The Institute and Faculty of Actuaries (IFoA) has announced that Louise Pryor FIA has begun her presidential term, taking over from Tan Suee Chieh FIA, while Matt Saker FIA joins the team as the next president-elect.
In the course of a career as an actuary, software engineer and academic, Pryor was director, Actuarial Standards at the Financial Reporting Council, where she led the development of the Technical Actuarial Standards.
She has practised as an independent consultant in the areas of software risk and sustainability and has worked on financial modelling for social security and pensions reform in a number of emerging economies.
Commenting on her new term, she said: “It’s a great honour to be chosen as the next president of the IFoA. We are living through a period of immense change which presents both challenge and opportunity. I want to build on the valuable work of my predecessors to ensure that the IFoA can survive and be sustainable.
“I believe the best way to do this is for actuaries and the IFoA to keep learning. Over the next year, my presidency will be focussed on supporting members to develop their skills so they can adapt to change in existing areas of work as well as move into new areas.”
She added: “Adapting to the many changes around us will be a learning process for both individuals and for the IFoA but our shared goal will help to ensure the relevance and sustainability of the profession.”
Prior also announced that a pilot credential in climate risk is underway under her tenure. It comes as she noted that her actuarial career began 40 years ago at a time when climate-related risk was “simply not on the horizon”.
She said: “I have believed for some years that this risk is the biggest problem facing the world and have watched climate-related risk become mainstream and even mandated by regulators in many countries.
“Assessing the impacts of climate-related risk is a relatively new field for actuaries and underscores the need to keep learning and adapting our skill sets. We already offer a broad range of resources to support our members in this area, and are constantly extending it.”
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body, whose members have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.