Society of Actuaries in Newsletter MAY 2017 MAY President’s Biennial Dinner

Dervla Tomlin, SAI President & Hayes MEP

The President’s Biennial Dinner of the Society took place on 16th February 2017, hosted by Dervla Tomlin at the Royal College of Physicians in Ireland. Dervla was joined by many CONTENTS members of the Society as well as guests spanning a wide range of organisations associated with the profession and the Society. The guest of honour for the evening was MEP, Brian Hayes. Biennial Dinner 1/2

Fellowship Ceremony 3 This occasion afforded Dervla the opportunity to extend a warm welcome to guests, especially those from Government, regulators, industry and other professions as well as the wider Diversity & Annual Convention 4 international actuarial community including Tom Terry, incoming President of the International Member Support Service 5/6 Actuarial Association. ERM Forum 7 Dervla’s speech touched on a range of current issues of particular relevance to the work of Biennial Dinner photos 8/9 actuaries at present. She noted that the actuaries in the room, along with the many guests Golf Calendar / BAFS Award 10 shared the privilege and responsibility of helping to secure people’s financial futures – whether President’s Biennial Dinner directly or indirectly. Dervla observed that challenges ahead. These include: Citing further negative implications for Foreign this responsibility was all the more pressing in Direct Investment in Ireland if we decided to the context of the low global growth rates and • Being open minded and accepting the need leave the EU, he set out his view that the high level of geopolitical uncertainty along for change appropriate response to Brexit is to pivot with the potential threat of Brexit to an open • Communicating better toward Europe, developing deeper trade links economy like ours. • Sharing knowledge and expertise with the rest of the EU, particularly newer EU • Being open to challenge members like Poland, without neglecting our Acknowledging that Mr Hayes would address • Earning the trust placed in us and being open relationship with the UK. these issues more fully in his speech, she to challenge others instead turned her attention to a number of • A willingness to make unpopular He singled out the agri-food sector, tourism other long-standing challenges for the recommendations and difficult decisions. and SMEs as sectors which are currently actuarial profession. These include the heavily dependent on UK markets and stressed challenges arising from the current low- Turning back to challenges like Defined the importance of providing support to these interest rate environment, in particular in Benefit pension schemes and rising motor areas, through agencies such as Bord Bia, relation to Defined Benefit pension schemes, insurance premiums, Dervla finished by Tourism Ireland and Enterprise Ireland, to along with underwriting challenges on the expressing the hope that the energy and grow market share in mainland Europe. non-life side and the rising costs of motor expertise that has been tied up in the insurance premiums. Dervla discussed a range implementation of Solvency II in recent years While much of Mr Hayes’s speech focused on of activities by the Society and its members in could now be addressed toward solving these the economic implications of our response to these areas over the last year. challenges. Brexit, he finished by highlighting the values that he saw as being at the heart of the EU. Dervla welcomed the introduction of Solvency Brian Hayes, MEP, focussed his remarks on These included, he said, “democracy, freedom II and the role of Society members in Brexit, and the implications for Ireland’s wider of the press, the rule of law, equality, workers’ improving the risk management and role within the European Union. Opening with rights and above all respect for the dignity of governance of insurers, while highlighting his strongly held view that leaving the EU or individuals in all their variety.” Focusing on additional room for improvement, as the Eurozone would be a mistake for Ireland, the crucial role the EU has played in bringing evidenced by the recent CBI letter to actuaries Mr Hayes cited the size of Ireland’s exports to peace and stability to Europe, against the and Boards on governance and ownership of other EU countries, relative to our exports to backdrop of an estimated 80 million deaths in the assumption setting process. the UK. He noted that 11.4% of Irish exports Europe due to violence in the first half of the were to the UK compared with 39.6% to other last century, Mr Hayes closed with his view While pledging that the Society would support EU countries, and noted that the recent trend that “our future is with the EU – something we members in fulfilling their obligations, Dervla suggested an increase in EU exports while should proclaim openly and with pride.” also called on actuaries to demonstrate the the UK figures had remained static or even qualities that are needed to face the declined. Photo Gallery on pages 8 & 9

Pg 2 Society of Actuaries in Ireland | MAY 2017 Fellowship Ceremony - March 2017 The President, Dervla Tomlin, welcomed 35 new qualifiers, together with their guests, to a Fellowship Ceremony and Reception in the Royal College of Physicians in Ireland on 2nd March 2017. The President again mentioned that these ceremonies are the most enjoyable tasks of her presidency. They provide a wonderful opportunity to meet with our new Fellows and their guests and to celebrate their success.

