Articles - JFAR report on current risks to high quality actuarial work


A report published by the Joint Forum on Actuarial Regulation (JFAR) highlights current risks to high quality actuarial work. The Risk Perspective identifies nine ‘hotspots’ where there is a perceived increase in risk to the public interest where actuarial work is central. These include political and legislative risk, market performance and uncertainty, climate-related risk and technological change.

 The JFAR also recognises common themes that cut across the hotspots such as professionalism, intergenerational fairness and Brexit.

 The Risk Perspective is intended to raise awareness of the importance of high quality actuarial work in mitigating risks to the public interest and to focus actuaries on the right risks so as to perform their work to the highest quality. In today’s fast-changing world, the report explores the implications on actuarial work of people living longer, rising environmental concerns and technology advancing at an unprecedented pace.

 The perspective was developed using a new Actuarial Risk Identification Architecture (ARIA). The ARIA enables JFAR to identify and review the macro environmental drivers, risks inherent in actuarial work and the market characteristics which currently lead to an increase in risk.

 Stephen Haddrill, CEO of the Financial Reporting Council and Chair of the JFAR, said: In this ever-changing world, actuaries make judgements to measure and manage risk and uncertainty, adapting their work to respond to these challenges. We believe that the Risk Perspective will support actuaries, their employers and users of actuarial work to consider current and emerging risks in their activities. 

 
 Through the Risk Perspective, JFAR seeks to raise awareness and generate discussion about the current and emerging risks to quality actuarial work. It invites feedback by email to RiskPerspective@frc.org.uk and will hold stakeholder outreach events during 2018.
  

 Joint Forum on Actuarial Regulation Risk Perspective 2017 Update

Back to Index


Similar News to this Story

Pension policy's long distance roadmap
The Pensions Schemes Bill has fired the starting pistol on a marathon set of proposals for pension change. The passage of the Pension Schemes Bill and
Guided Retirement Duty a promise or pipe dream for savers
The Pensions Policy Institute (PPI), sponsored by The Pensions Regulator (TPR), recently highlighted a key challenge for defined contribution (DC) pen
Design Thinking in practice starting with Empathy
You may ask “But why bring empathy into pensions?”. Checking your projected pension or receiving a correct payment each month - surely this is all jus

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.