SP9: Study Guide Page 1

Subject SP9
2025 Study Guide
Contents

Section 1 Introduction Page 1

Section 2 Subject sequencing and contents Page 2
Section 3 Syllabus Page 4
Section 4 Core Reading Page 11
Section 5 Skills and assessment Page 14
Section 6 ActEd study support Page 16
Section 7 General support and information Page 20

1 Introduction
This Study Guide has been created to help you navigate your way through Subject SP9. It contains
useful information you will need before starting to study Subject SP9 for the 2025 exams. You
may also find it useful to refer to throughout your studies.

Further information on study skills can be found on our website at ActEd.co.uk.

Please read this Study Guide carefully before reading the Course Notes, even if you have studied
for some actuarial exams before.

Before you start

When studying for the Institute and Faculty of Actuaries’ exams, you may need:
 a copy of the Formulae and Tables for Examinations of the Institute and Faculty of
Actuaries, 2nd Edition (2002) – these are referred to simply as the Tables
 a scientific calculator and/or software package to help with calculations.

The Tables are available from the Institute and Faculty of Actuaries’ eShop. Please visit
actuaries.org.uk.

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2 Subject sequencing and contents

2.1 Links to other subjects

Associate Qualification

Enterprise Risk Management (ERM) draws from across Associate Qualification subjects, in
particular:
 foundational statistical modelling techniques developed in Risk Modelling and Survival
Analysis (Subject CS2)
 the principles of actuarial modelling as used in the quantitative measures of risk in
Economic Modelling (Subject CM2)
 understanding the nature of risks and how to manage these risks is vital for business
entities and other organisations. Actuarial Practice (Subject CP1) provides a fundamental
background to different types of risk from an actuarial perspective and how these risks
can be managed.

Chartered Enterprise Risk Actuary (CERA)

Chartered Enterprise Risk Actuary (CERA) is a global credential for risk management professionals.
It is awarded by the IFoA on behalf of the CERA Global Association (CGA).

Associates or Fellows can obtain the CERA credential if they pass (or have an exemption to)
Subject SP9 and successfully attend the CERA seminar. For more information, please see the IFoA
website.

2.2 Subject contents

There are six parts to the Subject SP9 course. The parts cover related topics and are broken down
into module. At the end of each part there is an assignment testing the material from that part.

The following table shows how the parts and modules relate to each other. The final column
shows how the modules relate to the days of the regular tutorials. This table should help you plan
your progress across the study session.

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No of X Tutorial –
Part Module Title
pages Assignment 3 days
1 What is ERM? 15
2 Why (E)RM? 15
3 Risk taxonomy 37
1 4 How to do ERM – internal risk frameworks 32 X1
5 External risk frameworks (mandatory) 30
6 External risk frameworks (non-mandatory) 29
7 Financial statements 33 1
8 ERM processes and structures 18
9 Risk policy 26
10 Monitoring and communication of risk 21
2 X2
11 Stakeholders 27
12 Governance functions and the role of the CRO 32
13 Business analysis, risk id and initial assessment 40
14 Introduction to risk measurement 41
15 Introduction to risk modelling 42
16 Statistical distributions 37
3 X3
17 Time series analysis 24
18 Copulas 50
19 Fitting models 37
2
20 Extreme value theory 31
21 Use of models in ERM 19
22 Assessment of market risks 29
4 X4
23 Assessment of credit risks 36
24 Assessment of operational risks 26
25 Assessment of other risks 29
26 Risk optimisation and risk responses 36
27 Management of market risk 42
5 X5
28 Management of credit risk 33
29 Management of operational and other risks 33
30 Capital management 62 3
31 ERM implementation 23
X6
6 32 Case studies 50
33 Principal terms 22
34 References and Further reading 6 N/A

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3 Syllabus
The Syllabus for each subject is produced by the Institute and Faculty of Actuaries. It includes
information to support the study of this subject. The Syllabus will guide you through what you
need to learn, the application of learning as well as the skills that you need to develop.

Students can use the Syllabus as a guide for learning and development. We recommend that you
use the Syllabus as an important part of your study.

