Speaker(s): Kudzai Chigiji (WesBank Group), Michael Florig (Crédit Agricole CIB)
Actuaries have been involved in banking for more than a decade in some jurisdictions such as Australia and South Africa. Other jurisdictions are only starting to develop the awareness, capabilities and playing catch up whilst others are still at very elementary stage. Despite the slow development in some jurisdictions, there is one thing that is certain - actuaries, as risk management professionals, add significant value in many areas of banking and the trend is set to continue.
The IAA recognised the growing trend of actuaries being involved in banking and introduced the Banking Working Group, a sub-committee of the Scientific Committee, with the mandate to progress the development and involvement of actuaries in banking on a global scale.
The proposed panel discussion looks at many issues faced by actuaries in banking drawing from experiences of different jurisdictions and experiences of practising actuaries. It looks at both historic developments and what the future potentially holds for actuarial banking practice. The panel consists of experienced senior actuaries from different countries currently involved in one way or another in the management of banking institutions, either directly or indirectly.
The discussion seeks to raise awareness of the banking practice area for actuaries given that different jurisdictions are at different stages of development with different understanding of how actuaries can be involved in banking. The discussion seeks to encourage actuaries to actively seek opportunities to be involved in banking in their jurisdictions and lead in developing this emerging practice area. Many traditional skills and knowledge that actuaries possess by virtue of their professional training and experience can equally be applied to a number of areas in banking. Only through active engagement in banking related assignments can actuaries fully realise their potential in this new and emerging practice area for actuaries.