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Publisher Redactive Media Group 17-18 Britton Street, London EC1M 5TP +44 (0)20 7880 6200 Editor, Redactive ﬁnance division Mike Thatcher Publishing director Joanna Marsh Sub-editors Kathryn Manning Caroline Taylor News editor Vivienne Russell +44 (0)20 7324 2788 vivienne.russell@redactive.co.uk News reporter Judith Ugwumadu +44 (0)20 7324 2794 judith@redactive.co.uk Editorial assistant Tania Forrester tania.forrester@redactive.co.uk Sales manager Chris Dooley +44 (0)20 7880 8545 chris.dooley@redactive.co.uk Divisional director of digital and recruitment sales John Seaman +44 (0)20 7880 8541 john.seaman@redactive.co.uk Senior designer Gene Cornelius Picture editor Akin Falope Production executive Rachel Young +44 (0)20 7880 6209 rachel.young@redactive.co.uk Print Polestar Colchester

editor@theactuary.com Internet The Actuary: www.theactuary.com Staple Inn Actuarial Society: www.sias.org.uk Institute and Faculty of Actuaries: www.actuaries.org.uk Managing editor Sharon Maguire +44 (0)20 7880 6246 sharon.maguire@redactive.co.uk Editor Kelvin Chamunorwa editor@theactuary.com Features editors Sarah Bennett, health, international Jeremy Lee, pensions, investment, ERM, banking Richard Purcell Richard Schneider, life, Solvency II, mortality/longevity, modelling and software Sonal Shah, GI, reinsurance, environment, careers (UK) Helen Lau, GI, reinsurance, environment, careers Contact: features@theactuary.com People/society news editor Yvonne Wan social@theactuary.com Student page editor Jessica Elkin student@theactuary.com Arts page arts@theactuary.com Profession news editor Catherine Murray +44 (0)20 7632 2198 catherine.murray@actuaries.org.uk SIAS representative Titas Bakanauskas Editorial advisory panel Peter Tompkins (chairman), David Campbell, Matthew Edwards, Martin Lunnon, Sherdin Omar, Richard Purcell, Nick Silver, Andrew Smith

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Acting the part Kelvin Chamunorwa considers the perception of actuaries and the importance of demonstrating the value of our unique skill set to society In a sitcom I came across recently, “I want to be an actuary” was a 12-year-old boy’s response to his uncle’s question of what he dreams of becoming when he grows up. The boy’s response was met with a blank stare. I have encountered a similar expression after saying that I’m an actuary, except once, when I received an unusually enthusiastic reception. I felt flattered – until I was then asked which type of movies I act in. Among the better informed, I have found that actuaries’ analytical strengths are well-recognised, and this is to be celebrated. Sadly, technical prowess and the ability to interact with others are often perceived to be mutually exclusive. Increasingly, however, our work is in areas that are not traditionally actuarial and involves collaboration with other professionals. This provides a good platform for our actions to contradict any false perceptions. It is important to hear others’ views of us and Nick Hewer of The Apprentice fame shares his thoughts on actuaries during his fascinating interview. Hewer believes actuaries have the credibility for far greater input and influence in financial issues that affect society (pg 18). It is equally important for us as a profession to be self-reflective. Simon Carne, an actuary who works in the field of regulatory policy, considers the current regulatory approach of the Institute and Faculty of Actuaries as well as the Financial Reporting Council and asks whether it goes too far. Carne uses as examples the proposals for peer review and a Technical Actuarial Standard to apply to all actuarial work. I would be interested in your take on Carne’s argument (pg 28). We can be misconstrued by some and misunderstood by others, but in our daily interactions we have the chance to demonstrate who we are and what we can do. Each of us has a part to play to enhance the profile of the actuarial profession.

“It is important to hear others’ views of us. It is equally important for us as a profession to be self-reﬂective”

Kelvin Chamunorwa Editor

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March 2014 • THE ACTUARY www.theactuary.com

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