Actuarial Science
Actuarial science is a discipline that assesses financial risks in the insurance and finance fields, using mathematical and statistical methods. Actuarial science applies the mathematics of probability and statistics to define, analyse and solve the financial implications of uncertain future events.
Who areActuaries?
Actuaries are Risk Managers. The future is uncertain and full of risk. Risk is the chance that an undesirable event will occur, but risk is also opportunity. That's where actuaries come in. They are experts in:
To put it simply, an actuary specializes in evaluating financial implications of risk and uncertainty, while devising solutions to reduce chances of any future risks and occurrence of any undesirable events.
"Risk is at the heart of the problems actuaries solve"
Role of an actuary
Actuaries have been preconceived to be relevant to just insurance industry and banking for long. However, their work can expand to diverse industries such as banking, healthcare, pensions and benefits, asset management, capital project, investments, risks and others.
They can have roles of consultants, analyst, trouble-shooters, risk assessors, amongst others in these industries.