3.1 Aim
The aim of Subject SP9 is to gain a detailed understanding of the main principles of Enterprise Risk
Management (ERM) within an organisation, including governance and process, as well as
quantitative methods of risk measurement and modelling. This subject is a requirement to attain
the Chartered Enterprise Risk Actuary (CERA) Credential and this syllabus is based on the syllabus
published by the CERA Global Association, (version dated January 2024).

3.2 Topics and topic weightings

This subject covers the following topics:
1. ERM concept and framework (15%)
2. ERM process (10%)
3. Risk categories and identification (10%)
4. Risk modelling and aggregation of risks (15%)
5. Risk measurement and assessment (15%)
6. Risk management tools and techniques (20%)
7. Capital management (15%)

The topic weighting percentage noted alongside the topics is indicative of the volume of content
of a topic within the subject and therefore broadly aligned to the volume of marks allocated to
this topic in the examination. For example, if a topic is 20% of the subject then you can expect
that approximately 20% of the total marks available in the examination paper will be available on
that topic.

Students should ensure that they are well prepared across the entire syllabus and have an
understanding of the principal terms used within the course.

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Students will be expected to be able to apply knowledge and skills from across the syllabus topics
to scenarios and questions proposed by the examiners and produce coherent solutions and
actions, including:
 analysing complex problems in terms of actuarial, economic and financial factors to a level
where appropriate analytical techniques may be used
 assessing the implications and relevance of such factors, integrating the results into a
coherent whole
 evaluating the results critically in a wider context, drawing appropriate conclusions
 proposing solutions and actions, or a range of possible solutions and actions, based on
this evaluation.

3.3 Objectives
The detailed syllabus objectives for Subject SP9 are given below. To the right of each objective are
the module numbers in which the objective is covered in the ActEd course. The relevant
individual syllabus objectives are also included at the start of each course module.

1. Enterprise Risk Management (ERM) concept and framework (15%)

An introduction of the key principles and concepts of ERM, how it is applied in an

organisation, and how external and regulatory risk frameworks can influence an
organisation’s approach to ERM.

1.1 Explain the principal terms in Enterprise Risk Management (ERM).

(Modules 1 to 5)

1.2 Describe the concept of ERM, the drivers behind it, and the resulting value to
organisations. (Modules 1 and 2)

1.2.1 Define what is meant by ERM.

1.2.2 Describe the role of the following concepts in ERM:

• the holistic approach
• downside and upside risks
• measurement of risk
• unquantifiable risks
• responses to risk, and risk management.

1.2.3 Describe the benefits of ERM.

1.3 Discuss the framework for risk management and control within a company.
(Modules 4, 10, 12, 13 and 31)

1.3.1 Recommend an appropriate framework for an organisation’s ERM.

1.3.2 Propose best practice ERM approaches in compliance and corporate governance.

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1.3.3 Discuss governance issues including market conduct, audit, and legal risk.

1.3.4 Evaluate an organisation’s risk management culture, including risk awareness,

accountabilities, collaboration, incentive compensation, communication and the
problem of bias.

1.4 Demonstrate an understanding of the external environment.

(Modules 5, 6 and 8)

1.4.1 Discuss the impact of the external environment on an organisation’s ability to

achieve its objectives.

1.4.2 Describe how an organisation can adapt to unforeseen changes in its risk
environment.

2. ERM process (10%)

Implementation of an ERM framework across an organisation with consideration of key

stakeholders, and both operational and strategic issues, and reviews past real-life
examples.

2.1 Demonstrate an understanding of the relevance of ERM to all stakeholders.

(Modules 3 and 11)

2.1.1 Compare the relevance of risk measurement and management to various

stakeholders.

2.1.2 Explain contagion and how it affects different stakeholders.

2.1.3 Explain the risks arising from any misalignment of interests between different
groups of stakeholders.

2.2 Demonstrate how to determine and articulate risk appetite, risk capacity, risk
tolerances, desired risk profile and risk objectives. (Modules 9 and 10)

2.3 Evaluate the elements and structure of a successful risk management function.
(Module 12)

2.3.1 Describe the ERM roles and responsibilities of the people within an organisation
and how the different groups should interact.

