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Actuarial science a valuable tool in indentifying risks, House President says

May 16, 2019 at 10:01am

The actuarial profession in a globalised and complex economy will be imperative, President of the House of Representatives Demetris Syllouris has said, adding that that actuarial science has been, and continues to be, a valuable tool for identifying, assessing and managing risks in the face of the acute problems that continue to persist.

“Modern societies continuously face many obstacles such as rapid developments, disruptive changes, other diverse problems, as well as challenges from within the financial and socio-political sphere — particularly given the major technological revolutions that are currently happening. This dictates that those who are involved must remain vigilant to these changes, so that they will be ready to cooperate together in synergy in order to be one step ahead,” Syllouris said addressing the official dinner at the 4th Cyprus Association of Actuaries Conference.

In this context, Syllouris added, the profession of an actuary is undoubtedly prominent, suited for the modern age and has much to offer; a profession whose scope continues to expand worldwide within the economic and financial sector of social protection and politics, and of course, general risk management.

He also highlighted the crucial role of the actuarial profession within our country’s economic and social life that has emerged from a painful environment created by the recent unprecedented financial crisis along with its lasting effects.

“Given these difficult conditions, actuarial science has been, and continues to be, a valuable tool for identifying, assessing and managing risks in the face of the acute problems that continue to persist, he concluded.

(Cyprus News Agency)