Managing actuaries' professional risk

Abstract

This paper describes a new concept, of vital importance to actuaries, which the authors have named \'managing actuaries\' professional risk\'. Much has been written on the constituent elements of legal causation, risk management, indemnity insurance and professional conduct standards. This paper envisages an integration of these elements using the profession\'s own guidelines for risk analysis and management for projects (RAMP). Actuaries are experts in risk applications for clients-in an increasingly litigious society, they need to apply their expertise in their own back yard.KEYWORDS Professionalism; professional risk; risk management; professional indemnity insurance. (South African Actuarial Journal: 2002 2: 29-52)