Practitioners Research by the profession for the profession

Practitioners’ Research “by the profession, for the profession” James Orr Chair, Research Steering Committee

Overview • • Structure of Practitioners’ Research Activities What “Research” means to Practitioners What’s Good and What Might be Better What for the Future?

Structure Education and Continuing Professional Development Board Research Steering Committee • Practice Board Representatives • Annual Research Grants • EPSRC Quantitative Finance Programme Faculty Research Committee • Standing Research Groups (6)

Links to Practice Boards Life Research Committee FIB Social Policy Board Research Steering Committee GIRO Pensions Technical Support and Research Committee

Working Parties in 2001 Life Research Committee (12) FIB (22) Social Policy Board (12) Research Steering Committee GIRO (22) Pensions Technical Support and Research Committee (2)

Annual Research Grants • Responsive mode research – request for applications for research relevant to actuarial profession – £ 295 k over 1996 -2001, supporting 39 small, short-term projects of actuarial relevance – typically awarded to university researchers • More “Directed” for 2003 – “broad themes” of interest to profession – e. g. “Retirement Issues”, “Risk and Regulation in Financial Institutions”

EPSRC Quantitative Finance Programme • Engineering and Physical Sciences Research Council – one of seven Research Council’s – administers UK Government research activities – sought partner in financial services industry – working with Actuarial Profession – ~10: 1 funding support (for our £ 30 k) – larger (~£ 100 k), longer (3 years) projects – started 2001, just selecting 2002 projects

“Research” for Practitioners • Working Parties – group of practising actuaries from related field – practical topic, of relevance to work – review or development of practice – value in sharing ideas and debating approach – “process” as much a deliverable as paper/presentation at conference

What’s Good? • Active involvement of members • Sharing and capturing knowledge on best practice • Networking • Honing lines of argument and thinking/debating skills • Contributing to collective effort

What Might be Better? • Formal research process – literature search – plan of research – adequate research resources – involving experts from academia – “peer review”

What for the Future? • Greater commitment to and visibility of research? – more money? – more partnerships? • Developing formal research skills for “The Actuary of the Future”? – dissertations? – CPD credits for research papers? • Discuss!