JFAR Publications

Risk Perspective

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.

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.

JFAR Thematic Reviews

• 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.