The Minister of Labour and Social Security Brenda Tambatamba has urged the Actuarial Society of Zambia to enhance its relevance, visibility and importance to its profession.
Speaking when the Actuarial Society of Zambia delegation led by the Association President Mulenga Mutati paid a courtesy call to her office, Ms Tambatamba encouraged the Society to reach out to the entire financial service industry and not only to the pension and insurance industry.
Ms Tambatamba stated that the Actuarial Society should start thinking of repositioning themselves with the Government’s transformational agenda.
“By repositioning yourselves, there will be more opportunities in both the public and private sectors for the profession,” Ms Tambatamba stated
The Minister expressed contentment that the society has joined hands with the academia, the pensions and insurance sectors to grow the Zambian capacity in the profession through servicing the nation and the region.
She added that last year, the Ministry engaged the International Labour Organization (ILO) to help with actuarial work with the understanding that all the public schemes were hiring external consultants to provide the needed services.
Meanwhile, the Actuarial Society of Zambia President Mulenga Mutati disclosed that the Society has been in existence since 2008 and is willing to work on different projects in partnership with the Government.
“The Society currently has a membership of seventy (70) members countrywide,” Mr Mulenga said
Mr Mulenga revealed that the growth of this profession will resolve the current challenges that institutions of higher learning are facing where graduates are complaining that there are no jobs for Actuarial professionals in the country.
The Actuarial Society of Zambia (ASZ) is a professional body representing the Actuarial profession in Zambia, with the mission to raise visibility around the Actuarial profession, across the financial services industry as well as higher education, the society is committed to promoting and encouraging a high standard of the Actuarial practice within the Zambian Pensions and Insurance industry. The Actuarial Society was registered 18th December, 2008 under the Society’s Act.
An Actuary is a business professional who deals with the measurement and management of risk and uncertainty by analysing the financial costs of that risk and uncertainty through the use of mathematics, statistics, and financial theory to assess the risk of potential events, which helps businesses and clients to develop policies that minimize the cost of those risks.