Newly qualified Tian becomes 2,500th person to earn CERA credential
Nobel Memorial Prize winner to speak at IFoA Asia Conference By Cynthia Yuan, chair of the first IFoA Asia Conference (pictured right) As the programme chair, it is my great pleasure to welcome you to attend our inaugural IFoA Asia Conference in Beijing from 13-15 May. This is a landmark event for the IFoA, not only because it is the first conference that we have hosted in the region but because it is also the first truly cross-practice conference for members at all levels, stakeholders and those with an interest in actuarial science. Reflecting the calibre of this conference, we are delighted to announce our outstanding keynote speakers: Myron Scholes, economist and winner of the Nobel Memorial Prize in Economic Sciences for a method to determine the value of derivatives; Dr Yulong Zhao, deputy director of the Finance and Solvency Department of the China Insurance Regulatory Commission; Wei Wang, chairman of China Mergers & Acquisitions Association; and David Hare, immediate past president of the IFoA. Continuing with the theme of diversity, the conference programme has been meticulously crafted by its committee members, whose expertise and fundamental knowledge have all contributed to make this an exceptionally strong programme. With committee members coming from across Asia and representing Aviva, China Re, Sunshine Life, KPMG and Ping An Asset Management, it is an exhilarating time for us to
join together and promote the actuarial skill that unites business and public service. Offering a variety of significant and inspiring topics, you will discuss why risk is actually good for you, the pros and cons of global pension reforms and key requirements of preparing for International Financial Reporting Standard Phase 2. Immerse yourself in the China Risk Oriented Solvency System, the economic environment and new regulation changes. Get an overview of personal injury litigation in Asia, how insurance companies can react to these developments and the opportunities and risks facing health insurers in China. Offering plenary sessions and back-to-back workshops, there is also a unique student networking afternoon on 16 May dedicated to our actuaries of the future. Allowing you to meet opinion leaders, new clients and potential partners, this is an opportunity not to be missed. Come to see the beautiful city of Beijing in early summer. The Forbidden City and Great Wall await, as does the world’s most active market. Exciting times lie ahead for the IFoA and I look forward to sharing them with you. Book your place at bit.ly/1zyZ57U For sponsorship opportunities and details on becoming an official conference partner, please contact amanda.davey@actuaries.org.uk
Disciplinary Tribunal Panel: Mr Michael James Asher On 10 November 2014, 18 December 2014 and 23 February 2015, the Disciplinary Tribunal Panel considered a charge of misconduct against Mr Michael James Asher, relating to non-compliance with a monitoring exercise carried out by the IFoA and for not retaining sufficient records to prove participation in the continuing professional development (CPD) events entered on his CPD record in respect of CPD year 1 July 2010 to 30 June 2011. The panel found that the IFoA had not provided a sufficiency of evidence to allow the panel to determine that the respondent was in paid work during the 2010/2011 CPD year. For the same reason, the panel found that there was no requirement in that year for the respondent to demonstrate that he had undertaken appropriate and sufficient CPD. However, the panel felt that, in respect of the monitoring exercise, the respondent had not
complied with his professional requirements and that he had therefore breached Principle 4 of the Actuaries’ Code. In doing so, the respondent had frustrated the IFoA in its important role of monitoring members’ compliance with the CPD Scheme. The panel felt that the respondent had ample opportunity to explain to the IFoA that he was not in paid work for the relevant CPD year and, had he done so at the appropriate time, there may have been no need for the subsequent extensive investigation and resulting disciplinary proceedings. The panel found that the respondent was guilty of misconduct in terms of Rule 1.6 of the Disciplinary Scheme. The panel imposed the sanction of a reprimand and determined that the respondent should make a contribution of £5,000 inclusive of VAT towards the IFoA’s costs. The full determination, including the panel’s full reasoning, is available at bit.ly/1Bs92s6
The CERA Global Association (CGA) is pleased to announce that Tian Chen Pan is the 2,500th person to earn the prestigious chartered enterprise risk actuary (CERA) credential. Tian is a member of the IFoA and works as an investment product actuary for Old Mutual Wealth in Cape Town, South Africa. Frank Sabatini, chairman of the CERA Global Association, congratulated Tian and recognised this step forward for risk management. “There is a global demand for skilled enterprise risk management professionals. CERA is one of the most comprehensive, rigorous qualifications available. A chartered enterprise risk actuary, with their training and experience, can assess and manage the entire risk spectrum of an organisation, including financial, operational and strategic risk. Tian and the other CERAs across the globe add value, making them the best equipped to provide a 360° view of an organisation’s risk profile.” Tian said: “I feel very blessed and relieved to have qualified. I actually had no idea about the number of CERAs there are and feel great to be part of the group now. Being number 2,500 feels like winning a competition, so I feel very lucky! “Financial risk was always one of my main interests when I was studying. When Lehman Brothers failed in my third year at university, my interest in financial risk grew further. So when the ST9 exam was launched I decided to try it out. I feel that, given today’s economic and financial environments, risk management will be a critical part of any business going forward and that I can contribute more being a CERA. “The CERA qualification trains us to look at a wide spectrum of risks and equips us to contribute our skills in various areas of actuarial practice, including investments in my case. I work mostly on investment product development, and managing the various risks of all stakeholders is one of my primary tasks, so being a CERA adds significant value. Whether I continue to work with investment products or risk in another area, I feel my enterprise ente management training will always tr my work.” add value to m For details on becoming a chartered en enterprise risk actuary or on how employing benefit your business, one can bene www.ceraglobal.org or visit www.ce contact the IFoA’s CERA marketing project mar leader via email at lea dawn. d mcintosh@ actuaries.org.uk
April 2015 • THE ACTUARY 11 www.theactuary.com
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