Actuaries urged to set new standards for risk management

The Institute and Faculty of Actuaries’ (IFOA) African Conference aiming to provide networking opportunities with peers, global employers and representatives from regulatory bodies in line to promoting exchanges and knowledge-sharing, opened yesterday at Flic-en-Flac. The Minister of Financial Services and Good Governance, Mr D Sesungkur and other eminent personalities were present at the event.

In his address at the opening ceremony, Minister Sesungkur highlighted the prime responsibility of actuaries in setting new standards for risk management in the financial services sector. Regulatory reforms are currently in full swing and actuaries are called upon to assume greater responsibilities, he said.

Now that regulators have introduced requirements for insurers to establish a robust Enterprise Risk Management (ERM) framework that addresses all relevant and material risks, the Minister expressed satisfaction that the actuarial function is playing an increasingly hands-on role in shaping the ERM framework.

Moreover, the Minister recalled that regulators play a key role in ensuring that only insurers who have a good probability of standing by their promises are allowed to conduct business. On this score, he said that regulators’ jobs are becoming more complex as the market has become more intricate and the nature of risks has compounded.

In light of technological development, actuarial analysis is becoming increasingly dynamic with new sources of data made available through telematics, wearables and social media. Big data therefore, is reshaping traditional insurance business, he pointed out.

Minister Sesungkur added that the IFOA conference is a valuable springboard for various stakeholders from Mauritius and other African countries to engage in gaining Continuing Professional Development through professional skills session.

IFOA Africa Conference

The inaugural IFOA Africa Conference was hosted in Mauritius on 23 April 2018. The conference is also being hosted in Kenya and Nigeria on 25 and 27 April 2018 respectively.

IFOA came into being on 1 August 2010. It is the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally.

Source: Government of Mauritius