2.3.2 Recommend a structure for an organisation’s risk management function.

2.4 Assess the implications of financial and other risks and opportunities for strategic
planning and the selection of strategy. (Module 8)

2.5 Demonstrate the application of the risk management control cycle, including the
relevance of external influences and emerging risks, such as climate risk and
cyber risk. (Modules 8, 10, 13 and 26)

2.6 Describe methods for the identification of risks and their causes and implications.
(Module 13)

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2.7 Describe the characteristics of effective risk communication appropriate for the
target audience. (Module 10)

2.8 Discuss important past examples of both good risk management practices and of
risk failures, for financial and non-financial entities, including proposing solutions
for how better risk management might have prevented these failures. (Module 32)

2.9 Propose an ERM process that creates value for an organisation. (Module 32)

3. Risk categories and identification (10%)

How risks can be defined and classified, including any difficulties that may arise.

3.1 Explain what is meant by risk and uncertainty, including different definitions and
concepts of risk. (Module 3)

3.2 Demonstrate an understanding of risk categories. (Module 3 and 13)

3.2.1 Identify the risks faced by an entity, including market risk, economic risk, interest
rate risk, foreign exchange risk, basis risk, credit risk, counterparty risk, liquidity
risk, insurance risk, operational risk, environmental risk, legal risk, regulatory risk,
political risk, agency risk, reputational risk, project risk, strategic risk, demographic
risk, moral hazard.

3.2.2 Identify emerging risks.

3.2.3 Analyse the financial and non-financial risk exposure arising from an
organisation’s current and emerging risks, including climate risk and cyber risk,
within a given context.

3.2.4 Discuss risk taxonomy, including an awareness of how individual risks might be
categorised in different ways.

3.3 Describe the relationship between systematic risk, non-systematic or specific risk,
and concentration of risk. (Module 3)

4. Risk modelling and aggregation of risks (15%)

How risks can be modelled in practice, and how suitable models can be used as part of the
overall ERM process, including the risks that are introduced by their use.

4.1 Assess the extent to which each of the risks in 3.2.1 can be amenable to
quantitative analysis. (Module 15)

4.2 Demonstrate an understanding of the use of correlation measures. (Module 15)

4.2.1 Demonstrate enterprise-wide risk aggregation techniques incorporating the use

of correlation.

4.2.2 Comment on the relative merits and implications of different correlation

measures.

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4.3 Discuss the use of scenario analysis and stress testing in the risk measurement
process, including the advantages and disadvantages of each. (Module 15)

4.4 Demonstrate understanding of the use of copulas as part of the process of

modelling multivariate risks. (Module 18)

4.4.1 Evaluate different types of copula for a given purpose.

4.4.2 Recommend an appropriate copula for a given situation.

4.5 Demonstrate how events of low frequency and high severity can be modelled.
(Module 20)

4.6 Demonstrate how extreme value theory can be used to help model risks that have
a low probability. (Module 20)

4.7 Demonstrate an understanding of model and parameter risk. (Module 21)

4.8 Discuss the use of models in the overall ERM decision-making process.
(Module 21)

4.8.1 Describe the development and use of models for decision-making purposes
in ERM.

4.8.2 Explain how the decision-making process takes account of the organisation’s risk
appetite and corporate governance, and builds on the results of stochastic
modelling, scenario analysis, stress testing and analysis of model and
parameter risk.

4.8.3 Evaluate different types of model for a given purpose.

5. Risk measurement and assessment (15%)

The different types of assessing risk, building on concepts from earlier topics, and
considering the different risk types.

5.1 Describe the properties and limitations of the following risk measures:
• Value at Risk (VaR)
• Tail Value at Risk (TVaR)
• Probability of ruin
• Expected shortfall.
(Module 14)

5.2 Assess risks that can be quantified using appropriate methods.

(Modules 16, 17, 18, 19, 22, 23 and 25)

5.3 Recommend a specific choice of model based on the results of both quantitative
and qualitative analysis of financial or insurance data. (Modules 16 to 19)

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5.4 Analyse risks that are not easily quantifiable, such as operational, environmental,
and contagion-related risks. (Modules 24 and 25)

5.5 Determine the implication of risks on an organisation’s financial statements.

(Module 7)

6. Risk management tools and techniques (20%)

Understand how assessed risks can be managed and optimised and considers risk
management approaches specific to different types of risk.

