Mary Hardy

Actuarial science

Mary 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.

Mary published Investment Guarantees: Modeling and Risk Management for Equity Linked Life Insurance.* The book has been adopted by the Canadian Institute of Actuaries and the Society of Actuaries as a textbook for professional exams. 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.

Mary was designated the Canadian Imperial Bank of Commerce (CIBC) Chair in Financial Risk Management in 2004. The funding from CIBC means additional resources and focus can be applied to supporting risk management in a broader financial context.

Professor Hardy was elected to the Board of Governors for the Society of Actuaries in 2004. This position allows her to affect policy, stewardship and ensure the quality of training and resources. “Actuaries have a huge responsibility and the Society of Actuaries is responsible for credentialing. So that has to mean something,” says Mary. “It’s very gratifying to make a difference and to work with people who are trying to do the right thing.”

University of Waterloo Mathematics, Annual Report 2004

*Wiley (New York) © 2003.