Dervla Tomlin & Brian Hayes

From back to front & left to right: Shane Barrett, Leeren Naiker, Sarah Kavanagh, Ibrahim Younis, Owen Fennell, Cian O’Toole, Daniel McWhinney, Cillian Ryan, Craig Keane, Elaine Pearson, Niamh Carey, Georoid Moran, Brendan Murphy, Murphy, McGrath, Declan Moore, Gavin Coen, Aisling Smith, Orla Ward, Connor Cush, Andrew Dowd, Joanne Lonergan, Andrew Farrelly, Alexander Smillie, Coffey, David Callinan, Jack Mahon, Mark Laffan, Leah Cooney, Sabab Asfaque, Maria Gormally, Declan Costello, Aoife Flynn, Dervla Tomlin, Michelle McMahon, Gareth Simons

MAY 2017 | Society of Actuaries in Ireland Pg 3 Raising an Awareness of Diversity

The Diversity Working Group was formed 2. Develop and support our membership 4. Collaborate with other professional last year through the Member Engagement The Society joined the 30% Club and on bodies Committee. The Working Group aims to the back of this, we were able to roll out the We have liaised with other professional bodies raise awareness and support our members in chance to win a fully sponsored (by the 30% on their activities in the area of Diversity & fostering diversity and inclusion across our Club) MBA to our members. Inclusion. In particular, we have had helpful membership and our workplaces. engagement with Insurance Ireland and We are working on establishing a pilot Engineers Ireland to understand their network which you will hear more about in approach to this topic. Engineers Ireland’s We held our inaugural awareness session in the coming months. work, particularly in relation to encouraging December (“Diversity – Why Bother?”) and young women to join their profession, received valuable input from members We worked with the Member Engagement provides valuable insights into potential through a survey completed afterwards which Committee to ensure all members have access activity for the Society. Insurance Ireland’s has fed into our objectives. We have to mentors throughout their career. We focus on the year of diversity, which includes summarised our four key objectives below and focused particularly on members returning gender diversity, LGBT issues, age, disability provided a sample of the items we are working from career breaks. and ethnicity, as well as the areas where these on to give you a flavour of what each objective issues intersect, points to common priorities entails: 3. Thought Leadership with the Society. The Society looks forward We completed significant analysis last year on to working to gether with Insurance Ireland 1. Raise awareness of latest thinking on the pipeline for students coming through to on these areas of common interest for our Diversity and Inclusion study Maths in college and potentially pursue members. We held workshops on Diversity at the an actuarial career. We will liaise with the Graduation Programme in March - the Irish Maths Teachers’ Association to ensure We welcome any members who wish to join Society’s professionalism course for new students know what an actuarial career is and the Working Group or, if you don’t have time to qualifiers. A session was also included in the have the information they need to make an join, we would love to hear your suggestions. Society’s Professionalism Event for Senior informed decision on their future careers. Members in May. A session on unconscious bias will be held at the Annual Convention in June.

Annual Convention – 8th June 2017 Convention Centre Dublin

Thanks to a huge response from members and guests to present at our Annual Convention this year, this full-day event will include:

• General Insurance, Life and Pensions Forums;

• Professionalism Skills session;

• 23 sessions to choose from, including 2 Soft Skills sessions i.e. ‘Communications in the Workplace’ and ‘Unconscious Bias- what is it, how does it impact us and what can we do about it’, both of which are accredited for the purposes of the IFoA’s Professionalism Skills Training; and • A Plenary session including: • Review of the Year; • Presentation of the SAI Award for outstanding contribution to the Society; and • A presentation from Donal Casey, CEO of Rory McIlroy Inc on ‘Wider Fairways – not as far away as it appears’

Pg 4 Society of Actuaries in Ireland | MAY 2017 Society of Actuaries in Ireland launches Member Support Service

