Finance in the public interest: reflections

  • by

On Saturday 27 March, Tan Suee Chieh asked ATC actuaries for brief reflections on the Finance in the Public Interest lecture series.

Highlights of the 9-minute video include:

Ashok Gupta: Whilst the way actuaries manage risk at the micro-level makes sense, it can do a great deal of unintended damage at the macro level. This is a risk to the profession that we need to speak out about.

Lucy Saye: Actuaries should support and engage in the revolution in economic thinking. This includes the concepts of “purpose” and “value” which are critical to understanding the high-stake, but hard to quantify, sustainability issues.

Nico Aspinall: Externally, the profession is seen as the designer of the rules whereas most members see themselves as the referees. In reality, we are involved in both roles.

Nick Silver: There should be a prize offered to design a “4S” sustainable pension solution that addresses: Sustainability; Sharing of risk; System resilience; and Stewardship.

Tan Suee Chieh: Risk theory does not capture radical uncertainty. We need to engage our multi-disciplinary mindsets and navigate across multiple paradigms to address the complexities of uncertainties. This is embedded into our VSMD strategy.

Were you inspired by the lecture series to think differently?