Banking actuaries: the South African experience

Speaker(s): Kudzai Chigiji, Michael Tichareva
This presentation will be to discuss how the banking practice was developed in South Africa. A detailed view of the events will be provided, including the development of the team that was instrumental during this seven-year journey as well as the resources required. The journey of the key team members in developing the Banking Fellowship Subject will also be highlighted. The role of the Enterprise Risk Management subject will also be brought up and how this was integrated into the process of qualifying as a Banking Fellow.The successes and the challenges that the team faced will also be discussed in detail, as well as how the team navigated these to achieve success in launching this new subject.Several case studies of actuaries working in banking will be discussed to highlight how they were able to penetrate the market and pave the way for other actuaries to join the actuarial banking profession and raise the profile of actuaries within banking institutions.Several key strategic objectives for the ASSA Banking team will be put foward to give insight into how ASSA intends to continue advancing this practice area.ASSA has brought the developments from Banking into the global profession throught the Banking Working Group and the Education Committee. This will be discussed briefly as well as plans for future partnerships.