Actuaries and Operational Risk
This presentation will explore the skills and techniques actuaries can bring to operational risk management. It will refer to material outlined in the AAE discussion paper “Actuaries and Operational Risk Management” published in January 2021, expanded where relevant with other perspectives. It will explore how operational risk typically fits into insurer own risk and solvency assessments and pension funds own risk assessments.
It will 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.