The Enterprise Risk Management (ERM) Working Party is a key group within the Actuarial Society of Kenya (TASK) focused on promoting and advancing best practices in risk management across various sectors. Comprised of actuaries and risk management professionals, this working party is dedicated to enhancing the understanding, application, and integration of ERM principles within organizations in Kenya.

Roles and Objectives:

1. Provide an overview of best practice ERM Frameworks and benchmarking to the local environment and provide recommendations for implementation
2. Collaborate with multiple working parties to develop and consolidate frameworks for General Insurance, Pension, and Health Insurance into a unified Kenyan Solvency Assessment Framework to guide future discussions with regulatory bodies (IRA/RBA).
3. In consultation with relevant working parties, review and propose appropriate stress test levels for Life, Pension, Health, and General Insurance parameters in capital calculations.
4. Support the IFRS 17 Working Party in identifying and addressing ERM intersections with IFRS 17 standards.
5. Conduct a market survey to assess the acceptance and integration of actuaries in risk management roles within Kenya’s financial industry.

By fulfilling these roles, the ERM Working Party supports TASK’s mission to promote excellence in the actuarial profession and contributes to the development of a robust risk management culture in Kenya, helping organizations navigate an increasingly complex risk landscape.

Join the ERM Working Party