Who professionalism and applications to the management of risk

Who is an Actuary?       Actuaries are the acknowledged experts in the analysing of risk related data and the modelling/simulating of complex future events which have a financial impact on the economy, society and life as a whole. Actuaries provide innovative and realistic solutions to financial and other problems, especially over the long term and for uncertain events, using a control process to monitor and refine solutions over time.       Actuaries are equipped to help their clients and employers make informed choices. These include governments, industries, funds, consumer organisations, social partners, businesses and individuals. Actuaries develop efficient solutions to safeguard financial security in an ever changing world. They communicate the implications and the level of uncertainty of the results obtained, enabling those responsible to manage their risks better.Who is a qualified Actuary?       Qualified actuaries generally belong to one or more professional bodies, which safeguard the quality of their members’ actuarial work through strict educational requirements, both initial and continuing. These professional bodies ensure the dissemination of a code of ethical conduct and actuarial standards of practice.       Fully qualified actuaries are required by the professional bodies to have completed a demanding education covering at least the material in a defined core syllabus, which includes mathematics, statistics and probability, economics, finance, modelling, accounting, professionalism and applications to the management of risk and different types of financial entities.       The professional conduct of actuaries is based on key ethical and behavioural principles; integrity, objectivity, competence, compliance, transparency, communication, and care for the user and others affected by the advice.What do Actuaries do?       Actuaries work in all areas where an understanding is required of a combination of the probability of uncertain future events and their financial consequences. Actuaries primarily work in fields such as in life, general and health insurance, reinsurance, enterprise risk management, pensions and social security, health care financing, investments, corporate finance, banking, financial advice, regulation, public finance, education and research.       In insurance companies, actuaries calculate technical provisions, carry out asset-liability modelling and management, solvency assessment and risk management, design data systems, help in the classification and underwriting of risks, advise on appropriate contract design and pricing, and advise on appropriate tools for risk mitigation.