A highly technical field focused on the analysis and assessment of financial risks
The Actuary is an expert in analysis, evaluation and management of financial risks ie hazards on future cash flows. The hazard relates to the occurrence of an event, the event occurrence date as the amount involved. These risks concern the occurrence or not of an event, the date of occurrence of the event and the amount of its financial consequences.
Actuaries are specialists in the application of probability calculations and statistics to questions of insurance, finance and social welfare. As such, they analyze the financial impact of risk and evaluates related future cash flows.
The actuary uses mathematics and statistics techniques, but also specialized multidisciplinary skills in the areas of IT, economics, finance and accounting as well as law to describe and modelize predictively some future events such as human life duration, claims frequency, the extent of financial loss, ...
A contribution in many areas - a decision support
This expertise is applied in the field of Life and Non-life Insurance but also in Finance or Banking due to the fluctuation of exchange rates, interest rates, values of securities etc ...
For banks or businesses and industries, Actuarial allows to address the issue of staff benefits (End of Career benefits / IFC, supplementary pension, service awards, death, ...) which also incorporate hazards.
A regulated profession
Actuaries education, diploma and profession are organized and meet very specific criteria defined by scholarly societies at national and international level.The International Actuarial Association (IAA)
is the global actuarial order that defines the world order of actuaries defines the international standards of the profession and recognizes the affiliated national structures awarding the title of actuary meeting the standards.
In Africa, only four structures are recognized by the IAA: the Egyptian Society of Actuaries, the Moroccan Association of Actuaries, the Actuarial Society of South Africa
and the Institute of Actuaries of Côte d’Ivoire (IACI).
Thus, in Côte d’Ivoire as in West and Central Africa, the number of graduates is very limited. The establishment by IACI of a training program awarding the title of Actuary in Côte d’Ivoire is under process. Are recognized as Actuaries professionals which education meets all the conditions imposed by the IAA in the country in which they have been graduated, be it France, Britain or the United States.