Crystal Risk Consulting : Independent Actuarial & Risk Management Consultancy
Papers & Articles

We have produced or helped to produce academic papers and articles covering a wide range of risk-related topics, linked to which can be found below:

 

Strategy Risk

"Strategy and Risk in UK Life Insurance Companies - a Guide for Non-Executive Directors" - March 2015 paper on strategy risks faced by UK life insurers and the impact of strategy on wider risk profile 

"Strategy Risk - what is it ? and how do we manage it" - February 2017 presentation to the Investment and Life Assurance Group (ILAG) Non Executive Director Forum

"Stress and Scenario Testing - A practical viewpoint" - October 2015 presentation to ILAG

“Comparison between UK bank and life insurance Risks” – December 2007 and January 2008 articles for the Actuary magazine comparing differences between UK banks and life insurers

Presentation to the Actuarial Profession on the same (as part of a presentation by the Profession’s Action Group for Banking)

 

Operational Risk - General

“Good practice guide to setting inputs for operational risk models" - March 2016 paper by the Institute and Faculty of Actuaries Operational Risk Working Party lead by Patrick Kelliher

“Quantifying Operational Risk in Life Insurance Companies” – May 2006 paper by the Life Operational Risk Working Party 

Presentation to the 2006 UK Actuarial Life Insurance convention on the above

 

Operational Risk - Information Security and Cyber Risks

“Information Security, Cyber Crime and GDPR" - December 2017 presentation to the Network of Consulting Actuaries (and subsequently to Knoledge Sharing Scotland) on information security and cyber risks, the overlaps and differences between the two, and providing an overview of how these risks should be modelled as well as GDPR

“Briefing note on GDPR" – Q4 2017 note on GDPR and its impacts for actuaries and insurers in particular 


Market Risk

“How should Insurers optimally manage Market Risk” – chapter written for the book “Risk Management Issues in Insurance” (Bloomsbury, 2013)

 

Liquidity Risk

“Liquidity Management in UK Life Insurance” – April 2005 paper on liquidity risk in UK life insurers and how this may be managed

“Liquidity Risk and the Global Financial Crisis” – October 2009 presentation to the UK Actuarial profession as part of its “Our Changing Future” series and also its 2009 Life Insurance Convention

 

Risk Classification and Identification

“A common risk classification system for the Actuarial Profession” – a paper by the Risk Classification Working Party lead by Patrick Kelliher and presented to the UK Actuarial profession in October/November 2011 setting out a generic risk classification system freely available to all risk professionals

Spreadsheet linked to the above with the detailed risk classification outlined in the paper

Presentation to the Actuarial Profession on the common risk classification system, October/November 2011

June 2011 article for the Actuary magazine on the above

 

Solvency II

"How to review an ORSA" - extended version of an esssy produced for a Society of Actuaries competition outlining what a good ORSA should cover

 

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