New Videos to Support Your Professionalism CPD

The Professionalism Committee has curated ten videos from the high-quality suite of The Institute and Faculty of Actuaries (IFoA) CPD content, with two new videos added this year.

The videos showcase the challenges and opportunities faced by actuaries as they navigate the rapidly changing landscape of the industry. Several important themes are explored throughout, including the impact of climate change, the emergence of AI and related tools, the importance of effective communication, the principles of competence and care, and the requirements for compliance.

These videos will also help members gain insights into the critical role of confidentiality, the value of impartiality, the significance of integrity and the power of speaking up. Below is a summary of each resource:

New videos for 2024:

• “Lying AIs” explores an interesting instance where AI learns to selectively adjust data to maximise the targeted objective. In a world where AI models and tools are becoming the norm, how will members tackle challenges in their understanding of “black boxes” and meet their obligations as an actuary?

• “Picking up the Slack” describes a poorly managed project which challenges members’ ability to comply with relevant standards. It highlights the importance of technical peer reviews, maintaining clear audit trails and good documentation of work.

Existing videos:

• “Temperatures Rising” explores the principles of integrity and competence and care in the context of tackling climate change. Should organisations take a conscious effort to challenge environmental concerns or stick to traditional corporate objectives? When should real action replace lip service?

• “Making the Cut” examines the common biases encountered during the recruitment process. Key prejudices include age (both too young or too old), gender and personal reasons such as mental health.

• “Funnels of Doubt” highlights the differing views of actuaries on climate change, with some seeing it as a significant concern while others remain neutral. The video follows the journey of two actuaries as they work to assess the potential impact of climate change on their firm’s insurance business over the next thirty years.

• In “How Urgent is Urgent?”, a trainee actuary is inspired to incorporate the issue of climate change into the assumption-setting process, demonstrating the desire among young professionals to make a difference and address the most pressing challenges facing the world today.

• “Independence Day” showcases the importance of professional integrity and independence, as a senior actuary follows his instincts and does what he believes is best for his company, even if it conflicts with the views of his superiors.

• “Boss’s Best Buddy” highlights the importance of transparency and fairness in the workplace, as a graduate trainee actuary is the subject of office gossip regarding his relationship with his manager.

• “Judgement Day” highlights the challenges faced by actuaries in providing advice and navigating conflicting views, as one actuary must balance her professional judgment with the needs and perspectives of her clients.

• “Data – What Data?!” highlights the importance of data in the actuarial profession, and the pressure faced by professionals to meet regulatory deadlines while ensuring the accuracy and quality of their work.

You can get the most value from these videos by using them as part of a discussion group, where you can share ideas with others about the professional and ethical challenges involved. It’s a great opportunity to bring ethics to life with your colleagues – read about how to run one of these discussion groups here.

If that’s not possible, simply reviewing and reflecting on the scenarios, including thinking about what you might manage such a situation, is a great way to build your ethical thinking skills and awareness of your professional obligations.

Time spent with these videos will also contribute to your compulsory 5 CPD points per year of Professionalism Training. Schedule some time today to enhance your actuarial, professional and ethical skills, and deepen your understanding of this dynamic and exciting profession!

Explore the video catalogue here. 

CPD: Actuaries Institute Members can claim two CPD points for every hour of reading articles on Actuaries Digital.