So what is an Actuary and what do they do?
Actuaries manage risk. Risk is the chance that an undesirable event will occur, but risk can also mean opportunity. That’s where actuaries come in.
Actuaries are experts in:
- evaluating the likelihood of future events using numbers
- designing creative ways to reduce the likelihood of undesirable events
- decreasing the impact of undesirable events that do occur
They are the leading professionals in finding ways to manage risk. It takes a combination of strong analytical skills, business knowledge, and understanding of human behaviour to manage the complex risks facing today’s society. Actuaries work in the insurance industry, and for private corporations. As well, they are employed as consultants, work for colleges and universities, banks and investment firms, accounting firms, labor unions, and the government too. Actuaries are key players in management teams that help businesses plan for the future.
Canadian Institute of Actuaries (CIA) Research Projects (The Problems Actuaries Solve)
The Canadian Institute of Actuaries (CIA) publishes completed projects on their site to highlight their research, and the CIA also offers their members an opportunity to provide input and become involved. Here are some examples of projects completed by actuaries:
- Advancing ERM in Canada
- Canadian Individual Critical Illness Morbidity Study Add-on
- Climate Change Phase II
- Operational Risk
- Pension Mortality Study C/QPP
- Water Damage Risk and Canadian Property Insurance Pricing
- Workers Compensation Occupational Disease Research
Experts in the field of actuary science fit into a variety of curriculum subject areas like science, technology, engineering, and math (STEM). To learn more about how experts in actuary science could support you and your students please log in to the Digital Human Library and contact the CIA today!
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