Data Science is changing the actuarial operating model. Actuaries need to evolve our risk management framework to keep up. During this talk we will look at the new risks that machine learning brings; including real life examples and best practice for identifying, managing and reporting on the ‘new model risk’ involved. 

We will look at how decisions need to be handled in the context of our professional duty and ethical responsibility (we will also explore what some of these responsibilities are). We will conclude with specific actions risk teams can take to support the measurement and management of data science.

Agenda:

• New risks that machine learning brings
• Real life examples and best practice for identifying, managing and reporting on the ‘new model risk’
• The context of our professional and ethical responsibility
• Actions risk teams can take to support the measurement and management of data science.

Our talk will aim to provide an insight into the themes above as well as working practices to help actuaries consider data science risk management.