Students Mid-Career Moving Retired Member Practice Support Area Panel

Joining Moving To Recent Under Non-Traditional Quali ers Career Breaks MRAs Actuarial Fields

In March of this year, the Society launched the The service is open to all members at various sometimes to get unbiased information to Member Support Service. stages of their careers, including the following: make an assessment of the various options available. Mentoring would be provided by There are two main facets to this service: - Students senior actuaries who have experience in may benefit from the support of a recent weighing up various options. 1. Providing mentoring to members at all qualifier in finding a balance between work stages of their careers. and study commitments. In particular, - Retired members students in smaller companies without the may seek to speak with other retired members 2. Providing support and guidance to members support of other actuaries or students entering to discuss the adjustment in moving from faced with ethical or professional dilemmas the profession from non-actuarial degrees full time employment into retirement or via the Member Support Panel. may not have the same support network as to discuss part time opportunities such as others. They may therefore find it useful to directorships. Mentoring have a mentor to discuss issues with. Following the success of the mentoring - Members returning to work following programme for recent qualifiers, which has - Recent Qualifiers maternity leave or a career break been in existence for the past number of years, may be beginning to look at their next career may look for support from other members the Society decided to open up the option to step post-qualification – be it moving job or who have been in similar situations, to discuss receive mentoring to a wider audience. The seeking to progress within their organisation. attaining a work-life balance, re-adjusting to a aim of the service is to match any member These members might find it difficult to working environment and getting up to speed interested in receiving mentoring and career discuss these types of issues with colleagues. on recent developments on their return to advice with another member with relevant Mid-career actuaries who have experience in work. experience. Both parties could then meet considering these options may be able to offer to discuss topics of interest. The mentoring useful, impartial advice. - Members considering moving to a new service is intended to be an informal service practice area where members meet with their mentors at a - Mid-career actuaries may seek to speak with a member who has time and location convenient to both parties. like recent qualifiers, may be considering their made such a move to discuss the various Some members may only require a single next steps either within their firm, within their benefits and issues involved. The same may meeting, whilst others might benefit from a industry or outside it, albeit with a view to apply for members considering moving to longer-tem relationship with their mentors. finding more senior roles. It can be difficult non-traditional fields.

MAY 2017 | Society of Actuaries in Ireland Pg 5 Society of Actuaries in Ireland launches Member Support Service

- Members joining the Society under Mutual to provide members with access to impartial making an initial introduction, the Society will Recognition Agreements guidance in relation to professional or ethical not seek further information on the issue or might benefit from the experience of issues that they may be facing. the outcome (unless one or both parties has someone who is familiar with Irish Regulatory a professional or legal obligation to escalate requirements and with the standards of the In order to ensure objectivity, the Society the matter). Members considering using this Society. and the members involved will seek to avoid service should note that the Society’s Code of any possible conflicts of interest. Once the Professional Conduct will apply. In particular, Member Support Panel Society has paired the member seeking members should be aware of Section 4 of Sometimes a member may be faced with a guidance with a member of the Panel, it will the Code, which covers whistleblowing and problem where a second opinion would be have no further involvement. Any opinion or other reporting requirements. They should appreciated. Often, if the matter is sensitive, guidance provided by the Member Support also be aware of any statutory or regulatory the member may not wish to discuss it with Panel member will be his or her own personal requirements in relation to whistleblowing. a colleague - or indeed some members may view, and will not necessarily represent the not have colleagues or contacts with the opinion of the Society, the Council, or any of For more information on these services or impartiality or experience required to offer the Society’s staff. to join the panel of mentors please visit measured and informed advice. The Member https://web.actuaries.ie/member-support- Support Panel is a panel of experienced The Society and the Panel member offering service members sourced from each of the main guidance will seek to ensure confidentiality actuarial practice areas. It has been created for those accessing this service. Other than Gareth McQuillan and Eoin King

Updates from the Practice Committees

In an attempt to ensure that members are The General Insurance Committee also issues

kept up to date with the work of the Practice occasional Newsletters and the most recent

Committees, the Member Engagement issue was in March 2017 and is available here:

Committee has decided to issue occasional https://web.actuaries.ie/pia/newsletter

Updates from the Committees. The first of Updates from the these Updates was issued in February, We would love to hear from you as to whether Practice Committees

