Application closing date: 01 September 2024
The Institute and Faculty of Actuaries, (IFoA) is seeking a Chair, Deputy Chair and members to join this newly launched Working Party. Lay members (i.e. non IFoA members) are also welcome.
The Working Party will provide insight and research on current third-party risk management practices by large UK large insurance regulated companies regulated by the Prudential Regulatory Authority. The PRA Rulebook defines ‘outsourcing’ as ‘an arrangement of any form between a firm and a service provider, whether a supervised entity or not, by which that service provider performs a process, a service or an activity, whether directly or by sub-outsourcing, which would otherwise be undertaken by the firm itself’.
Most recently, the PRA issued a statement SS2/21 “Outsourcing and third-party risk management which obliges regulated UK firms to “apply adequate governance and controls to all third-party dependencies that can impact its statutory objectives”. Examples include those that support the provision of important business services or carry a high level of risk.
The purpose will be to gauge the nature and extent of third-party involvement in service provision, administration and marketing functions that are potentially affected by the regulations. A recently produced Operational Resilience – Practical Guidance identified third-party risk management as a key area that requires further research.
The research will also identify both instances of best practice and broader levels of third-party engagement with various aspects of actuarial practice, including scenario analysis, performance metrics, governance, risk management and strategy aspects.
The scope of the working party will be:
The time commitment varies and will be agreed at a first meeting but will not usually be more than a maximum of two hours per month. Meetings will be held virtually.
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:
Please email all the above to engagement.team@actuaries.org.uk. Please note, we are unable to accept late applications.
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