6.1 Demonstrate risk optimisation and responses to risk. (Module 26)

6.1.1 Explain how to optimise an objective, possibly subject to constraints.

6.1.2 Demonstrate risk optimisation and responses to risk using illustrative examples.

6.1.3 Analyse the risk and return trade-offs that result from changes in the
organisation’s risk profile.

6.2 Recommend approaches, which balance benefits against inherent costs, that can
be used to manage an organisation’s overall risk profile. (Module 26)

6.2.1 Describe how to reduce risk by transferring it, including insurance and
reinsurance.

6.2.2 Describe how to reduce risk without transferring it.

6.2.3 Analyse the residual risks and new risks arising following risk mitigation actions.

6.2.4 Explain how an organisation’s ability to manage risk is affected by regulatory,

capacity and cost constraints.

6.2.5 Explain how an organisation will choose to accept certain risks, and the controls it
might adopt for these retained and residual risks.

6.3 Demonstrate strategies for the management of market risk. (Module 27)

6.3.1 Recommend strategies for the reduction of market risk using financial derivatives.

6.3.2 Demonstrate an awareness of the practical issues related to market risk hedging,
including dynamic hedging.

6.4 Demonstrate the use of tools and techniques for identifying and managing credit
and counterparty risk. (Module 28)

6.5 Demonstrate possible strategies for the management of operational, liquidity,

insurance and other key risks. (Module 29)

6.6 Explain how to manage the impact of significant events after they have occurred
(eg customer remediation). (Module 32)

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7. Capital management (15%)

Understand how risk models can be used to allocate capital across an organisation.

7.1 Demonstrate an understanding of and perform capital calculations. (Module 30)

7.1.1 Describe the concept of economic measures of value and capital, and their uses in
corporate decision-making processes.

7.1.2 Evaluate different risk measures and capital assessment approaches.

7.1.3 Demonstrate the ability to develop a capital model for a representative

financial firm.

7.2 Propose techniques for allocating capital across an organisation. (Module 30)

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4 Core Reading
This section explains the role of the Core Reading and how it links to the Syllabus, supplementary
ActEd text and the examination.

4.1 Core Reading

The Core Reading has been produced by the Institute and Faculty of Actuaries. It supports
students in their learning and development of this subject by providing information and
explanation of the topics and objectives in the Syllabus.

The Core Reading is updated annually to reflect any changes to the Syllabus and current practice,
as well as for continuous improvement.

The current version of the Core Reading is up-to-date as of 31 May 2024. It references the version
of any legislation, standards, professional guidance, etc as of this date. Any known upcoming
changes to the references are noted where relevant in the Core Reading.

Accreditation
The Core Reading makes extensive reference to the following:
 Enterprise Risk Management From Incentives to Controls – Second edition – James Lam.
Wiley, 2014. ISBN-10: 111841361X, ISBN-13: 978-1118413616
 Financial Enterprise Risk Management – Second edition – Paul Sweeting.
Cambridge University Press, 2017. ISBN-10: 1107184614, ISBN-13: 978-1107184619
 Risk analysis and management for projects: a strategic framework for managing project
risk and its financial implications – Institution of Civil Engineers, and Institute and Faculty
of Actuaries, 2002. Thomas Telford Ltd.
 The Solvency II framework.
bankofengland.co.uk/pra/pages/solvency2/default.aspx
 Note on Enterprise Risk Management for Capital and Solvency Purposes in the Insurance
Industry – International Actuarial Association
Published 31 March 2009
actuaries.org/CTTEES_FINRISKS/Documents/Note_on_ERM.pdf
 Insurance Criteria: Evaluating the Enterprise Risk Management Practices of Insurance
Companies – Standard & Poor’s.
actuaries.org.uk/system/files/field/document/insurancecriteria.pdf

The latter two papers are reproduced in full in the CMP and can also be found on the Institute and
Faculty of Actuaries website.