ISSUED: MAY 2017 followed by the 2nd issue in May. These you find these communications of benefit to

Updates are available here: you.

https://web.actuaries.ie/press-

Updates from the Practice Committees – May 2017 1 publications/updates-practice-committees

Pg 6 Society of Actuaries in Ireland | MAY 2017 Enterprise Risk Management Forum

With ORSA and Brexit on the agenda, the ORSA would be submitted to the At the opposite end of the spectrum the Society’s recent Enterprise Risk regulator without its companion “Risk for a non-life domestic insurer with Management forum focused on topics Book”, at least not initially. Others felt no exposure to it is currently very relevant to Irish based that the ORSA as it currently stands, business as usual, and while current insurers. In this blog post, we summarise while it may be long, is already a useful levels of uncertainty are generally the key themes. tool for the Board providing a go-to unwelcome, impacts of Brexit are likely document that brings all the company’s to be second order. The reinsurance A 12 page ORSA risk and solvency information to one world sits somewhere in between. While The Own Risk & Solvency Assessment place. challenges with current structures and (ORSA) is viewed by many as one of the business flows may arise under various most beneficial aspects of the Solvency Although we are only in our 2nd year Brexit scenarios reinsurance is a truly II regime – particularly for the Board of Solvency II the differing views international business, with business – bringing together the outputs from demonstrated that the Own Risk and transacted in all parts of the world under several risk and capital processes to Solvency Assessment reports are already a wide variety of regulatory regimes. provide an overall picture of the insurer’s succeeding in being just that - owned by Potential challenges are therefore not solvency and key risks. But how good are each company and adapted according viewed as insurmountable. we, as risk professionals, at distilling all to the needs of each Board as required. this information into one user friendly What was apparent is that now that the The discussion around the table following document and is the ORSA report, in its new regulation has been implemented, the presentations echoed the views of current guise, really fit for purpose?Paul developing and ensuring its usefulness the three speakers - Brexit, although a Harwood, having spent some time at the to the company is high on the agenda large scale external event, affects each Central Bank of Ireland reviewing multiple suggesting that these reports will company in a unique way depending on ORSAs, is of the view that there is a lot continue to evolve and improve over its profile. done but more to do. He presented his time. paper on the ’12 page ORSA’, a 25 step Much like the ORSA, the impact of ORSA approach resulting in three outputs Brexit Brexit is specific to each company and – the ORSA record, a 12 page ORSA report It is fair to say that Brexit has been the each company must tailor its approach and the “Risk Book”. Focusing specifically buzzword in the industry for over a year to its own needs, assess its specific risk on the directive requirements, Paul’s but now that the votes are in and article to the external event and plan actions presentation highlighted the distinction 50 has been triggered are we really any accordingly. between the results of the process and wiser as to what this could mean for the process itself, including the various our companies, for us as a profession or Want to know more? Check out the risk assessments undertaken along the indeed for us as individuals? The forum’s Society of Actuaries website for the way. He suggests that this documentation second presentation shed some light. slides from the ERM forum: of process, as well as documentation of The forum’s chair, Eric Brown (EY), https://web.actuaries.ie/ compliance with the requirements, can be introduced the topic, outlining the current events/2017/03/sai-erm-forum removed from the main ORSA report and state of play and the timeline for Britain instead documented in the “Risk Book”. to leave the European Union highlighting The views of this article do not necessarily This would allow the ORSA report, and key milestones along the way. It is clear reflect the views of the Society of therefore the Board’s attention, to focus the clock is ticking. Actuaries in Ireland, the Enterprise Risk on the ORSA results. Management Committee, or the author’s Gareth McQuillan (Aegon Ireland), employer. The article was edited by A novel idea, but what did the attendees David Costello (Independent Actuarial the Communications Subgroup of the think? In a change to last year’s format, / Risk Consultant) and Holton Enterprise Risk Management Committee. this year’s forum was held in round (Scor Global Life Reinsurance Ireland) table format, with each table allocated then presented the forum with the time to discuss various aspects of the perspective of three different types of presentation and then feeding back to the insurance companies - an international room. life company, a domestic non-life company and a reinsurer. It was clear that Overall the views were wide ranging, with the potential impact was vastly different. many agreeing that they could certainly see a need for greater organisation and For an international life company selling structure around the ORSA reporting business into the UK there are a number process but with differing views as to of significant challenges, both short and whether splitting the document into two long term, with market volatility driven component documents would be a step by political and economic uncertainty in the right direction or if indeed a 12 impacting short term returns and the page ORSA would really ever be sufficient specifics of the Brexit negotiation itself for regulatory or internal purposes. Where impacting the company’s ability to a 12 page ORSA was viewed positively continue to trade as they do today. Not it was also noted that it is unlikely that surprisingly Brexit is top of the risk list.

