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Y L U Newsletter J

New President

Outgoing SAI President, Dermot Corry handing over the chain of office to Dervla Tomlin

At the AGM on 8th June, Dermot Corry volunteers are actively engaged in CONTENTS handed over the chain of office to supporting the profession. She said that New President 1 Dervla Tomlin. Dermot congratulated she was really looking forward to Dervla, commenting that she was the serving the Society over the next two New Council 2 first female President of the Society and years. She invited members to get in SAI Annual Convention 3, 4 & 5 wished her every success in her role. touch with her if they had any suggestions or comments on the work Lifelong Learning 6 Dervla said that it was a great honour of the Society. Database of ERM Papers 7 to be appointed President of the Society. She reflected that we are all Dervla paid tribute to the outgoing Student News 8 & 9 privileged to be members of a Council members and officers for their SAI Awards 10 profession which serves the public by contribution to the Society and working to secure people’s financial thanked Dermot for his leadership over Question Time 11 futures and we are fortunate to be the last two years. Back Page 12 members of a Society in which so many

Pg 1 New Council

The President, Dervla Tomlin, chairing the first meeting of the new Council. Left to right: Yvonne Lynch, Michelle Roche, Declan Lavelle, Padraic O’Malley, Ger Bradley, Gary Dunne, Aidan Kennedy, Dervla Tomlin, Mary Butler, Tony O’Riordan, David O’Shea, Dermot Corry, Brian Morrissey, Orlagh Woods and Maurice Whyms. Absent from photo: Paul Kenny, David Roberts and Shane Wall.

The 2015/2016 Council held their first (2) Should the goals and actions be members in the next issue of the meeting on 11th June, following which updated (e.g. stemming from Newsletter. they had a planning session to reflect changes in our environment in on the 2014-2017 Strategy Plan and to the last year or any learning since The Strategy Plan including a summary address such questions as: then)? of the Plan are available on the Society’s website at: (1) Are we making enough progress The feedback from the discussion will on the 3-year Strategy Plan? If now be considered over the summer https://web.actuaries.ie/press/ not, what do we need to change? months. The President will update strategic-plan

On Wednesday evening 9th September , as President of the Society, Dervla will host a short meeting marking the start of the new term. The meeting will be followed by drinks and finger food. The evening will be an opportunity to say thank you for the huge voluntary contribution by so many members to the work of the Society. Dervla looks forward to meeting as many members as possible that evening.

Don’t forget to diary the date!

