Opportunities for Applying Actuarial Techniques in Banking

Opportunities for Applying Actuarial Techniques in Banking
November 11, 2021
16:00 - 17:30 EST
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The webinar is a panel discussion being delivered on the back of developments in recent years where actuaries are increasingly being involved in banking practice in a number of jurisdictions around the world that include South Africa, Australia, North America, and the UK.

The objective is to provide guidance and information to actuaries on opportunities for applying actuarial techniques in banking practice and highlight areas where actuaries elsewhere are already currently involved as well as areas where actuaries may be involved.

The webinar leverages the work of the Banking Virtual Forum of the International Actuarial Association that worked on a paper on “Opportunities for Applying Actuarial Techniques in Banking” released in July 2021.

Most opportunities for Actuaries in banking are typically in risk management areas ranging from credit risk, market risk, liquidity risk, operational risk, and other business risks. Most methodologies and techniques used to quantify banking risks, allocate capital, and determine product prices are already familiar to actuaries. The intention is, therefore, not to develop new methodologies for banking, but to aid understanding of banking products, terminology, and regulation and to identify areas where actuaries are already applying or could apply techniques with which they are already familiar.


Iain Allan

Iain studied Pure Maths at Edinburgh University and then qualified as an actuary. In the early part of his career, he worked in fund management, and then in investment banking at UBS. Between 1994 and 2008, Iain was Group Director, Strategy at RBS. In this role, he was involved in all aspects of the Group’s activities. He made particular contributions to RBS’s establishment of a supermarket banking joint venture with Tesco, its acquisition of the larger bank NatWest and its establishment of a strategic partnership with Bank of China. Over the last ten years, Iain has worked as an independent consultant. He has helped several smaller banks with regulatory submissions, including applications for banking licences, and has drafted responses to regulatory consultations on a broad range of banking topics. Iain has been an Honorary Visiting Professor in the Faculty of Actuarial Science and Insurance at Bayes Business School (formerly Cass), City, University of London since 1991. He is Vice-Chair of the IAA Banking Virtual Forum. He has been actively involved, working with ASSA, on the Banking Fellowship courses to be offered by the IFoA from 2022.

Jennifer K. Chancey

Jennifer is a senior treasury analyst for United Bankshares, Inc. She is an integral part of the stress testing process and helps build and maintain the mathematical models to stress the bank’s capital levels. Additionally, Chancey assists with the calculation of the bank’s reserve through probability of default and severity of loan loss modeling. She graduated from United’s four-year Leadership Development Program in 2019. Chancey authored “The Case for the Bank Actuary” article for the American Academy of Actuaries’ magazine, Contingencies, and presented on the same topic at the CAS, SOA, CIA, and ASSA jointly-sponsored banking seminar in 2019. Chancey graduated from West Virginia University in 2015 with a Bachelor of Science in business administration with an emphasis in finance, Bachelor of Arts in mathematics, and minors in Spanish and statistics. She is an Associate of the Society of Actuaries, as well as a Member of the American Academy of Actuaries.

Tafara D. Muwandi

Tafara is a Fellow of the Actuarial Society of South Africa (FASSA) and Chartered Enterprise Risk Actuary (CERA). He has a Master’s in Business Administration from the Stanford Graduate School of Business and a Masters in Computer Science from Harrisburg University of Science and Technology. Tafara currently works as Senior Director of Data Science at F5 Networks where he uses actuarial and data science techniques in the cybersecurity domain.

Rajiv Kumar Singh

Rajiv is an experienced corporate professional with more than twelve years of experience within the financial services industry. He has worked at three of the big banks in South Africa and is currently a senior specialist, product owner and change manager at Absa Bank’s Corporate and Investment Banking division. Rajiv has experience in credit risk modelling of the banking and trading book portfolios. Over the last eight years, he has led the end-to-end implementation of multiple multi-million Rand strategic and tactical systems and technology solutions across the African continent. He has travelled extensively to many countries within that region. Rajiv has interests in ESG, impact investing, venture capital, private equity and giving back to the community, where he is the Finance Director of a non-profit organisation. Rajiv is also a member of the Banking Virtual Forum of the International Actuarial Association and the Deputy Chair of the System and Technology Committee at the Actuarial Society of South Africa.


Michael Tichareva

Michael Tichareva is a Fellow of the Actuarial Society of South Africa who also holds a BCom (Hons.) degree in Actuarial Science and an MBA. Michael leads a team of banking actuarial professionals at Claxon Actuaries in delivering banking consulting assignments that include IFRS 9 expected credit loss modelling, as well as insurance assignments on IFRS 17. He also specialises in impact investing within agriculture, real estate and infrastructure. Michael currently leads at a global level in developing banking practice for actuaries and continues to present at various international platforms on the involvement of actuaries in banking. Michael is the Chairperson of the Banking Virtual Forum of the International Actuarial Association.


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11/11/2021 4:00 PM - 5:30 PM