The JFAR sets out its collective view on current risks to high quality actuarial work in its Risk Perspective. The Risk Perspective is intended to raise awareness of the risks to and the importance of high-quality actuarial work in mitigating the risks to the public interest.
||Published in April 2019, the JFAR shares key developments during 2018 in relation to each of the hotspots identified in the 2017 Update.
||In the Risk Perspective: 2017 Update the JFAR identified nine hotspots where there is a perceived increase in risk to the public interest where actuarial work is central.
In May 2018, The Actuary published an article in which Stephen Haddrill (JFAR Chairman) spoke to Hazel Beveridge about the work of the Joint Forum on Actuarial Regulation and its Risk Perspective: 2017 Update report.
Risk Perspective publications 2016 & prior
|The JFAR produced its first identification of risks to the public interest in a discussion paper in October 2014 Joint Forum on Actuarial Regulation: A risk perspective.
The responses to the discussion paper were published in its Feedback Statement: Joint Forum on Actuarial Regulation: A risk perspective. (Individual responses and transcripts of the FRC hosted outreach events can be found here.). The JFAR published its first annual update to the Risk Perspective in December 2016.
JFAR Thematic Reviews
Through the JFAR’s ongoing activities and in response to hotspots
identified in the Risk Perspective reports, the JFAR has undertaken several thematic reviews. These findings from the reviews may be reported in separate reports, in observations included within the Risk Perspective update or through other activities.
- In June 2018, the JFAR facilitated a series of roundtables for Actuarial Function Holders and Non‑Executive Directors as forum to develop a common understanding of the role of the Actuarial Function Report (AFR) and to identify hints and tips for ensuring an efficient production of the AFR to support a purposeful discussion with the Board.
- During 2017, the JFAR undertook two thematic reviews - “Impact of low interest rates on insurers and pension schemes” and “The role of the actuary in with-profits life assurance” - the observations are contained within the Risk Perspective: 2017 Update
- From the risks identified in the July 2015 feedback statement three areas were chosen for thematic reviews:
- Group think;
- DB to DC transfers following the introduction of the pensions freedoms;
- “Review of General Insurance Internal Reserving Reports” The observations from the review of a sample of reports were contained in the Risk Perspective: 2016 update.