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What they are saying
A recent article by Catherine Baldwin, former
CEO of the Institute of Actuaries of Australia:
Actuaries may always have been associated with
insurance, but, argues Catherine Baldwin, their
skills are in demand elsewhere as the regulation
revolution continues.
It is commonly observed that “what gets measured
gets managed”. But historically many organisations
assessed risk on a subjective or qualitative basis
rather than by using quantitative disciplines.
Today, risk management has become core to good
corporate governance. The understanding and
management of risk using both quantitative and
qualitative measures is increasingly recognised as
a means of achieving strong performance against
financial, social and environmental business
objectives.
The actuarial profession has its origins in risk
quantification. The traditional role of actuaries
involves quantifying risk to set adequate insurance
premiums. This role has developed over the years
into providing high quality analysis for management
and boards of varying financial services
organisations - and also for regulators.
More recently, actuaries have become involved in
other activities where the demand for better
financial risk management has been increasing,
including banking, funds management, project
finance and in the utilities and the resources
industries. Actuaries are relied upon through their
professional education and affiliation to ensure their
advice is unbiased and candid.
US Jobs Almanac said:
The job of actuary was rated as the most desirable
profession in the American economy. The actuary,
a mathematician specializing in the problems of
evaluating insurance risks, enjoys a good salary,
interesting and challenging job assignments, and
a well-defined career path.
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