Spongebob (aka. Dood,)
Basically, acturaries determine "risk" using math formulas. A lot of statistics is used.
Most actuaries do the following:
-evaluating the likelihood of future events,
-designing creative ways to reduce the likelihood of undesirable events,
-decreasing the impact of undesirable events that do occur.
HTH
Kirk
That sums it up.
Best,
Ilham