MAY 2017 | Society of Actuaries in Ireland Pg 7 President’s Biennial Dinner

Jonathan Goold, Colm Fagan, Jacqui McCrum Grace Sweeney, Padraic O’Malley, Dick Tulloch

Dervla Tomlin, Tom Ross, Joe Brosnan Tom Terry, Clifford Friend, Dervla Tomlin

Evelyn Bourke, David Kingston, Colm Fagan, Seamus Creedon Tom Terry, Tom Ross, Bryan O’Connor, Monika Smatralova

Pg 8 Society of Actuaries in Ireland | MAY 2017 President’s Biennial Dinner

Sheelagh Malin, Michael Brennan, Patsy Carr, Dervla Tomlin, Viviana Pascoletti, Tom Donlon Yvonne Lynch Colm O’Reardon

Brian Hayes, Donal de Buitleir, Pamela Farrell, Jacqui McCrum, Dermot Corry, Evelyn Bourke Maurice Whyms, Padraic O’Connor Sarah Kelly

Paddy Maher, Patrick Honohan David Kingston, Dervla Tomlin, Pat Healy, Roy Brian Duncan MAY 2017 | Society of Actuaries in Ireland Pg 9 Back Page

2017 Golf Calendar Dublin on Thursday, 24th August, 2017. All those South Dublin actuaries BAFS Award 2017 without Passports need not worry – the immigration restrictions for South Dubliners crossing the Liffey on that day will be eased and special visas will be issued. I look forward to what I hope will be a great summer of golf.

The Golf Newsletter is available here https://web.actuaries.ie/events/ I have the honour of being your Captain sai-golf-society this year having taken the baton from Brendan Lynch, who brought us a great Ciaran Long day in Glen of the Downs for his day, and followed that up with hosting a very successful visit of the Faculty Golf Society in September. The Piers Segrave Daly Matchplay Competition is now Dervla Tomlin presented Darragh underway. Murphy with the Society’s Medal for being the best performing student in A very special treat awaits all those the 2016 final year actuarial subjects who will be participating in the Annual in the Bachelor of Actuarial and SAI Golf Captain’s Day, which this Financial Studies in UCD. year takes place in Roganstown Golf They are joined by Shane Whelan, & Country Club in North County UCD.

On the Move

Fellows: Students: Deirdre Lawless moved from Irish Life to IPSI Padraig Flynn moved from Canada Life Reinsurance to Andrea Marelli moved from Metlife to Allianz Global Life Unipol Re DAC Tony O’Riordan moved from PwC to New Ireland Assurance Timothy Hyland moved from Deloitte to Allianz Paul Regan moved from Capita to SCOR Eilish Bouse moved from AWC to Allstate Northern Ireland John A O’Neill moved to Axis Re Anna Kerrisk moved from Mercer to SCOR Thomas Heduan moved from Central Bank to AIG Irish moved to Central Bank of Ireland Eoin Feeney moved from AXA to Zurich Jenifer Black moved from Mercer to AXA Life Invest Bernard Lee moved from Metlife to Central Bank of Ireland Svilena Dimitrova moved from AXA to Friends First Quinn moved from Irish Life to Aegon Sinead McCann moved from Aviva to AXA Life Invest Aoife Power moved from Hawthorn to Allianz Global Life Alan Smyth moved from Aegon to Irish Life David Murray moved from CACI Dublin to FBD Gavin Dunne moved from AWC to AXA Life Invest Viviana Pascoletti moved from Berkshire Hathaway to Royal London Cian O’Toole moved from PwC to CNP Santander Insurance

Society of Actuaries in Ireland

Pg 10 Society of Actuaries in Ireland | MAY 2017