Professor Michael Sherris from Actuarial Studies at the Australian School of Business and ASB alumnus Shaun Yow, have been honoured with a prestigious prize from the International Actuarial Association (IAA) – the Actuarial Approach for Financial Risk (AFIR) Prize.

Also known as The Bob Alting von Geusau Memorial Prize, it was established in 2002 and has only been awarded to three recipients since its inception.

Professor Sherris  and Mr Yow received the AFIR Prize for a paper they co-authored, ‘Enterprise Risk Management, Insurer Value Maximisation, and Market Frictions’, which was published in the ASTIN Bulletin - The Journal of the IAA, in 2008.

They will be honoured at the next AFIR colloquium which brings together the world's leading actuaries from different disciplines.  The colloquium allows academics and practitioners to share the latest developments in the disciplines of finance, financial economics and management of financial risks, focusing on applications to insurance and pension funds.

Mr Yow has a Bachelor of Commerce with Honours (majoring in Actuarial Studies) and received the University Medal. Mr Yow and Professor Sherris received the prestigious Geneva Association and International Insurance Society Research Award for a paper they wrote on risk management.