An actuary’s aptitude for analysing specific risks makes them well suited to work in risk management.
There are many challenges that the business world faces, including in the public sector. With a great level of uncertainty in this environment, businesses turn to actuaries to help manage risks and develop models to help minimise future uncertainties.
An actuary needs to ensure that they consider a business as a whole and how these uncertainties can affect the organisation rather than simply assessing individual risks on their own. By doing this, they are able to develop risk models that provide a thorough framework and improve the chances of success when a business responds to risks as they arise.
Due to the complex nature of the risks an organisation may face, it is necessary for an actuary to work closely with a wider team of other professionals in order to fully understand them and thus, communication is a vital skill for an actuary to possess. Find out more about the essential skills to become a successful actuary by reading our article here.
Risk management is a great career path for actuaries as it is well suited to their skills and expertise.