PRESS RELEASE ISSUED BY THE FACULTY OF ACTUARIES
Faculty of Actuaries President Ronnie Bowie highlighted the qualities that make actuaries well suited to help return stability to UK financial markets in his Presidential Address today.
Speaking at the Royal College of Physicians in Edinburgh, Mr Bowie detailed the ways in which actuaries could contribute to financial stability through their expertise in risk management.
He said that while actuaries had traditionally worked in pensions and insurance, their skills in risk management and other non-traditional fields would become increasingly valuable and widespread.
Mr Bowie said: “My expectation is that in the future, management is going to place a high reliance on those who truly understand risk and who are not simply slaves to models. The world is going to want the stewards of their savings, insurance and investment to be curious to find out where the risks lie, energetic in finding ways of reducing those risks and influential in persuading company managements to take the necessary actions.
“The world is going to place its greatest trust in those whose training, experience and moral backbone will serve not only their clients and employers but also the broader public interest.”
He said he expected the effects of the credit crunch to be felt for a generation, and that health, social care, education and infrastructure would suffer as a result.
“These are times when the world needs actuaries (even if the world does not yet know it). And it especially needs those actuaries who are curious, energetic and influential,” he said.
Mr Bowie also spoke about the changes to education and the profession that would help actuaries fulfil their changing roles. These included developing alternative pathways to qualification, focusing on communication and other ‘softer’ skills and becoming more adaptable to changes in the financial landscape.
He said: “My vision is that, in the future, actuaries will continue to be regarded as being among the brightest and best. However it will be as the brightest and best across a wide range of disciplines whose common theme is risk management. We will bring a unique combination of mathematical ability, business awareness, practical application and communication skills. The actuarial qualification would be one of the most desirable passports in business.”
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Enquiries: Tel. Fleur Morrison on 020 7632 1453 or email fleur.morrison@actuaries.org.uk
website: www.actuaries.org.uk
Notes to Editors
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
The Profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.
The Profession is available to provide expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.