Pg 2 Society of Actuaries in Ireland | JULY 2015 SAI Annual Convention

The Society’s Annual Convention took 3.97 and Pensions at 3.61. A Year in Review in Numbers place in the Convention Centre Dublin Of course, these scores may simply on Tuesday 26th May. Kicking off with reflect the high esteem that general Dermot Corry began the plenary separate General Insurance, Life and insurance actuaries hold themselves in session of the Annual Convention with a review of the year, giving a Pensions practice area forums, and the current negative world view flavour of the volume of work attendees were then brought back espoused by many DB actuaries. together for a plenary session that undertaken by the Society over the last 12 months. The year began with included insights from the worlds of Plenary Sessions the 6 actions from the Society’s Data Protection and international strategic plan, which were selected to aviation. It was an interesting and Following a much needed caffeine help the Society better serve its 902 informative morning and based on boost, attendees were brought fellows and 609 students, or 1,511 feedback from attendees was very well together to hear a number of plenary members! received. Perhaps most importantly of sessions. Coming to the end of his all, there was a photographer on hand two-year term of office, Society Over the year a total of 265 members for the coffee break and over lunch, President Dermot Corry introduced a were involved in the 36 working and we have included plenty of photos short and entertaining presentation parties and the 11 submissions on of attendees in this newsletter. summarising a year of Society activity in numbers (see sidebar). Fearing that potential regulatory changes made in the Society’s name. Practice Forums delegates were enjoying themselves too much he followed this up with a All three practice forums began with an summary of changes in actuarial More than 3,000 people attended the update on the work of the relevant standards. In particular he highlighted 57 events organised by the Society, committee, highlighting some key the introduction of APS X2 by the including over 100 people current issues of interest. The updates Institute and Faculty of Actuaries. representing 25 organisations at the from the committee chairs were then Dermot’s key takeaway message from biennial dinner. followed by a series of insightful this presentation was that if you are an presentations on topical issues. IFoA member (even if you are a partially The maths tutorials initiative regulated overseas member) this continued to go from strength to The General Insurance practice forum standard applies to you, and you need strength with 16 maths tutorials given included a number of interesting to know about it. to over 170 students from more than collaborative presentations covering the 25 schools in 2 cities. But possibly work of the non-life standard formula Data Protection most importantly of all, 3 newsletters working group, cyber risk and a session were issued! on the application of a UK third party Following Dermot’s presentations we motor insurance study to Ireland. had talks from two guest speakers. All of this was achieved over just 12 First up was Helen Dixon who took over months by one Society of Actuaries in The Life forum covered an update on the role of Data Protection Ireland. CP92, a look at some of the strategic Commissioner in late 2014. Eschewing issues that life insurers are facing under PowerPoint slides to avoid overloading Solvency II and a brief update on the us with unnecessary data of our own, work of the various Solvency II Ms Dixon gave an interesting talk on guidance working parties. Anil Patel the increasing importance of data and Alastair Gerrard, visiting from protection in a big data world. GenRe’s London office then took us She highlighted some important through whistle-stop tour of global insights for insurers from data protection markets offering some protection incidents of the recent past insights for Irish protection business. and highlighted some critical lessons of relevance to many of us, dealing with The Pensions forum also had a UK data on a regular basis in our working visitor as Chinu Patel took us on a tour lives. of the UK’s changing pension scheme. Brendan Kennedy provided an update While the majority of instances from the Pensions Authority before a involving financial institutions typically session on the actuarial aspects of the stemmed from inadvertent data Omega Pharma case from Maurice protection breaches, such as customer Whyms. Based on feedback provided by A receiving a letter intended for members after the conference (through customer B, Ms Dixon highlighted Survey Monkey), I can confirm that all some more serious cases where three forums were well received by financial institutions could learn from members. The General Insurance forum the experience of others. One was most popular getting an average particular case that stood out included rating of 4.19 (out of 5), with Life at ....continued

JULY 2015 | Society of Actuaries in Ireland Pg 3 SAI Annual Convention continued from page 3 a use by one financial institution of a detective agency to track down contact details for customers in arrears. Following a routine audit, the Data Protection Commissioner became suspicious at the speed with which the detective agency was able to return successful results. Further investigation uncovered the practices of the detective agency which involved so called “blagging” of information by impersonating representatives of one state agency to trick employees of another state agency into revealing debtors’ current addresses.

Another relevant case involved an insurer seeking medical information Helen Dixon, Data Protection Commissioner, speaking at the SAI Annual Convention from a customer’s GP in relation to a specific injury. The GP’s response included more information than was relevant to the request, and following a subsequent complaint, the GP was found to have been in breach of the data protection legislation.

Ms Dixon pointed out that these, and many other cases dealt with by the office of the Data Protection Commissioner, often involved breaches made by third parties rather than by the financial institution itself, but highlighted the need for care and vigilance in these situations.

Lessons from the Flight Deck The session on breaches of the data protection legislation was followed by a presentation on errors of a very Over 300 members attended this year’s Convention different nature with Professor Jan Hagen of the European School of Management and Technology treating A study of error management in the this presentation would be very calm at us to some lessons from the flight deck. aviation world led to a number of key the prospect of undergoing surgery any In an entertaining and well-received lessons for error management in the time soon. talk, Professor Hagen took us through a business world. In particular Professor history of aviation disasters, drawing Hagen highlighted the balance that Awards for Outstanding some lessons for business management. must be achieved between Contribution to the Society psychological safety (the freedom to Over the course of the presentation we speak up without consequence) and Following the contributions of our learned how often pilots make mistakes accountability. This led to a discussion guest speakers, there was time for (listen to the podcast to find the of six key leadership behaviours that Dermot to re-take the stage and make frightening truth), what proportion of could foster error management and the presentations for the SAI awards for aviation accidents result from pilot error lead to greater learning from errors. outstanding contribution to Ger Bradley (more than 80%) and how a number of and David O’Shea. See the photos and protective measures have more holes In illuminating the six key behaviours, text on page 10 for more details on than Swiss cheese. Along the way Professor Hagen assured us that flying these well-deserved awards. The Professor Hagen dissected the causes of was a very safe activity. However, convention wrapped up with lunch and a number of air disasters and having also given us some insights to plenty of chat on all things actuarial highlighted the cultural challenges that error reporting in the world of surgery, and many things ‘aviational’ too. can lead to such situations arising. it’s not clear that anyone coming out of

