A New Field for Actuaries - Assessing Psychological Capacity for Risk Taking and Risk Management
From time to time, the Society sponsors research projects, with a view to enhancing the contribution that actuaries can make in traditional actuarial fields and in wider fields where actuarial thinking and techniques can add value.
One such project was recently completed by Colm Fitzgerald, a Fellow of the Society.
Colm will present the results of his research into the psychological capacity of individuals and groups to make effective risk management decisions. He will describe the risk personality tests that he has developed in order to help individuals and groups (such as Boards of Directors) to understand and overcome the psychological, emotional and irrational biases that affect their decisions on risk taking.
This subject has much relevance for actuaries and others, both generally and directly in the fields of risk management and investment.
Colm’s research paper is attached.
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