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.