Pg 4 Society of Actuaries in Ireland | JULY 2015 Photos from the Convention

Ivor O’Shea, Bill Hannan, Bruce Maxwell, Jim Murphy Frank Downey, Michael Brennan, Michael O’Mahony

Stephen O’Sullivan, Michael Sharpe, Dermot Flanagan, Paul Campbell, Ann O’Regan, Kate McEvoy Andrea Marelli

Aidan Burke, Dermot Corry, Ian McMurtry, Martin Gilbert, Linda Nally, Martina Walsh, Deirdre Coyle, Christine Murphy, Paul Walsh Shauna Whelan

JULY 2015 | Society of Actuaries in Ireland Pg 5 Lifelong Learning

In mid-2014, the SAI Council renewed enough support to deliver sufficient Networking, Body Language, Public our commitment to our Vision for the momentum over a multi-year time speaking etc. actuarial profession. The resulting period. International, Technology & Debates mission statement contained a We intend to work with two formats, a commitment to “support actuaries As a professional society, we need to normal length meeting on one of the throughout their career so that they keep a watching brief on new selected topics, or deep-dive series of have the skills, attributes and knowledge international developments – e.g. meetings, to provide greater insight. appropriate to both current and future Banking in South Africa, Margin for The non-core areas we will consider needs of actuarial practice”. uncertainty in Australia, ORSA could include topics such as Financial developments around the world etc. To help us deliver on the above, we Economics, Big Data, Predictive This workstream will consider the various agreed an action plan for 2014 – 2017 Analytics, Banking, Cyber Risk, approaches to keeping abreast of these which focuses on six themes, one of Independent witness etc. developments, and how best to which is Lifelong Learning . This article Closely related to this, we will seek to communicate such developments to the summarises the progress we have made encourage actuaries who have gained SAI membership. to date on the lifelong learning theme further professional qualifications, or outlined above. Technology is then a relatively indeed just moved into a wider field, to straightforward workstream. We will Our Lifelong Learning Committee has present on their experiences. Depending look at additional technology solutions met four times so far, with the first on the level of content, this may involve for delivering CPD to our members. This meeting taking place just before more than one actuary per event. Areas will include looking into using mobile Christmas. We also met with several we will consider may include for Apps and researching other technology other professional bodies as part of a example big data, MBA, Institute of that is out there, similar for example to wider SAI initiative, including the Irish Directors, CERA etc. recorded webinars. Taxation Institute, the Insurance Hard Skills & Soft Skills Training Institute, Engineers Ireland, the Law Finally each workstream should consider Society, and the Bar Council. It was This is the second workstream where we the debate format when the subject particularly useful to see what these had very significant debate. Again there matter is appropriate, as members other bodies were doing in the area of was material divergence of opinion both frequently express most satisfaction lifelong learning. In addition, we met within the committee and among other when a suitable topic has been with the Wider Fields committee and the stakeholders we consulted. We addressed using the debate format. Member Engagement committee, to concluded this was worth pursuing, but Ambition understand lines of demarcation, and only if we get buy-in from companies in the significant opportunities for possible advance. Our ambition is simply to establish a cooperation. Finally, we also reported to multi-year programme of events under Much of the feedback from actuaries and received feedback from Council each of the above headings. This should who have attended hard or soft skills twice. allow individual actuaries construct their training organised by their employers personal development plan over the We have now broken down our was that, usually, it was not aimed at medium term (say three years). We committee work into 7 workstreams, actuaries (for example Excel courses envisage, for example, an actuary which we summarise under the rarely cover the techniques and planning to attend one event every year following three headings: methodologies employed by actuaries). for the next three years, from each of In some cases this was not a major issue, the headings: • Technical Core & Non-Core CPD & say for presentation skills. However, in Actuaries in Wider Fields many cases it was deemed a weakness. • Technical core Deep-Dive CPD • Hard Skills & Soft Skills But understandably, companies rarely have the time or resources available to • Technical non-core CPD / Wider • International Developments, specifically tailor courses in this manner fields Technology and Debates for their actuaries. On the other hand, • Hard Skills given the right numbers, this is • Soft Skills Technical Core & Non-Core CPD & something the Society could develop, Actuaries in Wider Fields assuming buy-in from a critical mass of • An International Development This was one of the two workstreams employers. that attracted the most diversity of We look forward to our next year of We have therefore resolved to contact views. In particular there was operation, where we intend to mobilise senior resources within the major considerable debate in relation to non- as many of the above as we possibly companies e.g. CEOs , HR Directors, core CPD. While it was acknowledged can. Chief Actuaries, Training Managers etc. that where the content on offer is to determine the level of buy-in from If you have any suggestions which you perceived to be too removed from an employers in this area for paid courses. believe we should consider in this area, individual’s practice area, actuaries may If this is sufficient, we will then proceed we would be very pleased to hear from not attend in sufficient numbers, it was to the next steps with this workstream. you at [email protected] agreed that CPD of this nature is still very beneficial. We resolved, therefore, Hard Skills may cover Excel (e.g. VBA), Ger Bradley, Chairman, Professional to progress this workstream, and in Word, PPT, R, Moses etc. Soft Skills we Development & Research Committee addition, to persist with it, even if we may cover could include Conflict have a slow start. We believe there is Resolution, Communications,