The referenced material is cited, where relevant, throughout the Course Notes, and forms part of
the Core Reading.

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Further reading
A list of additional resources to support candidate learning and development for this subject can
be found on the Module pages on the Institute and Faculty of Actuaries’ website:

actuaries.org.uk/curriculum/

Occasional references to other reading and websites that you may find interesting or useful are
also given in the Course Notes.

4.2 Links to the Syllabus

Each part of the Core Reading relates directly to the Syllabus.

The relevant syllabus objectives are included at the start of each module for reference.

The Core Reading supports coverage of the Syllabus in helping to ensure that both depth and
breadth are re-enforced.

4.3 Links to the examination

Examiners can set questions based on any area of the Syllabus within any examination sitting and
will consider and draw from the Core Reading when setting examinations questions.

Students will be expected to apply the Core Reading to scenarios and questions proposed by the
examiners.

The exams in April and September 2025 will be based on the Syllabus and Core Reading as at
31 May 2024. We recommend that you always use the up-to-date Core Reading to prepare for
the exams.

Past papers indicate to students how the examiners apply the Core Reading. The Examiners’
Reports provide further insight as to how students answered the questions and how marks were
awarded.

4.4 ActEd text

The Core Reading deals with each syllabus objective and covers what is needed to pass the exam,
and the Subject SP9 Course Notes include the Core Reading in full, integrated throughout the
course.

However, the tuition material that has been written by ActEd enhances it by giving examples and
further explanation of key points. Here is an excerpt from some ActEd Course Notes to show you
how to identify Core Reading and the ActEd material. Core Reading is shown in this bold font.

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In the example given above, the index will fall if the actual share price goes below the theoretical
ex-rights share price. Again, this is consistent with what would happen to an underlying portfolio.

After allowing for chain-linking, the formula for the investment index then becomes:
This is
Ni,t Pi ,t ActEd
I (t )  i
B(t ) text

where Ni ,t is the number of shares issued for the ith constituent at time t; This is Core
Reading
B (t ) is the base value, or divisor, at time t.

Copyright
All study material produced by ActEd is copyright and is sold for the exclusive use of the
purchaser. The copyright is owned by Institute and Faculty Education Limited, a subsidiary of the
Institute and Faculty of Actuaries. Unless prior authority is granted by ActEd, you may not hire
out, lend, give out, sell, store or transmit electronically or photocopy any part of the study
material. You must take care of your study material to ensure that it is not used or copied by
anybody else.

Legal action will be taken if these terms are infringed. In addition, we may seek to take
disciplinary action through the Institute and Faculty of Actuaries or through your employer.

These conditions remain in force after you have finished using the course.

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5 Skills and assessment

5.1 Exam skills

In each examination, students will be expected to demonstrate, through their answers, that they
have knowledge of, can apply and use higher order skills in this subject:
 Knowledge will be demonstrated through answering questions that assess understanding
of that knowledge as well as through questions that ask for the application of relevant
knowledge to scenarios.
 Application will be demonstrated through answering questions that assess the ability to
identify and apply relevant concepts and skills to solve problems (both numerical and
non-numerical).
 Higher order skills will be demonstrated through questions that will assess the ability to
use relevant knowledge, concepts and skills to solve problems, draw appropriate
conclusions, and make meaningful and appropriate comments on those conclusions.

In Subject SP9, the approximate split of assessment across the three skill types is:
 Knowledge – 15%
 Application – 55%
 Higher Order skills – 30%.

The Institute and Faculty of Actuaries use command verbs (such as ‘Define’, ‘Discuss’ and
‘Explain’) to help students to identify what the question requires. The examination can be
composed of questions drawing from any part of the syllabus and using any command verb.

The Institute and Faculty of Actuaries has produced guidance on ‘Command verbs used in the
Associate and Fellowship examinations’, to help students to understand what each command
verb is asking them to do.

You can find the relevant document on the Institute and Faculty of Actuaries’ website at:

actuaries.org.uk/qualify/prepare-for-your-exams

5.2 Assessment
Assessment will consist of one 3 hour 20 minute timed, online examination. This time includes
reading time.

