Thursday, 7 July 2011

Society of Actuaries in Ireland - Land grab for the Solvency II grey areas?

Having already blogged on the brewing discomfort of the Institute of Risk Management regarding the perceived preference of the FSA for Actuaries to run Risk functions under Solvency II (and had to follow up as the story developed), I was very interested to read through the Irish Society of Actuaries strategic plan released today.

There is definitely the beginnings of a land grab here, with a number of statements eagle-eying the juicy cuts of what is currently ascribed to the Risk function as per the extracts below;

We also aim to have our members recognised as being committed to the highest standards
of skill and professionalism and well equipped to take up both actuarial and risk management
roles under Solvency II.”

"enhance the standing and role of actuaries within insurance and reinsurance
companies, and in particular, to enhance the standing of actuaries as risk managers"

"Promote the qualifications and relevant experience of actuaries as risk managers."

"Increase awareness of the CERA (Chartered Enterprise Risk Actuary) qualification."

"Another area that is becoming increasingly important for actuaries is risk management,
including the management of risks beyond financial risks. We have already delivered a
number of CPD events aimed at improving members’ knowledge and understanding of risk
management concepts and skills and this will remain an important area of focus."

And perhaps the most land-grabby target;
"Explore the feasibility of partnering with an appropriate university or similar body to
develop a comprehensive risk management training programme for actuaries who want
to skill up quickly in this area."

It's a good job I'm all about openness and competition, otherwise I might start to get an inferiority complex!

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