Pg 6 Society of Actuaries in Ireland | JULY 2015 Database of Enterprise Risk Management Papers

Introduction The SAI’s Enterprise Risk Management Committee established a subcommittee in January 2014 to investigate the research options available to the SAI in the field of Enterprise Risk Management (ERM).

The group decided that the best way to promote ERM research within the Society was to assemble a database of ERM papers that members would find useful. This would provide the foundation for other projects such as a literary review based on a specific ERM topic that could be examined at a later date.

The process The group convened in January of 2014 and worked over the following 18 months to construct a database of over 600 articles, books and papers.

After an initial research phase the group compiled a list of general topics as well The database can be simply browsed or as specific risk categories that should be Launch Date & Committee filtered using three search methods; by included in the database. The papers Membership General Categories (i.e. common ERM already sourced were then categorised The database will undergo some final topics), Specific Risk Categories (e.g. under these headings. A further round testing over the next month and will credit risk, operational risk) or by using of research was undertaken to source hopefully go live on the SAI website in keyword search functionality. more papers for each of the topics. July. An email will be sent to all Work continued over several months members advertising the launch of the Once filtered, a list of all relevant with many hours spent researching new database. documents will appear along with ERM papers, articles and books. summary information such as title, date The ERM research subcommittee published, author, publication type (i.e. The logistical challenge of placing the membership was as follows; paper/article/book) and resource type database on the SAI website was Anne-Marie Dillon, Colm Fitzgerald, (i.e. commercial/academic). The worked on in tandem with the Rachel Lynch, Richard Mc Mahon, database can also be sorted using each construction of the database. Catherine Patrick Meghen, Donal O’Brien, of these fields. McBride and Emily O’Gara in the SAI Sinead O’Halloran and Eamonn Phelan offices assisted with designing a (chair). Once users click through to a specific platform on the SAI website and liaising paper some further detail is displayed with the web developers in the The subcommittee would like to including the length and source of the implementation phase. express their special thanks to paper as well as a brief synopsis or Catherine McBride in the SAI for executive summary of the paper. This Using the database helping to get the database online. summary aims to give users a sense for The database will be available to both the content without having to read it in members of the Society and non- detail. members; however certain papers (that have restricted access or required The papers and articles will be hosted purchase by the Society) will require a on the Society’s website (usually in pdf user login. Users are encouraged to format) and users will be able to suggest new papers for the database or download a copy of the papers in the provide feedback. A feature to allow database directly. such feedback will be added to the SAI’s website.

