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An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science which covers rigorous mathematical calculations in areas of life expectancy and life insurance. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty and life expectancy.
The International Actuarial Association (IAA) is a worldwide association of local professional actuarial associations.
The Canada Pension Plan is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings. As of Jun 30, 2022, the CPP Investment Board manages over C$523 billion in investment assets for the Canada Pension Plan on behalf of 21 million Canadians. CPPIB is one of the world's biggest pension funds.
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries. It is a full member organization of the International Actuarial Association.
Paul Zed is a Canadian lawyer, professor, and politician.
The Institute of Actuaries was one of the two professional bodies which represented actuaries in the United Kingdom. The institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland. While the Institute and Faculty of Actuaries were separate institutions, they worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the institute who took part in a ballot voted to merge the institute with the faculty, thus creating the Institute and Faculty of Actuaries, which came into being on 1 August 2010. The Institute of Actuaries ceased to exist on that date.
John Norman McKay is a Canadian lawyer and politician. He is the Liberal Member of Parliament for the riding of Scarborough-Guildwood. McKay was Parliamentary Secretary to the Minister of Finance from 2003 to 2006 during the government of Paul Martin, then served as an opposition MP and critic until November 2015 during the government of Stephen Harper. As of April, 2019, he serves as Chair of the Standing Committee on Public Safety and National Security; Chair of the Canadian Section of the Canada-United States Permanent Joint Board on Defence; Chair of the Canada-United Kingdom Inter-Parliamentary Association, Vice-chair of the Canada-United States Inter-Parliamentary Group, and Counsellor Canadian NATO Parliamentary Association.
The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession in Canada. It was incorporated March 18, 1965. The FCIA designation stands for Fellow of the Canadian Institute of Actuaries. As the national organization of the Canadian actuarial profession, the CIA serves the public through the provision by the profession of actuarial services and advice by: representing the Canadian actuarial profession in the formulation of public policy; promoting the advancement of actuarial science; educating and qualifying CIA members; ensuring that actuarial services provided by its members meet accepted professional standards; and assisting actuaries in Canada in the discharge of their professional responsibilities.
Sir Derek James Morris is former Chairman of the Competition Commission and was the Provost of Oriel College, Oxford until Moira Wallace replaced him in 2013.
The Faculty of Actuaries in Scotland was the professional body representing actuaries in Scotland. The Faculty of Actuaries was one of two actuarial bodies in the UK, the other was the Institute of Actuaries, which was a separate body in England, Wales and Northern Ireland. While the Faculty of Actuaries and the Institute of Actuaries were separate institutions, they worked very closely together, and the professional qualifications and professional standards for actuaries were identical in each of them. On 25 May 2010, voting members of the Faculty who took part in a ballot voted to merge the Faculty with the Institute of Actuaries, thus creating the Institute and Faculty of Actuaries which came into being on 1 August 2010, superseding the Faculty of Actuaries which ceased to exist on that date.
The American Academy of Actuaries, also known as the Academy, is the body that represents and unites United States actuaries in all practice areas. Established in 1965, the Academy serves as the profession's voice on public policy and professionalism issues.
The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management.
The Brazilian Institute of Actuaries is the national association for actuaries in Brazil.
The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada.
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom.
John S. L. Williamson is a Canadian politician who has represented the riding of New Brunswick Southwest in the House of Commons of Canada as a member of the Conservative Party of Canada since 2019. He represented the riding from 2011 until his defeat in the 2015 election. He was elected again in the 2019 election.
The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the U.S., most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure.
The Morris Review was a government-sponsored review of the UK actuarial profession led by Sir Derek Morris in 2004–05. It was commissioned in March 2004, in the aftermath of the near collapse of Equitable Life, and the subsequent findings of Lord Penrose's Equitable Life Inquiry The review found a number of problems with the actuarial profession, including insularity of approach, lack of transparency, failure to take account of developments in financial economics, and the influence of 'entrenched commercial interests'.
Jeremy Edward Gold was an American actuary and economist. He was noted for his advocacy of the application of financial economics to pension actuarial practice and his criticism of actuarial standards and professionalism.
References
- ↑ "Public Pensions Reporting Act (1985, c. 13 (2nd Supp.))". Canada Department of Justice - Statutes by Title. Retrieved 15 November 2009.[ permanent dead link ]
- ↑ Brown, M. David R. (October 1999). "The Public Role of Actuaries in Private Pensions in Canada - 7. The Public Pensions Reporting Act" (PDF). North American Actuarial Journal. Society of Actuaries. 3 (4): 28. doi:10.1080/10920277.1999.10595856. Archived from the original (PDF) on 12 June 2011. Retrieved 15 November 2009.
- ↑ McCrossan, Paul (Winter 1990–1991). "Parliament and the Private Member". Canadian Parliamentary Review. 13 (4). Retrieved 15 November 2009.
- ↑ Randall, Robert F. (1 August 2001). "IASC Names Advisory Council.(International Accounting Standards Committee)". Strategic Finance. Retrieved 15 November 2009.
- ↑ "Review of actuarial profession". Morris Review via M2 Presswire. 1 October 2004. Retrieved 15 November 2009.
- ↑ Pension task force members named, Government of New Brunswick, Justice and Consumer Affairs, 7 December 2010.