Over time the role of actuaries have evolved to become the core quantitative risk management profession.But the traditional actuarial model has had to change. Past challenges have been around the practice of off-shoring; more recently, it’s the looming disruption of artificial Intelligence (AI) and automation.
So how can the actuarial profession prepare for what’s next?
Monash Business School invites you to a special Masterclass, ‘Risk Management in the 21st Century’ on Wednesday, August 22, at Monash Law Chambers, 555 Lonsdale Street, Melbourne.
Presented by Professor Colin O’Hare, from the Department of Econometrics and Business Statistics, the Masterclass will explore the changing face of the actuarial career, as well as the issues and opportunities AI and automation brings.
Professor O’Hare is a qualified actuary holding fellowships of the Institute and Faculty of Actuaries in the UK (FIA) and the Actuaries Institute of Australia (FIAA). He has a decade’s experience of actuarial practice before a career in academia leading the development, delivery and accreditation of actuarial science in a university setting.
Professor O’Hare believes there are both opportunities and challenges. Freed from more menial tasks, automation will give us time to focus on higher level opportunities – but can this add a complacency that exposes our businesses to risk?
“What about the loss of the “deep feel” for our datasets, the development of judgement earned during those years of carrying out automatable data and calculation tasks, and actuarial training, both from an academic and on-the-job perspective?” he asks.
Whatever the future there is a clear impact on the perceived skill set needed by the future actuary, and also on the process by which the graduate actuary will gain those skills.
“Risk Management in the 21st Century’
6.00pm-8.30pm, Wednesday, August 22
Monash Law Chambers
555 Lonsdale Street