Actuary Duties & Responsibilities
The role and function of an Actuary includes the following duties and responsibilities:
- Actuary advises on issues such as the selection of investment managers or the administration of pensions and benefits;
- Actuary work with IT professionals to develop systems to ensure compliance with the requirements of regulatory bodies;
- Analyzing statistical data in order to calculate, for example, accident rates for particular groups of people;
- Communicating with clients and carrying out relationship management, including with investment managers, financial directors and external stakeholders;
- Supervising staff;
- Using mathematical modelling techniques and statistical concepts to determine probability and assess risks, such as analysing pension scheme liabilities, to price commercial insurance;
- Calculating funding rates and considering assumptions for pension scheme liabilities;
- Developing new financial products;
- Actuary monitor risk within trading positions in investment banking to ensure excessive risks are not taken during the fast pace of trading;
- Actuary work with mergers and acquisitions on some occasions.
- Conducting valuations of assets and liabilities;
- Analyzing risks related to locations for catastrophe claims;
- Measuring, monitoring and mitigating portfolio and enterprise risks;
- Presenting reports, explaining their implications to managers and directors, and advising on risk limitation;
- Actuary oversees asset and liability modelling, product development and profit testing;
- Preparing presentations, reports, valuations and quarterly updates.
- Advising on investment strategies and assessing the profitability of an investments portfolio;
Note that this is not an exhaustive list of Actuary duties and responsibilities. Job functions for specific Actuary roles may vary, depending on the industry and type of employer.