JULY 2015 | Society of Actuaries in Ireland Pg 7 Student News

Ever tried. Ever failed. process runs smoothly and they handle their result. Where the appeal is No matter. Try Again. any appeals that arise once the results unsuccessful, exam counselling is Fail again. Fail better. are published. They are, most definitely, offered after the appeal process. better placed than peers or colleagues Therefore, by the time the script Samuel Beckett to offer advice and in my opinion, reaches the counsellor, it is assumed definitely worth consulting if you find that the student has accepted the fail Beckett is one of my favourite writers. yourself struggling to pinpoint the result. His books have been loyal companions source of your failings! of mine for years and the above quote When receiving a script for counselling, has provided comfort on many an The process in the rare event of the counsellor occasion. having any doubt as to whether the The counsellors receive between 250 script should have failed, they will and 300 exam counselling applications I’ve had some spectacular failures over discuss it with the examiners for after each sitting. For most students the years. I try not to bemoan them confirmation. So, by the time the they write a short report on the script, though – otherwise I would find myself counselling meeting takes place, a which covers each question and forever on bended knee, wallowing in number of markers and the counsellor provides an overall summary of despair. Instead, I try to learn from my will have independently come to the performance. They then hold a meeting errors and avoid replicating them. With conclusion that it was a fail. In fact, on with the student to discuss the content each failure, I convince myself that I am reading their scripts, many students of the report but primarily to discuss getting closer to my goal. Success is readily acknowledge why they have not what the student needs to do to pass within reach and this encourages me to passed. I was one such student. persevere. next time. I opted for a written report and face to face meeting in Dublin. Occasionally a student considers the After the last exam result release counselling to be a tutorial and asks for What to expect however, I began to wonder if I was, in technical explanation of points in the fact, delusional. I had failed and failed Let me now dispel a few myths! course material. While the counsellors worse! I was drifting further from the are familiar with the course material, elusive pass mark and was starting to Many students think that they will meet they are not tutors (unlike ActEd tutors, feel defeated by the syllabus. Some their counsellor and he/she will tell for example). Their role is to focus on external assistance was required. them their exact score and how it the underlying reasons for failure based compares with the pass mark. This is on the evidence shown in the individual Why opt for counselling? not the case nor is it much use in script. Therefore if they identify any One of my flaws is that I pay too much achieving the primary aim of passing gaps in knowledge or understanding heed to peers and their advice. next time! they will highlight the syllabus objective Although advice is often well and/or areas of the core reading intentioned, the reason for exam failure The grade of fail (FA, FB, etc) gives an requiring more attention but will not go differs between students and the indication of the band in which the into any further detail in the meeting. methods for remedying such issues also script falls and they can often tell from The onus is on you, the student, to fill differ. reviewing the script whether, say, the any technical knowledge deficits. FB script was nearer the top (FA) end or In March, the IFoA offered exam the bottom (FC) end. Rather than focus Duration on the mark attained however, they will counselling in Dublin. It was the first Each meeting lasts approximately one focus on the more important issue - the time that the service had been made hour so use the time as efficiently as cause of failure. For example, available in Dublin and proof that the possible! The tutor will spend that time misinterpreting a 10-mark question IFoA takes note of student feedback and giving specific advice in relation to could give rise to an FA grade, but our requests for certain services. passing the examination at the next misinterpreting a 30-mark question attempt. Pay attention to every word could lead to an FB grade, which The staff actuaries who facilitate the and make sure to take a notebook with explains why some students might see exam counselling sessions are involved you to jot down points. I found my their fail grade drop from FA to FB in heavily in the examinations process, exam report to be robust in its consecutive sittings even though they which puts them in a unique position, identification of my reasons for failure. I felt better prepared the second time enabling them to help candidates also found some pearls of wisdom in around! identify reasons for failure and to the fleeting comments that were overcome these stumbling blocks. exchanged during the meeting itself. Some students think of counselling as a forum to voice their dissatisfaction with They review the exam papers while Feedback they are being drafted to ensure the fail grade or even the fact that they consistency with previous sittings and have failed. Counselling is not a forum After each counselling session, the coverage of the course material. They to facilitate ranting! Note that there is student is requested to provide some are also involved in the early stages of now a separate appeals process, which feedback on their experience. Often this marking to help ensure the marking enables students to formally challenge is very positive with the majority of

