2022
Greetings from the new President
Yasushi UedaPresident
The Institute of Actuaries of Japan
Greetings to everyone. My name is Yasushi Ueda and I am the new President, appointed April 1, 2022. It's a pleasure to have this opportunity to share a few things with you on the occasion of my appointment as President of the Institute of Actuaries of Japan.
The environment in which we work has been changing dramatically in recent years. Japan persistently struggles with a declining birth rate and aging demographic profile. Financial systems are growing ever more sophisticated and complex, while AI and DX continue to advance. On a broader front, multiple tail risks are worsening at the same time. Geopolitical risk is intensifying, as witnessed in the current war between Russia and Ukraine. Pandemic risk from COVID-19 is lingering, while the risk of natural disasters, such as major earthquakes and floods, is ever-present. As professionals in the field of risk management, we actuaries shoulder a heavier burden of responsibility than ever, and society's expectations of us have never been higher.
It was against this background that my predecessor as President, Hiroshi Shoji, introduced a series of innovations. He revised the Actuary Code of Professional Conduct and established the Standards of Professional Conduct ; introduced group training in the new fields of data science, financial systems and actuarial risk management; and shifted the certification exam for actuaries to a computer-based training (CBT) format. These reforms contributed enormously to the development of the Institute and its membership, and I would like to take this opportunity to reiterate my deep gratitude for his hard work.
In FY2022 the Institute will build and expand on these initiatives. We will fully introduce the group training I just mentioned and firmly implement the CBT format for certification exams. Here in Japan, we will conduct technical studies and studies of verification methods regarding valuation of insurance liabilities, in preparation for the government's introduction of economic-value-based solvency regulation, which is planned for 2025. The Institute will also move forward with full-fledge preparations for Japan to serve as the host country for the 2026 International Congress of Actuaries.
Also, as I mentioned at the outset, each individual actuary must redouble his or her efforts to improve skills and knowledge and attain higher levels of professionalism. To ensure the steady advance of actuarial science as a profession that correctly discharges its solemn responsibilities to society, we must upgrade and enhance our educational systems, while working together as members and encouraging each other in constant improvement. In this way we will bolster the dynamism and effectiveness of the Institute as a whole.
The operations of the Institute are centered primarily on the activities of its various committees and subcommittees, but the foundation that underpins their good work is the active voluntarism of the members. I am determined to make every effort to support the development of actuarial science and enhance the brand of actuary, and so I ask you all for your kind understanding, support and cooperation.
Let's make the Institute of Actuaries of Japan more academic and more active than ever!