The New knowledge frontier

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<title>New knowledge frontier</title>
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<namePart>Cleary, Patrick </namePart>
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<abstract displayLabel="Summary">Humanity is facing a climate crisis, as well as other sustainability concerns, and actuaries will need new knowledge and skillsets if they are to deal with these challenges in their day-to-day roles. While these challenges present a huge risk in that they could potentially make our profession uncompetitive, they also provide an unprecedented opportunity for actuaries to take a leading role. Do all actuaries need to know about climate and sustainability issues? Yes - for two key reasons. Firstly, there is the sea-change in society's attitude: the public now expects policymakers and regulators to understand climate risk and the transition to a low-carbon economy. When you have this understanding, you quickly see the interconnectedness of all sustainability issues. Secondly, and more fundamentally, actuaries use data to make financial judgments about the future. Traditional tools that do not allow for constraints and dynamic interactions do not adequately describe that future. Without significant overhaul, many of these tools will no longer be fi t for purpose. They obscure the uncertainties that we must acknowledge if we are to make informed judgments about the future. If we are too narrow when it comes to considering risks, we could be overconfident in giving advice - and give too little consideration to uncertainties.</abstract>
<note type="statement of responsibility">John Bayliss, Patrick Cleary</note>
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<title>The Actuary : the magazine of the Institute & Faculty of Actuaries</title>
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<publisher>London :  Redactive Publishing, 2019-</publisher>
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<text>01/12/2020 Número 11 - diciembre 2020 , p. 18</text>
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