Prof. Mary HARDY

Transforming Africa with Actuarial Science

Expertise: Actuarial science, solvency and risk management in financial engineering

Professor Hardy is a Fellow of the Society of Actuaries (SOA) and of the Institute of Actuaries, and is a Chartered Enterprise Risk Analyst. She is a frequent speaker at SOA meetings, and is involved in the SOA education system, on the Education Executive committee, and as a trainer of education volunteers. Her research in applied risk management has led to several industry oriented projects. In particular, she was a member of the task force of the Canadian Institute of Actuaries (CIA) charged with developing a methodology for capital requirements for segregated fund guarantees.

Prof. Hardy is the editor of North American Actuarial Journal and is associate editor of ASTIN Bulletin and Insurance: Mathematics and Economics. She was previously editor of Annals of Actuarial Science.

Prof. Hardy develops methods for managing risk; adapting financial mathematical techniques to the particular problems of insurance companies. In today’s global economy, diversification and new investment opportunities have changed the way risk affects investment and insurance strategies. Insurance companies need to have viable, sustainable action plans and contingencies in place for low-risk, high-loss eventualities.

Two of Hardy’s books have been adopted by the CIA and the SOA as a textbook for professional exams. Actuarial Mathematics for Life Contingent Risk, co-authored by David Dickson and Howard Waters, is the designated text for the MLC exams. Investment Guarantees: Modelling and Risk Management for Equity Linked Life Insurance is a required text for students specializing in individual life insurance. Helping student and professional actuaries apply new models to manage risk, contracts, and the economical capital required to meet liabilities is part of Mary's work.

Professor Hardy was elected to the Board of Governors for the SOA in 2004 and was elected vice-president for 2007-2009. This position allowed her to influence policy, stewardship and ensure the quality of training and resources. "Actuaries have a huge responsibility for ensuring that insurance and pension payments are there when they are needed. The Society of Actuaries is responsible for credentialing. That, in turn, places the SOA leadership in a critical role in determining standards for risk management education." says Hardy. "It’s very gratifying to make a difference.”

Prof. Hardy has taught at AIMS Ghana.

For more: University of Waterloo Biography