The Professionalism Committee has curated ten new videos from the high-quality suite of IFoA CPD content that will help you gain insights into the critical role of confidentiality, the challenges of hybrid working, the value of impartiality, the significance of integrity, the importance of neurodiversity, and the power of speaking up.
The videos showcase the challenges and opportunities faced by actuaries as they navigate the rapidly changing landscape of the industry. Several important themes are explored throughout, including the impact of climate change, the importance of effective communication, the principles of competence and care, and the requirements for compliance.
Here’s a summary of each video:
- “Funnels of Doubt” highlights the differing views of actuaries on climate change, with some seeing it as a significant concern while others remain neutral. The video follows the journey of two actuaries as they work to assess the potential impact of climate change on their firm’s insurance business over the next thirty years.
- In “How Urgent is Urgent?” a trainee actuary is inspired to incorporate the issue of climate change into the assumption-setting process, demonstrating the desire among young professionals to make a difference and address the most pressing challenges facing the world today.
- “The New World” showcases the changes and adjustments faced by actuaries in a rapidly changing work environment, with increased work from home and the blurring of the lines between work and social time.
- “Diverse Minds” highlights the value of diversity in the actuarial profession, with one actuary’s unique perspective and attention to detail helping to spot an error that others missed.
- “The Pitch” highlights the need for preparation and avoiding biases in order to effectively communicate and engage with clients, particularly when it comes to complex and sensitive topics like climate change.
- “Pride or Prejudice” raises important questions about diversity and inclusion, as colleagues discuss the recruitment of new team members and navigate the line between appropriate and inappropriate comments.
- “Independence Day” showcases the importance of professional integrity and independence, as a senior actuary follows his instincts and does what he believes is best for his company, even if it conflicts with the views of his superiors.
- “Boss’s Best Buddy” highlights the importance of transparency and fairness in the workplace, as a graduate trainee actuary is the subject of office gossip regarding his relationship with his manager.
- “Judgement Day” highlights the challenges faced by actuaries in providing advice and navigating conflicting views, as one actuary must balance her professional judgment with the needs and perspectives of her clients.
- “Data – What Data?!” highlights the importance of data in the actuarial profession, and the pressure faced by professionals to meet regulatory deadlines while ensuring the accuracy and quality of their work.
You can get the most value from these videos by using them as part of a discussion group, where you can share ideas with others about the professional and ethical challenges involved. You can read about how to run one of these discussion groups here, and it’s a great opportunity to bring ethics to life with your colleagues.
If that’s not possible, simply reviewing and reflecting on the scenarios, including thinking about what you might to do manage such a situation, is also a great way to build your ethical thinking skills and your awareness of our professional obligations.
These ten video descriptions showcase the diverse and dynamic world of the actuarial profession, highlighting the challenges and opportunities faced by actuaries as they navigate the rapidly changing landscape of the insurance industry, particularly in the face of climate change. Time spent with these videos will also contribute to your compulsory 5 CPD points per year of Professionalism Training
Schedule some time to ready to enhance your actuarial, professional and ethical skills, and deepen your understanding of this dynamic and exciting profession!
CPD: Actuaries Institute Members can claim two CPD points for every hour of reading articles on Actuaries Digital.