Category Archives: Events

Presentation by Dr Geraldine Kaye at the Regional ASHK ERM Conference Macau on 29th April 2013

Actuaries are absolutely suited for Chief Risk Officers (CRO) posts and analysing ‘Big Data’ according to Dr Geraldine Kaye, managing director of actuarial recruitment consultancy, GAAPS Actuarial.

At a speech given to The Actuarial Society of Hong Kong in Macao in April, Dr Kaye told delegates “For some time the newly introduced position of CRO was seen as requiring someone of qualitative mode. It is now more appreciated that it needs a more quantitative approach using the modelling skills of the actuary. I feel sure it will eventually settle somewhere in the middle. Similarly we are beginning to see the revival of actuaries as CEOs.

However, the greatest challenge to an actuary who aspires to be a high flyer, is that to succeed they must also be able to communicate their ideas at Board level and be able to zoom in and out effectively from one aspect to another when questioned. They must be able to distil issues and explain, and also convince the recipient why the point is important.

Similarly, in many of the actuarial consultancies we are seeing the merging of the actuarial and risk teams. But this is a two-edged sword for actuaries since although it provides greater breadth of opportunities for actuaries, it also allows those without the qualification to encroach on traditional actuarial territory.”

Turning to the vast increase in legislation with financial services, Dr Kaye feels abilities connected with risk management and governance are required, and in these areas is becoming more accepted that actuaries are ideal. She added “Changes in financial services regulation whether or not it is good or bad for Society in general, will always increase jobs for actuaries in the short to medium term.

As actuaries, it is the long term that concerns us. Over the past few years we have seen crisis after crisis increasing job opportunities for actuaries, but for the moment there appears to be a brake. Will the actuaries no longer needed for these regulatory and compliance roles find other roles more suited to their abilities and more productive to Society. The short answer is yes. A new area that is suddenly opening up and becoming fashionable is ‘Big Data’.

Actuaries talk about analytics and have not pushed the areas of use to its full potential and seem to be missing out to other professions such as statisticians who simply call it ‘Big Data’. What many insurance companies are beginning to realise is how important is the accuracy and accessibility of the data they retain. The more accurate the data, the less risk associated to calculations associated with it and therefore there is a knock on effect to solvency calculations and thus to level of reserves required under Basel etc.”

Dr Kaye concluded by telling delegates, it was heartening to hear from the consensus of speakers that the world is in recovery and she would like to concur with this message and add that jobs for actuaries are definitely on the increase.

Below are some of the pictures from the conference.

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Presentation by Dr Geraldine Kaye at the Regional ASHK ERM Conference Macau on 29th April 2013

Presentation by Dr Geraldine Kaye at the Regional ASHK ERM Conference Macau on 29th April 2013

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Dr Geraldine Kaye attends meeting of CPD Co-ordinators’ (of the Actuarial Profession)

Our MD Dr Geraldine Kaye (in front in an orange jacket) attending a meeting of  CPD Co-ordinators (of the Actuarial Profession) held  in London, in November this year. As you can see there was a great turnout and everyone had an enjoyable day.

Our MD Dr Geraldine Kaye (in front in an orange jacket) attending a meeting of CPD Co-ordinators’ (of the Actuarial Profession) held in London, in November this year. As you can see there was a great turnout and everyone had an enjoyable day.

Joint Networking Evening: Trading Longevity Risk – hosted by PRMIA and The Actuarial Profession

When: 17th December 2012, 17:30 to 20:30

Where: Staple Inn Hall, London WC1V 7QJ

A helpful event where delegates gain a range of perspectives on the emerging markets for trading longevity risk.

Panellists will present their views on a number of issues such as: overview of the market and its economic function, key risks involved and challenges, emerging themes, the role of regulation and Solvency II and perspectives from risk sellers and buyers.

Speakers include:

  • Douglas Anderson, Hymans Robertson LLP
  • Pretty Sagoo, Deutsche Bank AG
  • David Epstein, Aviva
  • Emma McWilliam, Milliman

To book your place email

LSE Actuarial Society’s annual CV & Interview Workshop, conducted by the GAAPS

Last month Dr Geraldine Kaye and Kerry Lofts ran GAAPS annual CV and Interview skills workshops at LSE Actuarial Society. It is always a pleasure in my line of work to help those just starting out along the long road of Actuarial exams.

This year’s students were thoroughly engaged, asking fantastic questions whilst we dissected their CVs and naturally we were also delighted to receive such positive feedback from the LSE Actuarial Society, with all students giving us 100% on their feedback sheets.

So, thanks again to everyone who attended the workshop. It was a pleasure meeting you all and we look forward to seeing you again next year.

GAAPS Actuarial is one of the most respected specialist Actuarial Recruitment Consultancies worldwide, and has earned a reputation for providing an efficient executive service to both candidates and employers.

Launch of the first Actuarial Research Centre

50 business leaders, academics and MSPs met at the Scottish Parliament to celebrate the opening of the new Actuarial Research Centre (ARC) earlier this month.

Mark McDonald, MSP welcomed the audience and outlined some of the areas where the profession has already been interacting with politicians. He also said that they would welcome any input from the profession, which aligned to their public affairs objective.

The centre is set up in the same month that marks 250 years since the birth of actuarial work in life offices.  The first Director of the ARC, Professor Andrew Cairns spoke of his vision for the centre, collaborating with business, developing academic disciplines and researchers that will be an asset to industry.

Call for speakers from the Institute and Faculty of Actuaries

If you would like to propose a session for one The Institutes residential conferences, we want to hear from you. Session proposals will be reviewed by the conference programme committee.  The more detail you can give about your proposed session, the more it will help the programme committee with the selection process.  Please see below for how to submit a proposal.

 The programme committee is looking for session proposals that offer:

 •new and relevant subject matter contributions from more than one company

 •practical experience presentations from working parties

 •contributions from practitioners in the products, distribution and customer area case studies

 •contributions from non-actuarial speakers

 •contributions from wider fields

 •dynamic and entertaining speakers

For more details, e-mail:

Institute and Faculty of Actuaries publishes conflicts of interest package

The Conflicts of Interest Working Party of the Institute and Faculty of Actuaries has now put the final touches to its package of conflicts of interest material.

The full package of material, which includes Actuarial Profession Standards (APSs) for pensions (APS P1) and life actuaries (APS L1 – which came into force on 1 October 2011), a guide for actuaries on conflicts of interest and a note for pension scheme trustees, can be found here.

The Working Party is also planning information evenings to explain how the conflicts of interest package will operate and to discuss the potential implications and practical effects it may have on members. The sessions are designed to help prepare members and firms in advance of the full regulations implementation date of 1 July 2013.  The dates and venues are:

•12 July – London, Staple Inn: 5.30–7.00pm

•19 July – Edinburgh, Maclaurin House: 5.30-7.00 pm

•2 August – York: Aviva Office, Board Room 6th floor, Wellington Row, York, YO90 1WR: 5.30-7.00pm

These initial evenings are open to all members of the institute but are primarily targeted at CPD co-ordinators and professionalism committee members.   More events targeted at members in general will be held during October to December 2012. Further information will be made available closer to those dates.

Members are entitled to claim up to one and a half hours of CPD for their participation in one of these evenings. Please remember to sign the attendance sheet to verify your attendance and to record it in your on-line CPD record.

If you plan on attending one of the above events, it would be appreciated if you could RSVP to Drinks and nibbles will also be provided.