Students can expect to answer a number of questions of varying marks, using Microsoft Word to
construct and type their answers.

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5.3 Further information

The Institute and Faculty of Actuaries has produced a number of documents, which it advises
students to read and understand. In particular, the:
 Qualification Handbook, which contains information on studying and preparing for exams,
as well as available support and resources
 Examinations Handbook, which contains practical assistance on how to sit an Institute and
Faculty of Actuaries’ examination
 Assessment Regulations document, which includes rules on eligibility, entry and conduct
during an online assessment.

The Qualification Handbook can be found at:

actuaries.org.uk/qualify/student-and-associate-exam-news/qualification-handbook

The Examinations Handbook and Assessment Regulations document can be found at:

actuaries.org.uk/qualify/my-exams/ifoa-exams

IMPORTANT NOTE: These documents may be updated and re-published in the weeks leading up
to each exam session. It is important that you keep up-to-date with any changes and
developments.

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6 ActEd study support

An overview of ActEd’s products and services, and guidance on how to choose the best ones for
you, can be found on our website at ActEd.co.uk/productguide.

6.1 Summary of ActEd products and services

Detailed descriptions of all ActEd’s products and services can be found on our website at
ActEd.co.uk. However, the specific products and services available for Subject SP9 include:
 Course Notes
 X Assignments – six assignments:
– X1-X3: 80-mark tests (you are allowed 2¾ hours to complete these)
– X4-X6: 100-mark tests (you are allowed 3¼ hours to complete these)
 Series X Marking
 Flashcards
 Revision Notes – eight A5 booklets
 ASET (2020-23 papers) – four years of exam papers, ie eight sittings, covering the period
April 2020 to September 2023
 Mini ASET – covering the April 2024 exam paper
 Mock Exam – one 100-mark test
 Additional Mock Pack (AMP) – two additional 100-mark tests
 Mock Exam Marking
 Marking Vouchers.

Products are generally available in both paper and eBook format. Visit ActEd.co.uk for full details
about available eBooks, software requirements and restrictions. ActEd is unable to provide eBook
versions of the textbook, however these may be available from other bookstores.

6.2 Tuition
The following tutorials are typically available for Subject SP9:
 Regular Tutorials (three full days / six half days)
 Block Tutorials (three days).

Tutorials are typically available both face-to-face and live online.

Full details are set out in our Tuition Bulletin, which is available on our website at ActEd.co.uk.

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6.3 Subject SP9 – frequently asked questions

Q: What is covered by the SP9 syllabus?

A: The full Syllabus for Subject SP9 is included earlier in this guide.

Q: How technical is the SP9 course?

A: Although largely a discursive course, SP9 does contain some highly technical material
relating to quantitative risk measurement. SP9 builds on some material introduced in
earlier subjects (CS1, CS2, CM2 and CP1). Whilst it is unlikely that you will be asked to
prove / derive results, it is likely that you will be asked to perform calculations and
interpret / comment on results.

There are a number of other less technical areas that offer some scope for numerical
questions, eg analysis of a set of accounts.

Q: Where do I start studying for SP9?

A: The introduction to each module lists the relevant reading for that module and this
approach will take you through the course step-by-step.

If you prefer to get a rapid introduction to ERM and see the big picture from the start, we
suggest you read Lam first in its entirety without worrying about learning it or taking extensive
notes. You can then review the relevant sections of Lam as you meet them in the course.

Q: Do I need to study all of the recommended texts and additional readings?

A: The Core Reading References section states: ‘For many syllabus objectives more than one
of the above source texts is recommended. As part of the analysis of the subject,
candidates are expected to be able to compare and contrast the views of different
authors.

The source texts (such as Financial Enterprise Risk Management, by Paul Sweeting) may
list additional reading within the text. However, unless explicitly referred to in this Core
Reading document, that ‘additional reading’ is not directly examinable.

The textbook Financial Enterprise Risk Management, by Paul Sweeting, includes a number
of self-assessment questions at the end of each chapter. Those questions are not part of
the required reading for this subject, neither are they representative of the examination
questions that may be set.’

