Monday, September 28, 2009

Challenges for pension actuaries

In a speech given by Superintendent Julie Dickson (OSFI) to the Actuaries Club of Toronto, she concluded with 4 points that, while directed towards the work of actuaries for insurance companies, apply equally strongly to pension plan actuaries:

  • The bar is rising in all areas of risk management, and that includes actuaries;
  • Stress testing and capital planning are two areas where more is being demanded from actuaries;
  • Introduction of IFRS – especially phase 2 – presents challenges that the profession should embrace. There can be a very important role, under IFRS, for the CIA and the ASB to maintain solid practices in Canada while still following IFRS standards that are principle-based; and
  • The global financial crisis provides actuaries with a tremendous opportunity to demonstrate value and expand their influence, effectiveness and impact.

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