Institute and Faculty of Actuaries

BackgroundOptimal nutrition during adolescence is critical to growth and development. While several adolescent nutrition frameworks exist, a comprehensive reference framework is needed, which reflects the priorities and views of young people and guides action to improve adolescent nutrition. We believe that partnering with young people is key to enabling agency and empowering change. This collaborative project between the Global Adolescent Nutrition Network (GANN) and youth partners aimed to develop a conceptual and actionable framework for adolescent nutrition. This paper presents the methods used to identify the need for and to prioritise the key components of a new framework.MethodsA literature review was conducted to identify and summarise available frameworks for adolescent nutrition (10–19 years). GANN members (N=7) and youth partners (N=4, 18–26 years) used nominal group technique (NGT) methodology to reach consensus on: (1) key characteristics, strengths and limitations of available frameworks; (2) key characteristics of an ideal framework; (3) the best available framework and (4) the need for a new framework.ResultsNGT participants listed 37 strengths and limitations of the 15 frameworks identified in the review. These were classified into three themes: theory, usability and visibility. According to NGT participants, the most important (‘top’) theoretical features of an ideal framework were considering all forms of malnutrition’ and including all levels of influence in adolescent nutrition’. Most top usability and visibility features were applicable at global, regional and country levels, and a clear structure to depict levels of influence, respectively. The Innocenti Framework was deemed the best available framework. Most of the participants (90%) agreed that a new framework was needed. Youth partners advocated for greater representation of youth voices in frameworks and programmes related to adolescents. The salient features of the new framework, reached by consensus, emphasise an action-oriented approach that provides practical guidance to improve adolescent nutrition rather than solely explaining its determinants. It will be designed to be adaptable to different contexts, ensuring its visual design, language and content are accessible and engaging for a broad range of stakeholders.ConclusionThrough a novel youth codesign process, we identified key components to inform the development of a new conceptual framework to improve adolescent nutrition. While no new framework is presented in this article and is part of ongoing work, these findings provide guidance for future efforts to create a framework that can effectively inform actions and investments in global adolescent nutrition.

Abstract This paper investigates potential biodiversity valuation tools which actuaries could use in their work. It is an initial research paper into a selection of UK-based biodiversity valuation tools identified by the Department for Environment and Rural Affairs in its publication “Enabling a Natural Capital Approach Guidance”. The “Enabling a Natural Capital Approach Guidance” publication is seen as a comprehensive practical guide to natural capital and therefore is determined a sensible starting point on which to base this research. This research paper is not intended to be an exhaustive exploration of all biodiversity tools available, but rather is intended to identify a selection of tools which may be candidates for further research into their actuarial use case. We conclude that there are tools which merit additional research, and we recommend that these tools be further investigated to understand (i) the specific actuarial use case(s), (ii) whether the tools are applicable to direct infrastructure investments only or a broad range of asset classes, and (iii) whether their scope can be extended beyond the UK.

Abstract This abstract relates to the following paper: Cartagena, S., Gosrani, V., Grewal, J. & Pikinska, J. (2019) Silent Cyber Assessment Framework. British Actuarial Journal.

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How large a risk is society prepared to run with the climate system? One perspective on this is to compare the risk that the world is running with the climate system, defined in terms of the risk of ‘climate ruin’, with the comparable risk that financial institutions, in particular insurance companies, are prepared or allowed to run with their own financial ruin. We conclude that, in terms of greenhouse gas emissions today and in the future, the world is running a higher risk with the climate system than financial institutions, in particular insurance companies, would usually run with their own solvency.

This abstract relates to the following paper: Aspinall, N.G., Jones, S.R., McNeill, E.H., Werner, R.A. and Zalk, T., Sustainability and the financial system: Review of literature 2015. British Actuarial Journal. doi: 10.1017/S1357321718000028

Abstract Solvency II is currently one of the most sophisticated insurance regulatory regimes in the world. It is built around the principles of market consistency and embedding strong risk management and governance within insurance companies. For business with long-term guarantees, the original basis produced outcomes that were unacceptable to the member states. The original design was amended through Omnibus II. The working party has looked back at the outcome of the final regulation and comments on how well Solvency II has fared, principally from a UK perspective, relative to its initial goals of improved consumer protection, harmonisation, effective risk management and financial stability. We review Pillar 1’s market consistent valuation (including the risk margin and transitional measures) as well as the capital requirements (including internal models). We look at the impact this has on asset and liability management, pro-cyclicality and product design. We look at Pillars 2 and 3 in respect of the Own Risk and Solvency Assessment, liquidity and disclosure. Finally, we stand back and look at harmonisation and the implications of Brexit. In summary we conclude that Solvency II represents a huge improvement over Solvency I although it has not fully achieved the goals it aspired to. There are acknowledged shortfalls and imperfections where adjustments to Solvency II are likely. There remain other concerns around pro-cyclicality, and the appropriateness of market consistency is still open to criticism. It is hoped that the paper and the discussion that goes with it provide an insight into where Solvency II has taken European Insurance regulation and the directions in which it could evolve.

Abstract This paper presents latest thinking from the Institute and Faculty of Actuaries’ Model Risk Working Party and follows on from their Phase I work, Model Risk: Daring to Open the Black Box. This is a more practical paper and presents the contributors’ experiences of model risk gained from a wide range of financial and non-financial organisations with suggestions for good practice and proven methods to reduce model risk. After a recap of the Phase I work, examples of model risk communication are given covering communication: to the Board; to the regulator; and to external stakeholders. We present a practical framework for model risk management and quantification with examples of the key actors, processes and cultural challenge. Lessons learned are then presented from other industries that make extensive use of models and include the weather forecasting, software and aerospace industries. Finally, a series of case studies in practical model risk management and mitigation are presented from the contributors’ own experiences covering primarily financial services.

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The discipline of economics, as it is generally understood, taught, and practised today, is in various ways clearly at odds with authentic Catholic values. Therefore, where economics is taught in Catholic schools, colleges and universities, students should not only become acquainted with orthodox economic ideas; they should also learn how, from a Catholic standpoint, some of these ideas are gravely faulty, and how these faults underlie many of the economic, social and ecological problems that afflict us. Catholic education needs to foster a critical engagement with orthodox economics, and a continuing search for a more enlightened understanding of economics than has been prevalent in recent times. A form of Catholic economics syllabus is needed in schools.