Actuaries, risk management and the new life assurance regulation

A year after the final report of the Morris Review and six months after the profession’s own strategy review, Nicholas John Dumbreck, the new president of the Institute of Actuaries, considers what needs to be done to enable the UK actuarial profession to flourish in an environment which is much more competitive and where the profession is subject to much greater scrutiny. This is an edited extract from Mr Dumbreck’s presidential address to the Institute earlier this week.

The role of actuaries in risk management is one of the most talked-about topics in international actuarial circles at present. A lot of effort is being devoted to positioning actuaries as the natural choice for senior risk management roles in the financial services industry.