Pg 8 Society of Actuaries in Ireland | JULY 2015 students saying that they feel more confident about their ability to pass the examination, after undergoing Congratulations counselling. Occasionally, when a student’s expectation is misaligned with what actually happens during counselling session, the feedback is not so positive!

The counsellor’s aim is to identify issues that need addressing and to see the student’s name on the pass list next time. Often this involves telling a student something they do not wish to hear! For me, being told that my writing style was at fault was particularly difficult to hear. Worse still was seeing that I had failed to transcribe points from my question plan into my final answer. My eyes burned when I saw my error! It also seems that I have a distinct ability to mould questions into my preferred form! Examiners are not so keen in granting artistic licence, allowing students to re-word the exam paper. I’ll therefore need to discard this trait, quickly. Sinead Clarke, David Molloy and Shane Whelan For students who are struggling with attaining the elusive pass mark or find themselves wavering further from their Congratulations to David Molloy who received the Society’s Award for the goal, I would recommend counselling. best Student in UCD’s BAFS Programme 2014. Sinead Clarke, representing Sometimes it takes an independent the Society, presented David with his Award at a Luncheon in UCD, hosted by person to uncover errors or to impart Shane Whelan, Senior Lecturer, UCD School of Mathematical Sciences. cold truths. Niamh Moloney

Exam CA2 & CA3 Tutorials Counselling CA2 and CA3 tutorials run by experienced tutors will take place for the first time in Dublin beginning the first week of September (CA2) and mid-August 2015 (CA3). The aim of the tutorials is to provide effective assistance to in Dublin actuarial students who are studying for subjects CA2 and CA3 – the model documentation, analysis and reporting examination and the communications The Institute & Faculty of Actuaries examination of the Institute & Faculty of Actuaries. will hold exam counselling sessions in Dublin on 5th & 6th August. Cost €1,250 per person per subject, limited to a maximum of 20 people and Further details will be emailed to all subject to a minimum take-up of 6 participants for each format. SAI students once the results of the April exams have been announced A choice of 2 formats is available to participants and you must indicate your preferred format when booking.

Further details on course outline and how to book are available on the Student Section of the Society’s website at: https://web.actuaries.ie/node/70626

JULY 2015 | Society of Actuaries in Ireland Pg 9 2015 Awards for outstanding voluntary contribution

Congratulations to Ger Bradley and Dave O’Shea who were the deserving winners of the 2015 awards for outstanding voluntary contribution to the Society.

In 2012 the Society introduced an annual award to mark outstanding voluntary contribution to the Society by a member. The award has been presented each year since then, and last year the Society also presented an award for outstanding contribution by a group of recently qualified members. Earlier this year the Society sought nominations for the 2015 awards, and following a positive response from members, the awards were presented at the annual convention in May. Ger Bradley receiving his award from Society President Dermot Corry The award for outstanding voluntary contribution to the Society went to Ger Bradley, with Dave O’Shea picking up the recent qualifier’s award.

In presenting the award to Ger, Society President Dermot Corry highlighted Ger’s extensive and continued contribution to the work of the Society over many years, including his role on Council, the G.I. committee, the Lifelong Learning Committee and numerous working parties, papers and CPD meeting presentations.

Ger spoke of his surprise and great honour in receiving the award and encouraged as many people as possible to take part in the work of the Society on a voluntary basis, emphasising the Dave O’Shea receiving his award from Society President Dermot Corry rewarding nature of the work.

