I see this operating at three levels.
1. At the business level, we must not just do the work within our technical roles; we must be proactive in the wider conversation. Communicate our analysis clearly, make sure our assumptions are fit for purpose, and recommendations understood.
2. At the industry level, we can be braver in questioning the efficacy of our business and regulatory assumptions. For e.g. are our bonuses sustainable, are covenant risks in pensions captured, are products too opaque and expensive, and are we transferring too much risk to customers? Do we capture all the risks outside our modelling systems? In these areas, actuaries need to work in concert, to engage regulators and leaders in the industry.
3. At the societal level, we have big issues of sustainability – climate change, maintenance of bio-diversity, health and economic security, AI and ethics and non-linear complex systems. Actuaries’ skill sets can help influence public discourse for long term good of society.
For too long, we have stuck too closely to our core technical work. Let us change this.
We consider ourselves risk professionals – we must speak up. If it is not us, who? If not now, when?