KNOWLEDGE PARTNER OF THE FUTURE

Transcription

1 Koninklijk Actuarieel Genootschap KNOWLEDGE PARTNER OF THE FUTURE

2 Introduction In 2013 the Royal Dutch Actuarial Association (Koninklijk Actuarieel Genootschap) existed for 125 years. This indicates that at an early stage there was a need for an umbrella organisation for our profession which occupies a very specific position. It occupies a specific place in the sense that actuaries, as mathematicians, were also characterised as the archetypical representatives of the exact sciences. They represented calculation bereft of sentiment, that is, responsible and businesslike. They made predictions based on statistics and hard figures. However, in recent years a clear shift has become visible. The discipline is spreading at a rapid rate. In a world in which financial aspects and aspects of risk are taken into consideration more widely, we cannot but broaden our perspective. Even before the credit crisis, this process was clearly visible. Trend A Globalisation Trend B Tribalisation Tide "The effect of tribalisation is that citizens and companies Companies must be aware of their dependence on the world economy. Dr Paul van Seters, Professor of Globalisation and Sustainable Development at the University of Tilburg inside outside With the economic crisis serving as the catalyst, a process of acceleration has taken place which, from a social perspective, has much deeper roots than only our discipline. In fact, what this boils down to is that we have developed towards a new perspective, namely from a perspective which looked from the inside out to a perspective which looks from the outside in. Reversing the argument, from the environmental factors to the problem at hand, rather than working from the problem, is the new approach. It is natural that at present actuaries are confronted with a broader range of variables. These are often variables which have to be estimated and are difficult to calculate. After all, risk management covers a much broader area than it did approximately 10 years ago. "Globalisation occurs when the mutual dependence of countries or regions increases as a result of trade and/or an increase in mobility." Dr Steven Brakman, Professor of International Economics at the University of Groningen focus on a smaller and consequently more manageable environment." Above all at a time of crisis." Large-scale movements, such as the separation between productivity and finance, and globalisation, on the one hand, and responses such as the desire for sustainability and the assertion of local group and national interests, on the other hand, are often difficult to determine quantitatively. Marco Plas, Chief Architect In part, these changes have been made tangible in amendments to European and national law in the area of risk management, through the introduction of the Solvency II directive, and through the Financial Companies (Supervision) Act ( WfT ), the Financial Assessment Framework ( FTK ) and the Pension Law (Pensioenwet). Add to this factors such as the development of a new reporting standard for insurance contracts, the internationalisation of financial markets and new opportunities within the IT environment, as well as innovation in the area of risk management, and it should be clear that being a decisive professional association which is alert, and responds to and anticipates developments is certainly not a sinecure. We have the ambition to be such an association. The Royal Dutch Actuarial Association The Royal Dutch Actuarial Association is the platform for actuaries and actuarial specialists in the Netherlands. The importance of this platform cannot receive better endorsement than the fact that almost all actuaries in the Netherlands are full member. We regard it is our objective to communicate with the entire profession and with society as a whole. Increasingly a good relationship with all stakeholders is regarded as an essential condition for this. Where possible, we take initiatives and look for opportunities for cooperation. Risk & Security at ING.

3 Global Network Apart from good contacts with a number of sister organisations throughout the world, the Royal Dutch Actuarial Association has a significant international network. Partly as a result of this, we have shown that we have influence in Brussels, Frankfurt and London. We are affiliated to the European network through the Actuarial Association of Europe, to the international network through the IAA and, with regard to risk, at international level to CERA Global Association. A description of the above-mentioned organisations is provided below. Actuarial Association of Europe Established in 1978, the AAE brings together the actuarial associations of the European Union. Its purpose is to represent the actuarial profession in discussions with the European Union institutions on existing and proposed EU legislation which has an impact on the profession. The AAE provides a forum for discussion amongst all (37) actuarial associations throughout Europe. Dutch actuaries have been active in the AAE since it was established in The International Actuarial Association Founded in 1895, the IAA is the worldwide association regrouping local professional actuarial associations and their individual actuaries. The IAA exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, which will ensure that the public interest is served. CERA Global Association Established in 2010, CERA Global Association is responsible for the specialized syllabus for enterprise risk management for actuaries. Actuaries who followed this education programme may successfully apply for globally recognized CERA certification. The Dutch Actuarial Association is one of the founding partners of the CERA Global Association. The AG International Committee The Committee consists of members, of whom some are members of committees of the Actuarial Association of Europe and/or the International Actuarial Association. Every member represents a branch of industry, in relation to which he or she has specific expertise. The Committee is comprised in such a way that all the relevant disciplines are represented. The Committee informs and advises the Board on international developments and trends in relation to actuarial matters and risk. In addition, the Committee is responsible for developing and implementing activities in this area. All the international activities of the Royal Dutch Actuarial Association, as well as membership of, for instance, international working groups and committees, are coordinated by the International Committee and, where necessary, working groups and committees are organised. In the light of the increasing globalisation of risk, the role of this platform may be extended considerably in the future. International activities 0 Promoting the position of actuaries with the aim of "a license to operate globally" 0 Active involvement in the development of actuarial standards (ISAP's and ESAP s) 0 Acquiring a position in the field of international law and regulations (Solvency II and Solvency for pension funds) 0 Developing methods for assessing the solvency of insurers and pension funds including risk margins 0 Linking new developments on actuarial competence in relation to Enterprise Risk Management 0 Carrying out issue analyses which include PA and PR activities 0 Promoting the Dutch actuarial education model (profiles, CPD approach and demand) Actuaries should be prepared to play an important role, now and in the future, in the field of risk management, even beyond the financial sector. Ad Kok AAG Hon FIA, CEO Actuarial Association of Europe

