The current economic environment has led industry experts to challenge the accepted paradigm for risk management and dependency modelling. This course, developed jointly by the Smith Institute and the Institute and Faculty of Actuaries, aimed to bridge the gap between industry practice and the latest thinking on dependency modelling. The audience for the course included industry experts who deal with Risk Management, Asset Liability Modelling, Pricing, Value at Risk (VAR) or Funding Level at Risk (FLAR) estimates and Econometrists interested in techniques to better capture market information.
The Smith Institute, in conjunction with the Actuarial Profession, helped develop a new CPD opportunity for Quantitative Analysts and Practising Actuaries.
The Smith Institute staff developed course material in conjunction with Martyn Dorey of the Actuarial Profession. The resulting course was delivered over 2.5 days and consisted of an overview session followed by 4 half-day practical sessions. Topics included multivariate Gaussian and T-distributions, multivariate time series, multivariate negative binomial distribution, the D-distribution and other empirical distributions, with some discussion of alternative approaches.
During our course the actuaries acquired a total of over 300 CPD hours to help their careers, their companies and their customers.
The Actuarial Profession is really committed to working collaboratively and sharing ideas with academia and with other disciplines. We have a lot to learn from each other and we at the Actuarial Profession felt that the course developed with the Smith Institute was an excellent way of showcasing techniques and how they may be used in practical situations.Ruth LosebyResearch Manager, at The Actuarial Profession