Carike Nel, Jaco van der Merwe, , Saffiya Omar, Lafras Eksteen
17 October 2017 | 10:50 – 11:50 | Ballroom 1
Relevant practice area(s):ERM
Suggested audience knowledge level: Foundational
This topic covers 3 practice areas: Life, Short-term and ERM.
This session will include a panel discussion and presentation of the results of an industry survey conducted by the authors.
It aims to explore the role and capability of the actuary as a risk manager, as opposed to the more traditional risk quantifier. It also considers whether as actuaries we possess the requisite skill set and training to add the necessary value in this field.
To assess the readiness of actuaries to fulfil risk management roles and responsibilities.
To determine the extent to which actuaries are employed in risk management functions
To assess the role and effectiveness of the Head of Actuarial Control (HAC) function in particular.
To assess the maturity and effectiveness of the risk management system and controls, for example the extent of cooperation between the different control functions (Risk, Compliance, Actuarial, Internal Audit).
To investigate the practical challenges faced by actuaries in implementing SAM Pillar II and III.
To explore the extent and potential impact of Line of Defence “overlap” e.g. HAC vs external audit.
Panel member 1: HAC of a large local insurer
Panel member 2: Reporting actuary at a large local insurer, also involved in risk management
Panel member 3: Non-actuarial risk management specialist at a large local insurer
Panel member 4: Internal auditor at a large local insurer
Panel member 5: External auditor of a large local insurer