In accepting the award for outstanding voluntary contribution to the Society by Recipients of previous SAI Awards for a recent qualifier, Dave O’Shea echoed Ger’s comments. He also highlighted Outstanding Contribution: the work of other members of the Recent Qualifiers’ Committee and 2014 Mike Claffey shared his glory (if not his award) with Cathal Fleming them. In presenting the award, Dermot highlighted Dave’s excellent Maths Tutorial Leadership Group leadership of that committee and his tireless work in the role. He also 2013 Keith Burns acknowledged Dave’s work through evening meeting presentations, 2012 Jim Murphy working parties and in his role as Secretary of the Life Committee.

Congratulations to both Ger and Dave.

Pg 10 Society of Actuaries in Ireland | JULY 2015 Question Time with Hendri Solomon

focus more on production and he between 5:45 and 6:00. wanted me to look after the operations and finances. If you weren’t an actuary what would you be? It was quite a difficult decision: firstly Doctor because of the move from the known actuarial and corporate world into the Any pet hates? uncertain; and secondly for having to A lot of talking without saying much uproot the family for a 2nd time in less than two years. In the end we felt this Favourite actuarial joke: was a once in a lifetime opportunity to An underwriter takes his two actuaries join and be part of running a business into a restaurant. The waiter asks the with huge potential. I argued that this underwriter what he would like to eat, was what I was ultimately working and the underwriter says, “I’ll have the towards in life insurance; with the only steak.” Then the waiter asks the difference being the industry! underwriter, “And for your vegetables?” The underwriter replies, “They’ll have At this stage I’m planning on keeping the steak too.” up with my CPD and to try to continue to attend the Life Conventions to be Favourite holiday location: able to return to an actuarial career if South of France Hendri Solomon required; and also because I’ve invested so much in my actuarial career. Favourite Music: I joined Sanlam (one of South Africa’s 80s music biggest life assurers) after college. After The farm includes a number of a one-year secondment to a tax project businesses: 500Ha citrus orchards, Favourite tipple: I joined the valuations team in the 1,800Ha cash crops and potatoes, a A pint of Guinness in Dublin actuarial department, where I got a transport business, cattle, game, a good foundation in most valuation building contractor business; and we’ve Favourite TV programme: aspects. recently started a local fresh produce Big Bang Theory market. After 6 years Ilse and I felt we wanted Who would be your ideal dinner party to see the world like so many of our There are some links to my actuarial guests? friends did at the time; and we came experience, for example in our profit by Family and friends job-hunting in London, Edinburgh and crop analysis the expense allocation is Dublin. Dublin was the preferred as important/contentious as in life Favourite Pub: option; which led to me joining Friends insurance. The difference is you’re The Blue Haven, Templeogue. Out First in 2001. I joined the valuation working with tractor hours, Hectares here on the farm the alternative to a team, focusing on establishing the EV and fuel consumption instead of pub is having a few around the team. After a few years I moved to number and type of transactions. My barbeque fire. Product Development, where I enjoyed exposure to derivatives is also useful in being closer to the commercial side of fixing maize and wheat prices and How do you relax? the business. considering fixing prices for next year’s A movie and dinner with the family harvest. And instead of reviewing In 2013 after a much longer than policy conditions I’m reviewing Favourite book: originally planned stay in Ireland we felt production contracts, sessions, etc. Papillon (Henri Charrière) we (especially the kids) needed to see more of the family and we moved back Full name: Real books or a Kindle? to SA. I joined Metropolitan Hendrik Wilhelm Solomon Kindle International (the collection of all Metropolitan’s African businesses) in Describe your family: Favourite movie: Cape Town to establish a modelling Married to Ilse, with daughter Anika Kickass team. (12) and son Benjamin (10). Most embarrassing moment. A college friend has been farming for Qualification: Being ‘volunteered’ as a puppet on the last 20 years and from the odd visit BComm (Hons), FIA, FSAI stage as part of a comedian’s act, to his farm over the years I’ve always where he is doing a Q and A (but seen the marked growth in his business Current employer: answering on my behalf)! from one visit to the next. He Somerhoek Farms contacted me and offered me a job. The business has grown significantly Time you start work: over the last 5 years and he wanted to Production manager meeting starts

