Risk management – Recovery and Resolution Task and Finish Group – members

Application closing date: 31 October

To date in the UK, full recovery and resolution plans have primarily been produced by banks. But over the last few years larger insurers have also been increasingly expected or requested to produce fully developed recovery and resolution plans and keep these up to date.

In January 2024 the Prudential Regulation Authority (PRA) launched a consultation into proposals for PRA-regulated insurers to prepare for an orderly ‘solvent exit’ as part of business-as-usual activities and to be able to execute a solvent exit if needed.

This task and finish group (TFG) has been established to develop practical ideas and guidance for how insurers can develop their recovery and resolution plans and prepare for a ‘solvent exit’. Adoption of these ideas and guidance should allow firms to not only demonstrate robust plans to their regulator but provide useful insight to the firm’s board and executive management on how the firm would respond most effectively to severe financial stress.

Output from the TFG should help to establish and promote the actuarial profession as a source of expertise and insight on recovery and resolution planning.

We are seeking expressions of interest from a small number of IFoA members, or lay-applicants who wish to volunteer for this TFG. Non-actuaries who are keen to share their practical insight are particularly welcome. Members of the TFG will ideally have (some or all the following):

• good understanding of regulatory requirements and expectations in relation to recovery and resolution planning
• practical experience of developing or reviewing recovery and resolution plans in the banking sector or other jurisdictions
• awareness of industry practice: minimum standards, typical maturity, and (emerging) best practice
• keen interest in thoughtful consideration for how actuarial skills and techniques can be applied to improve recovery and resolution planning

Read the TFG terms of reference (PDF, 90 KB)

Time commitment

The time commitment varies but is likely to be around two hours per month. It is expected that the TFG will deliver the outcomes over the next 6 to 12 months.

Next steps

If you are interested in this role but would like an informal conversation before applying, please email us at engagement.team@actuaries.org.uk.

If you have read all the above and would like to apply, please send us:

• brief details of your relevant experience
• your reasons for wishing to get involved
• your ARN (if you are a member)
• a brief copy of your CV and full contact details (if you are a non-member)
• confirmation that you have read, understood, and agree to the information and requirements laid out in our volunteer information pack (please be aware that until we have received this confirmation, we will not be able to appoint you as a volunteer)

Please email all the above to engagement.team@actuaries.org.uk. Please note, we are unable to accept late applications.

We are committed to promoting diversity, equality of opportunity, and inclusion, within all our vacancies and we actively encourage applications from a diverse range of potential candidates. Recognising and embracing the unique and diverse talents of our volunteers is fundamental to the success of our organisation.

What you need to know

Volunteering provides you with a wide range of opportunities. With all rights and opportunities come responsibilities and we ask all our volunteers to comply with the terms of the IFoA’s governance manual and volunteer information pack. Before offering to provide support, please read through: what you need to know.