A technical field focused on financial risk analysis
An actuary specialises in analysing, assessing and managing financial risks associated with future cash flows. These risks relate to whether an event occurs, when it occurs and the financial consequences that follow. Actuaries apply probability and statistics to insurance, finance and social welfare. They assess the financial impact of risks and estimate the future cash flows involved. Their work draws on mathematics, statistics, information technology, economics, finance, accounting and law to model future events such as life expectancy, claim frequency and the scale of financial losses.
Decision support across several sectors
Actuarial expertise is used in life and non-life insurance, finance and banking, including to assess changes in exchange rates, interest rates and security values. Banks and commercial or industrial businesses also use actuarial methods to assess employee benefits such as end-of-service payments, supplementary pensions, long-service awards and death benefits.
Profession subject to professional standards
Actuarial education, qualifications and professional practice follow precise criteria set by professional bodies at national and international levels. The International Actuarial Association (IAA) defines international standards and recognises national associations that meet them. Qualified actuaries remain relatively few in Côte d’Ivoire and across West and Central Africa; the qualifications required depend on the training completed and the applicable professional standards.