The Institute and Faculty of Actuaries, in partnership with the Scottish Financial Risk Academy (SFRA), has launched the Actuarial Research Centre, or the ARC (www.actuaries.org.uk/arc).
Based in Scotland, the ARC has been established to create a bridge between actuarial research and business and will become an international centre for the furthering of actuarial science.
Launched at the Scottish Parliament
The ARC's launch was announced at a reception to celebrate academic excellence at the Scottish Parliament. David Hare President Elect of the Institute and Faculty of Actuaries said "The Institute and Faculty of Actuaries has provided substantial funding to bring the ARC to life because it is vital that the international actuarial profession has a centre of excellence that produces valuable research that can benefit not only the profession, but also the businesses that actuaries work within.
"ARC funding will significantly increase the availability of scholarships for talented and aspiring PhD students. Co-sponsorship of PhDs will allow businesses to engage in long-term research projects that would be difficult to resource in-house. The research undertaken at the ARC will help to shape future business strategies."
The principal aim of the ARC is to be an international centre of excellence for actuarial research. Students will work on boundary pushing research with practical applications for business, the public, Governments and policy makers across the world.
Professor Andrew Cairns, Heriot-Watt University, and first Director of the ARC"The ARC has been designed to work in partnership with companies. Already Hyman Robertson and Partnership are co-sponsoring two research projects and we look forward to discussing the benefits that the ARC offers businesses with more companies."
Professor Andrew Cairns, from Heriot-Watt University and first Director of the ARC, believes that it will add value to businesses, the public, Governments and policy makers. He said; "The principal aim of the ARC is to be an international centre of excellence for actuarial research. Students will work on boundary pushing research with practical applications for business, the public, Governments and policy makers across the world.
"The ARC will achieve this by providing sponsorships to support PhD students from a variety of relevant backgrounds whose research will focus on a range of topics that are of importance to the actuarial profession and to the financial services industry. All research will be published and therefore accessible to everyone."
Sponsoring PhD students
The ARC launches with two sponsored PhD students, with a third joining in 2013. It is expected that the ARC will sponsor six PhD students by 2014.