The new President of the Actuaries Institute, Jenny Lyon, says she is committed to expanding the profession’s contribution as an independent voice on public policy, including on retirement issues.
Ms Lyon said actuaries are equipped to advise on complex problems and make important contributions.
“They apply a holistic view, consider a wide range of parameters but can also dive into the detail and understand what drives outcomes,” she said.
“A key strength of the profession is that it offers an independent voice that government and regulators can trust.”
Members of the Actuaries Institute have been appointed to advise the Federal Treasury on the development of Comprehensive Retirement Income Products (CIPRs) – one of the recommendations of the Financial System Inquiry. The Institute has also produced issues papers on topics including the issues facing the finance sector and life insurance.
According to Ms Lyon business demand for analysis of big data is driving rapid growth in the actuarial profession, especially among young people. She said the Institute would also continue to engage its younger members. Over half of the membership is under the age of 34.
“People are the strength of our profession.”
“Our young members are our future, they represent the majority in our profession.”
The Institute will also review its continuing professional development programs, and seek to improve accountability and influence.