Two Perspectives on Professionalism

This was the question at the heart of the APAC Ethics and Professionalism Seminar 2024, where APAC actuaries from Hong Kong to Australia gathered virtually to explore topics like climate risk, data science, AI ethics and the art of speaking up.

Two actuaries, Kelvin Hii Chee Yun and Iris Lun, share their highlights and reflections from this year’s seminar.

The weight of responsibility

Kelvin Hii is the Chief Risk Officer at MSIG Insurance (Malaysia) Bhd, bringing extensive expertise in risk management and actuarial science.

Kelvin graduated with a Bachelor of Commerce (Hons) from the University of Melbourne in 2006, and has been a Fellow of the Institute of Actuaries of Australia since 2010. He has also served as the President of the Actuarial Society of Malaysia from 2021 to 2022, demonstrating his leadership and commitment to the actuarial profession.

For Kelvin, the seminar was a stark reminder of the importance of communication in the actuarial profession. His reflections took him back to his days as a Commercial Actuarial Practice student, where the mantra was “keep it short and sweet”, and “explain technical terms to non-technical audiences.” Yet, Stuart Turner, Sim Ng, and Saffron Sweeney’s Speaking Up workshop added a new dimension to this professional wisdom.

“The expectation is clear – actuaries must speak up in a timely manner when something is not right,” Kelvin emphasised.

The workshop presented a realistic scenario that spurred lively discussions on the barriers actuaries face when deciding whether or not to voice their concerns. It explored the ethical quandaries that come with the profession and, for Kelvin, it reinforced the high standards expected of actuaries.

“This expectation of speaking up rightfully reflects the high regard and expectations from the public on the profession as a whole.”

Kelvin was equally engaged by the seminar’s Climate Risk and AI Ethics sessions where Jonathon Ko and Ramona Meyricke led the discussion on the complexities of Climate Risk Assessment and Scenario Modelling.

“Actuaries have a crucial role in managing climate risks, but with that comes the need for professionalism in every judgment we make, especially with the looming urgency of climate change,” he noted.

The session on AI Ethics, led by Dr Fei Huang and Yan Sun, further highlighted the ethical challenges posed by emerging technologies, reminding actuaries of their duty to maintain transparency and fairness.

A worthwhile investment

Iris Lun is a seasoned actuary with 25 years of experience in the profession, currently serving as the Director and Co-Founder of 10Life, a Hong Kong-based insurtech company dedicated to delivering fair insurance through technology and compassion.

Iris was a Council Member of the Actuaries Institute from 2000 to 2022. Since 2023, she has been an active member of the Council of the Actuarial Society of Hong Kong and has taken on the role of Innovation Committee Chair.

On the other side of the spectrum, Iris approached the seminar with initial hesitation due to a hectic work schedule. Yet, in hindsight, she found the experience invaluable. “It was worth it for me,” she reflected, “I learned a lot in those 2.5 hours.”

The first session on climate risk struck a chord with Iris, particularly given the recent extreme weather conditions Hong Kong has faced. The discussions on climate scenario modelling and the challenges of setting net-zero commitments felt particularly timely.

A key takeaway for Iris was the emphasis on navigating complex challenges in actuarial practice. Session chairs Jonathan and Ramona discussed the hurdles of selecting the right model, managing uncertainty in long-term projections, and addressing data gaps.

“Understanding these complexities is crucial,” Iris reflected, “but so is clearly communicating these findings to stakeholders. It’s this balance between technical expertise and ethical responsibility that defines our profession.”

“Actuaries worldwide have great potential in contributing to climate risk assessment,” Iris observed. “Understanding the technical challenges and applying professionalism is important.” She appreciated the detailed exploration of how actuaries must navigate the complexities of long-term assumptions and the balancing act required to ensure fairness across different markets.

The Data Science and AI Ethics session also left a lasting impression on Iris. The examples Dr. Fei Huang and Yan Sun shared, such as the ethical dilemmas surrounding AI facial recognition and the dangers of proxy discrimination, were thought-provoking.

“It’s important to have the right algorithm for the business purpose rather than blindly following AI trends,” Iris cautioned.

The session served as a reminder of the delicate balance actuaries must strike between technological innovation and ethical responsibility.

In the Speaking Up workshop, Iris noted the panel’s advice on approaching sensitive issues with questions and perspective-taking, saying, “speaking up doesn’t have to be confrontational.”

A shared reflection

For Kelvin and Iris, the seminar was more than a meeting of minds. It was a convergence of perspectives showcasing the profession’s commitment to ethical practice in a rapidly changing world.

For Kelvin, the seminar reinforced the importance of professional responsibility, while for Iris, it underscored the balance between technical and ethical considerations.

“The diversity of perspectives on climate risk and AI governance was encouraging,” Iris noted, highlighting the seminar’s cultural awareness.

A recording of this session to help you gain deeper insights and reflect on the key discussions points will be shared in the upcoming weeks. 

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