4 Education and training The Dutch Actuarial Institute (Actuarieel Instituut) provides training at both the national and international level (through EAA). In addition, its focus lies on continuous professional development (CPD) and organising workshops, seminars and conferences. The Institute distinguishes itself by combining learning and work. As a result the learning materials are applied immediately in day-to-day practice. To emphasise the effort we make in this area we wish to mention two programmes here which serve as examples of the way in which we anticipate developments in relation to internationalisation, integration of financial markets, innovation and possible changes in the area of legislation and IT. We offer for instance the Executive Master of Actuarial Science (EMAS) and the Certified Enterprise Risk Actuary (CERA) programmes. The state-of-the-art EMAS programme, in which theory and practice are combined in a logical manner, has been presented to the Education Committee of IAA for assessment. A similar programme is run at the University of Amsterdam (AEMAS). Graduating EMAS or AEMAS gives access to full membership at the Royal Actuarial Association. The CERA programme has been approved, which entitles the Royal Actuarial Association to award the CERA title to fully qualified actuaries who successfully complete the CERA programme. Actuaries can also participate in working groups and contribute to developing new standards." Dr Paul van Seters, Professor of Globalisation and Sustainable Development at the University of Tilburg. Executive Master of Actuarial Science (EMAS) The EMAS programme is aimed at individuals who are already professionally active at an academic level and who are looking for ways to broaden and deepen their knowledge. The programme aims to provide academic qualifications to its participants. Graduates will be optimally prepared for continued professional growth in an actuarial career and can apply for the title of AG Actuary (AAG) with the Royal Dutch Actuarial Association. Amsterdam Executive Master of Actuarial Science (AEMAS) The AEMAS programme is offered by the University of Amsterdam and contains the same learning objectives as the EMAS programme. The difference between the two executive master studies can be found in the entry level and the structure of the study. The AEMAS diploma gives graduates the opportunity to apply for the title of AG Actuary (AAG) with the Royal Dutch Actuarial Association. Certified Enterprise Risk Actuary (CERA) CERA is regarded as one the most rigorous and comprehensive enterprise risk management qualification available to meet the global needs in risk management. CERA represents insight, creativity and integrity. CERA indicates to the business world that there is no other type of risk professional better equipped to take a 360-degree view of an organization s risk profile. European Actuarial Academy EAA was founded in 2005, by the Actuarial Institutes of the Netherlands, Germany, Switzerland and Austria. Its foundation was a response to the increased demand from Central and Eastern European countries for the professional development of actuaries. EAA strives to become the knowledge centre for European actuarial education. E M A S

5 Afterword It should be clear that we are confronted with considerable challenges. These are challenges in which the Royal Dutch Actuarial Association wishes to continue playing an important role in the future. This requires a critical and proactive approach within the complexity of a financial world, which can no longer be limited to simply checking compliance with rules. A shift has occurred from oversight to insight and from a national to an international focus. Precisely for this reason, the Royal Dutch Actuarial Association provides a unique platform for all actuaries. Active participation provides a springboard to international contacts. This enables actuaries to build personal networks without borders, without barriers, with short lines of communication and without any lengthy processes. Actuaries can be where they wish to be immediately. We wish to encourage our members to enter our international network with enthusiasm, to participate in one of the committees and, by doing so, to give shape to the future of our profession. In short, the actuary's area of work will become broader and more exciting. Be part of this proces and make your own active contribution. Further information The information provided in this brochure is fairly concise. If you wish to receive more information or to contact the Royal Dutch Actuarial Association, kindly visit our website Koninklijk Actuarieel Genootschap P.O. Box GK Utrecht The Netherlands T +31 (0) E info@ag-ai.nl text Spring Communication BV, Amsterdam All quotes are from magazine De Actuaris, theme Globalisation, volume 17, number 6 translation Professional Language Services BV, Amsterdam design Stahl Ontwerp, Nijmegen print Selection, Woerden