JULY 2015 | Society of Actuaries in Ireland Pg 11 CPD Returns

Deadline for submitting CPD you hold a practising certificate issued submit evidence in relation to the Returns is 25th August by the Society). It is sufficient to submit required number of hours for that a CPD Category Declaration, if your specific year. There is a mandatory requirement, category has changed since your last The following documents, which are under ASP PA-1 Continuing Declaration, and a CPD Compliance available on the Society’s website under Professional Development (CPD), for Declaration confirming that you have Standards & Regulation/ CPD, set out Fellows and Associates to submit a complied with the IFoA’s scheme (if that the CPD requirements in detail and will record of CPD to the Society no later is the case). than 25th August each year: answer general CPD queries you might CPD must be submitted online through have when submitting your return: For most members (including members the “My CPD” section of the Society’s working outside of Ireland who are also website: https://web.actuaries.ie/cpd • ASP PA-1 version 1.3 members of other Actuarial associations), • Main changes to the CPD Scheme this involves submitting: When completing your CPD Returns, it is advisable to submit full details of all the • Guidelines to ASP PA-1 version 1.3 • a CPD Return, and CPD you have completed during the Finally, we would like to draw your • a CPD Compliance Declaration, CPD year, as evidence of additional CPD attention to Section 6 in ASP PA-1 together with may be required in the following situations: ‘Failure to submit details of CPD’. This • a CPD Category Declaration if your Section sets out the implications of category has changed since you last • if you subsequently change roles in failing to submit full and accurate submitted this Declaration. the course of the year CPD returns. If you are a fully-regulated member of • if you apply for a practising Please ensure that your CPD Returns certificate during the year, or the Institute and Faculty of Actuaries are submitted to the Society no later (IFoA), based in the UK and your work • if you need to avail of averaging. than Tuesday 25th August. relates wholly or mainly to UK entities, you do not have to submit full details of If the Society carries out an audit on CPD completed to the Society (unless your CPD, you will only be required to

On the Move GOLF

FELLOWS : Matchplay The Annual Piers Segrave-Daly Shauna McHugh moved from Central Bank to RSA Insurance Matchplay is well underway. The Stephen O’Keeffe moved from Aviva Life & Pensions to Hanover Re updated drawsheet is available on Anne-Marie Dillon moved from Deloitte to AXA Life Invest the website under Events / Golf: Ellen Flynn moved from SCOR to Santander Insurance https://web.actuaries.ie/golf Steve Gardner moved from Santander to Zurich Captain’s Day Mark Hogan moved from Ernst and Young to MetLife Captain’s Day, will take place on Orla Vaughan moved from Royal London to New Ireland Thursday, 27 August William McElinn moved from Irish Life to Central Bank of Ireland in Corrstown Golf Club. You can Karl Niemann moved from IPB Insurance to Ironshore Europe enter online on the Events Section of the Society’s website. STUDENTS: Cian Reynolds moved from Raretec to Ark Life Cathal Redmond moved from Irish Life to Allianz Maria Sheehan moved from RSA Insurance to Liberty Insurance Daniel Alkin moved from Trident to Irish Progressive Services International

Aurora Johannesson moved from Deloitte to Central Bank of Ireland Ciaran O’Suilleabhain moved from Irish Life to Generali International James Morris moved from Canada Life to EY Clanwilliam House, Clanwilliam Place, Lisa Sheppard moved from RSA to AXA Insurance Ltd Dublin 2 Owen White moved from New Ireland Assurance to Aegon Ireland Plc Tel: +353 1 634 0020 Kirsten Clear moved from Ulster Bank to Legal and General International Fax: +353 1 634 0039 Mehdi Benyebdri moved from CACI to Metlife Email: [email protected] Ibrahim Younis moved from Ark Life to Towers Watson Web: www.actuaries.ie

Pg 12 Society of Actuaries in Ireland | JULY 2015