Adapting to Radical Uncertainty

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Behavioural Science Series: Adapting to Radical Uncertainty

The world is changing. The fourth industrial revolution, globalisation and the COVID-19 pandemic are up-ending traditional social and business norms around the world; changes that were once predictable, steady and stationary are now becoming unpredictable, non- linear and non-stationary.

In response to this tumultuous transformation, Tan Suee Chieh has advocated a reinvention of the actuarial profession, through the adoption of the IFoA’s Vision, Skills, Mindsets and Domains (VSMD) Strategy, to ensure actuaries remain relevant and forward-looking. As part of the Behavioural Science Series, Melinda Strudwick, Andrew Smith, Neil Cantle and Paul Kaye will discuss the challenges faced by decision makers in trying to understand very uncertain situations and how the effective appreciation and discourse of uncertainty can lead to better, more informed, decision making.

Many decision makers and their advisers do not always face up to uncertainty, in part because there is little constructive guidance or tools available to help. During this webinar, the speakers will outline the necessary principles to help manage or adapt to uncertainty, which were formed following extensive debate and research over a five year period. While this is an important topic for actuaries, the learnings from the webinar are designed to equip all professionals in a decision-making role in any sector – public or private.

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