New Institute of Actuaries of Australia President Fred Rowley says more formal educational training is needed if actuaries are to comprehensively serve insurers, fund managers, banks and financial conglomerates.

He says there is an urgent need for holistic risk management skills across the finance industry, “and actuaries are ideally placed to provide commercial advice to fill this gap”.

Actuaries should seek greater recognition in the emerging enterprise risk management field, and require more comprehensive risk management skills in their formal education.

Mr Rowley is also pushing for more rapid globalisation of actuarial techniques, standards and qualifications. He says there is scope for actuaries to help manage the economic risks and effects of climate change.

On July 1 the Australian Prudential Regulation Authority (APRA) will issue prudential standards and guidance on risk management for life companies that will require reporting on an entity’s risk management strategy and framework.

“Prudential regulators are increasingly focusing on the need for complete risk coverage, and actuaries need to be ready to meet this shift,” Mr Rowley said.