Risk management is set to only grow in importance for policymakers, according to the newly named president of the Actuaries Institute, who has called on actuaries to work with the government and regulators.
The Actuaries Institute has appointed KPMG senior partner Jefferson Gibbs as its new president for 2021, to take over from predecessor Hoa Bui.
In a presidential speech on Monday, Mr Gibbs told the sector actuaries will increasingly expand their remit as risk management is set to grow across the private and public sectors, while the economy and jobs market recover from COVID-19.
“We must continue to lead in areas of public policy where we have the insight to create real change,” Mr Gibbs said.
The aforementioned areas included the post-COVID economic recovery, retirement, climate and intergenerational equity.
Members were also urged to reflect on the work they could do to power future opportunities beyond the COVID volatility.
“We need to strengthen relationships with governments, regulators, like ASIC and APRA, and we need to repeat that success with a wider-ranging set of organisations,” Mr Gibbs said.
APRA deputy chair John Lonsdale recently called on actuaries to have “the courage to speak up” and help chief executives prudently manage risk.
In the year ahead, the institute has signalled it will commence work on the aged care sector, while updating its previous efforts on intergenerational equity and the Australian Actuaries Climate Index.
It will also expand its education program, including data analytics principles.
On Mr Gibbs’ appointment, Actuaries Institute CEO Elayne Grace commented: “Jefferson is passionate about broadening the opportunities for the profession and areas where they can contribute, recognizing that young actuaries have strong interests in climate change, government and data analytics, alongside traditional work in superannuation and insurance.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].