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.