Q: Do I need to study the end of chapter questions in Sweeting?

A: Only if you want to. As mentioned above, the Core Reading References section states
that ‘The textbook Financial Enterprise Risk Management, by Paul Sweeting, includes a
number of self-assessment questions at the end of each chapter. Those questions are not
part of the required reading for this subject, neither are they representative of the
examination questions that may be set.’

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Q: What should I do if I discover an error in the course?

A: If you find an error in the course, please check our website at:

ActEd.co.uk/paper_corrections.html

to see if the correction has already been dealt with. Otherwise please send details via
email to [email protected].

Q: Who should I send feedback to?

A: We are always happy to receive feedback from candidates, particularly details concerning
any errors, contradictions or unclear statements in the courses.

If you have any comments on this course in general, please email them to [email protected].

If you have any comments or concerns about the Syllabus or Core Reading, these can be
passed on to the Institute and Faculty of Actuaries via ActEd. Alternatively, you can send
them directly to the Institute and Faculty of Actuaries’ Examination Team by email to
[email protected].

6.4 Questions and queries

From time to time you may come across something in the study material that is unclear to you.

Our online discussion forum at ActEd.co.uk/forums (or use the link from our home page at
ActEd.co.uk) is dedicated to actuarial students so that you can get help from fellow students on
any aspect of your studies from technical issues to study advice. ActEd tutors visit the site
regularly to ensure that you are not being led astray and we also post other frequently asked
questions from students on the forum as they arise.

If you are still stuck, then you can send queries by email to the Subject SP9 email address
[email protected], but we recommend that you try the forum first. We will endeavour to contact
you as soon as possible after receiving your query but you should be aware that it may take some
time to reply to queries, particularly when tutors are running tutorials. At the busiest teaching
times of year, it may take us more than a week to get back to you.

If you have many queries on the course material, you should raise them at a tutorial or book a
personal tuition session with an ActEd tutor. Please email [email protected] for more details.

6.5 Feedback
If you find an error in the course, please check the corrections page of our website
(ActEd.co.uk/paper_corrections.html) to see if the correction has already been dealt with.
Otherwise, please send the details via email to the Subject SP9 email address [email protected]. Our
tutors work hard to ensure that the courses are as clear as possible and free from errors.

© IFE: 2025 Examinations The Actuarial Education Company

SP9: Study Guide Page 19

ActEd also works with the Institute and Faculty of Actuaries to suggest developments and
improvements to the Syllabus and Core Reading. If you have any comments or concerns about
the Syllabus or Core Reading, these can be passed on via ActEd. Alternatively, you can send them
directly to the Institute and Faculty of Actuaries’ Examination Team by email to
[email protected].

The Actuarial Education Company © IFE: 2025 Examinations

 Page 20 SP9: Study Guide

7 General information and support

7.1 Safeguarding
We want you to feel comfortable within our learning environment and safe in the knowledge that
if you ever needed support, you know where to go.

If you need support, please contact BPP’s Safeguarding team at [email protected] or for
urgent concerns call 07464 542 636.

Additional information can be found at ActEd.co.uk/learningsupport.

7.2 BPP learning support

BPP’s Learning Support team offers a wide range of support for all students who disclose a
learning difficulty or disability. This support is accessible to all ActEd students free of charge.

Please contact BPP’s Learning Support team at [email protected] for more information.

Additional information can be found at ActEd.co.uk/learningsupport.

7.3 The Prevent Duty

The Prevent Duty is to protect people from radicalisation and being drawn into extremist views
and terrorism. As a Government-regulated training provider, ActEd has a duty to ensure that our
learners are well informed and stay safe, and to empower our students to know what to look for
and when to report concerns.

Please report any concerns to a tutor or email [email protected] or for urgent concerns call
07464 542 636.

More information is available at:

 ActEd.co.uk/learningsupport
 officeforstudents.org.uk/advice-and-guidance/student-wellbeing-and-
protection/counter-terrorism-the-prevent-duty/

© IFE: 2025 Examinations The Actuarial Education Company