22 June 2022
The Financial Reporting Council (FRC) has published a consultation on proposed changes to Technical Actuarial Standard 100.
The FRC sets out that “the proposed amendments are necessary to ensure TAS 100 remains appropriate within the changing environment in which actuaries operate. The proposed amendments also take into account the specific areas highlighted in the response to the CFF on where TAS 100 could be revisited or where guidance may be useful.”
The FRC further explains that “Actuarial work continues to evolve to reflect new practice areas, emerging risks, new modelling techniques and new ways of working. Feedback carried out by the FRC has shown that whilst actuaries are well-versed in considering more established areas of risk, non-traditional risks such as climate change and other emerging risks are less well-considered. The FRC is proposing to introduce a new requirement to ensure actuarial practitioners have regard to all material risk, including the consideration of Climate Change and ESG related risks amongst others, which they might reasonably be expected to know about at the time of carrying out their work”
The consultation closes on 7 September 2022. Go to the FRC website to view the consultation and associated documents.