Actuarial scientists say last January’s activation of the
International Financial Reporting Standards (IFRS9) has created new
actuarial jobs.
The Actuarial Society of Kenya (Task)
said members’ contribution to financial sector development was now held
highly since an expert’s opinion on individual financial histories was
crucial to determining risk profiles, before determining the amount of
money one can be loaned.
“IFRS9 triggered a higher
provisioning for loans and this means banks need professionals who can
calculate loanees’ risk profile on an anticipated default basis rather
than the realised loan losses,” said Task national treasurer Ezekiel
Macharia.
Task has formed a taskforce to oversee
formulation of a new post-university curriculum for actuarial scientists
to enjoy mentoring from Kenya’s 40 practising scientists.
He
said University of Nairobi, Strathmore University and College of
Insurance had been roped in as host institutions for the soon to be
launched practical curriculum.
The curriculum has also
received support from training institutions in Uganda, Seychelles and
Tanzania and is set for rollout next year.
“We prepare
long-term financial modelling plans that enable businesses to understand
clients “future’ financial positioning and enable government to rollout
programmes on a gradual pace that ensures value for money,” he said.
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