Enterprise risk management (ERM) isn’t a traditional destination for most actuaries, and when Malika El Kacemi-Grande, FCIA, began her actuarial career in traditional pricing roles within the property and casualty (P&C) insurance sector, she wasn’t planning to become a chief risk officer (CRO). But her path would evolve in a way that reflects a growing trend (and opportunity) for actuaries to bring their skills to broader, enterprise-level decision-making.
Today, as CRO of a P&C reinsurance company, Malika stands at the intersection of risk, strategy and enterprise risk leadership. Her journey offers a compelling case for how actuarial training can lead to influential roles in ERM, a field that’s becoming increasingly vital as businesses navigate a world of climate instability, geopolitical shifts and technological disruption.
Taking her career beyond the traditional actuarial path
Malika’s interest in ERM began early in her career, while studying it for an actuarial exam. That curiosity only deepened as she began working in consulting, where she had her first opportunity to contribute to an ERM project.
But it was a pivotal moment in her current organization that truly pulled her into the ERM space. Her employer was planning to set up a branch in Canada, and Malika saw the work not as a compliance task but as a strategic opportunity, stating that “it was a chance to set up a strong foundation for sound risk management that would support the branch’s growth and success.”
This hands-on experience, combined with her problem-solving background and cross-functional insights from roles in pricing, reserving and financial reporting, helped her bridge the gap between actuarial work and enterprise risk management.
Bringing an actuarial mindset to ERM
ERM focuses on understanding how different parts of an organization interact, and how risks cascade across those areas. Malika’s actuarial training gave her an advantage in this environment, as the profession emphasizes problem solving and risk assessment.
Her experience collaborating across departments (from underwriting and claims to IT and finance) proved essential in developing risk frameworks that are not just technically sound, but business-relevant. She also took initiative to research ERM approaches in different jurisdictions, ensuring her perspective was both deep and wide.
Stepping into the CRO role, however, required more than technical acumen. The learning curve was steep, and she had to ask questions and seek advice from experts in risk management – from both actuaries and non-actuaries. The transition also demanded a shift in mindset: understanding business strategy, thinking long term, and aligning risk decisions with an organization’s vision and culture. Her natural curiosity and entrepreneurial spirit helped her rise to the challenge.
The growing importance of ERM (especially for actuaries)
In today’s volatile environment, ERM is no longer optional for organizations operating in complex risk landscapes – it’s essential.
This is especially true in re/insurance, where risks are rapidly evolving and traditional models are under stress.
One of the most pressing areas of change is climate-related risk. Malika sees this as a growing challenge that directly affects her role as CRO, explaining that “climate risk is a transverse risk that affects the entire risk framework. It necessitates comprehensive assessments that account for interdependencies across the supply chain.”
As actuaries, she notes that we observe firsthand the increasing frequency of severe weather events. Catastrophes that were once considered one-in-a-hundred-year events are now occurring with much shorter return periods. The actuarial toolkit (including scenario analysis, modelling and forecasting) is ideally suited to help organizations make sense of these changes.
However, it’s not just climate change. Malika emphasizes that actuaries must also turn their attention to emerging risks like artificial intelligence and geopolitical volatility.
“We must remain vigilant and be mindful of potential interdependencies. For instance, the proliferation of AI data centres may have a significant impact on climate risk.”
Why actuaries should consider working in ERM spaces
Despite the clear relevance of actuarial skills to ERM, many actuaries still view leadership roles in enterprise risk as outside their natural path. Malika challenges this assumption.
“I studied actuarial science because I enjoy problem solving. This profession allowed me to apply my skills in diverse ways, breaking out of silos and exploring various areas to broaden my horizons.”
Her work in consulting and cross-department collaboration helped prepare her to think more holistically and lead at a strategic level.
More broadly, actuaries are exceptionally well-suited for CRO roles. Their rigorous training combines deep analytical expertise, a robust understanding of insurance and financial risk, and a strong commitment to professional and ethical standards. These attributes uniquely position actuaries to navigate today’s complex risk environments and lead with both insight and integrity.
Her advice to other actuaries?
“You can’t master every subject. Ask questions and seek advice from experts. Cultivate a ‘beginner’s mindset’ and enjoy the journey of a lifelong learner.”
Preparing the profession for broader impact
As the actuarial profession evolves, Malika shares her belief that the key to success lies in openness and adaptability. The profession can’t train actuaries for every non-traditional path, but it can encourage exploration. “It’s up to us to follow our passions, dive into new challenges, and leverage our actuarial knowledge and expertise to forge innovative paths forward.”
She also sees a growing need for actuaries to communicate the strategic value they bring to organizations. ERM broadens our perspective, enabling those working in the profession to identify and address a large spectrum of risks. Actuaries who can translate technical insights into enterprise-wide strategies will become invaluable players in navigating tomorrow’s risk landscape.
The future is risk-informed and actuary-led
Malika is optimistic about the future for actuaries in ERM and enterprise risk leadership:
“Emerging risks represent complex challenges. Actuaries, with their specialized training in problem solving and risk assessment, are uniquely positioned to apply their knowledge across the broader risk landscape.”
Her own path – from pricing analyst to CRO – is proof that actuaries can lead far beyond the traditional boundaries of the profession. And as risks grow more systemic and interconnected, the demand for that kind of leadership will only increase.
The opinions expressed in this article are those of the interviewee and contributor, and do not represent an official statement of the CIA.
