Actuaries and Operational Risk Management
The aim of the presentation is to explore the skills and techniques actuaries can bring to operational risk management. The presentation would principally refer to material outlined in the AAE discussion paper “Actuaries and Operational Risk Management” published in January 2021 (of which I was a co-author), but would expand where relevant with other perspectives. It would explore how operational risk typically fits into insurers’ own risk and solvency assessments and pension funds’ own risk assessments. It would also explore ways of capturing the wisdom of experts, quantitative techniques commonly applied to operational risk measurement and management, stress testing disciplines, how best to cope with limited data and how best to set operational risk appetite and limits.