actuaries can increase their chances of success in these positions (see more here). This is the first article in a three-part series on actuaries on the board, which will run to the end of this year.
What a year it has been in pensions in the UK.
In March, the chancellor of the exchequer announced that no one will have to buy an annuity with their retirement savings from next April. In his interview with The Actuary, Steve Groves highlights the impact the new rules have had on the annuity market so far. Groves also discusses the types of products that could be developed for the retirees who will have increased flexibility to draw their retirement funds (see more here).
On a personal note, last month was one of celebration as I entered a new decade of life. I could not dwell on the past for too long as my birthday also served as a reminder that there were 100 days left in the year, and still a lot to achieve. Actuaries do not predict the future, but the many opportunities for our profession to make a difference give me reason to be optimistic.