The role of the actuarial profession relating to Information Technology has changed during recent years. There is increased interdependency and uncertainties on specific responsibilities and expectation from both the IT and actuarial skill sets. Systems and Technology are constantly changing and most actuaries are dependent on it as part of their normal work, which might include (but not limited to): development of systems; implementation of systems; and extraction of data. Necessary IT skills can be learned on the job but it’s in the interest of the profession for its members to apply a consistent approach.

There are currently many actuaries working and specialising in systems. It has been noted that some students stop their actuarial studies to stay in the systems and technology fields, since they don’t see the benefit or need in qualifying.

This committee was established to reduce the risk, both financial and operational, by assisting actuaries and actuarial students through the introduction of best practice guidelines leveraging on the experience from individuals working in industry. Members of the committee are expected to share experiences from their own industries. This committee aims to enable actuaries to approach their systems and technology related work in a manner consistent with the Society’s expectation and standards.