Governance is about the way that an organisation works
It is all about effective decision-making and accountability but with the right checks and balances in place. It is not about introducing unnecessary or excessive bureaucracy or formality for the sake of it. When governance failures occur, they can result in reputational and financial loss and it is important that appropriate structures and principles are in place to ensure that this does not happen to the IFoA. Therefore, we operate within the following hierarchy:
Our Royal Charter dating back to the 1800s still provides the constitutional basis for all that we do and for much of our corporate governance.
Our Bye-laws, Rules and Regulations define, at a high level, how we operate.
Our Governance Manual sets out the structures, processes and principles which underpin the way in which the IFoA operates, makes its decisions and achieves its objectives. It also helps provide a solid framework for establishing our responsibility to our stakeholders, recognising not only the interests of our members but also those of many other parties, including our employees, independent regulators, the government, the users of actuarial advice and the general public affected by that advice.
Please contact James Harrigan if you have any queries related to the IFoA's corporate governance, including the Governance Manual.
Download the combined Charter, Bye-laws, Rules and Regulations.
- 23 June 2020
- 26 March 2020
James Harrigan, IFoA Corporate Secretary
I will try to respond to email queries within five working days.
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A Trusted Profession
This free 1 hour CPD webinar is designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020 and is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive.
Modelling the structure and trends of cancer morbidity risk is important for pricing and reserving in related health insurance fields such as critical illness insurance and care provision. We model the dynamics of cancer incidence over time in different regions in England, using 1981-2016 ONS data. The modelling allows estimation of cancer rates at various age, year, gender and region levels, following a Bayesian setting to account for statistical uncertainty. Our analysis indicates significant regional variation in cancer incidence rates.
In this talk we will outline the steps Aviva took in pulling together our first large-scale disclosures on the exposure of our business to climate change published in March 2019; in line with the recommendations of the Taskforce on Climate-related Financial Disclosures. After touching on why insurers have such an important role in climate change, we'll cover a brief “how-to” guide for those who have not yet embarked on thinking about these topics before giving a case study of how the learnings from a TCFD disclosure exercise can be applied to investment portfolios.
The insurance industry currently underwrites customers with diabetes based on a range of factors, medical expertise and various medical studies. The work undertaken by the Diabetes Working Party would help the industry to approach this using current research findings to update and enhance how potential risk from diabetes is considered. This includes the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes. This webinar will present our latest findings in the management of this important chronic condition which will include research in collaboration with the ARC.
This event is now fully booked. To join the wait list, please register here.
Get ready for the new CPD Scheme launching on 1 September. Join us for a discussion on what the new Scheme will look like in practice. There will be an opportunity to field questions to the IFoA Executive on how the Scheme’s requirements will affect you.
There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia. The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.
This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.
In this webinar we will provide an insight into enterprise-wide risk management in banking, showing similarities to the world of insurance as well as identifying differences. Just as insurance companies have to submit an ORSA, so bank’s have to submit their own equivalent, the Internal Capital Adequacy Assessment Process or ICAAP.
IFoA Webinar on Examination guidance for those candidates sitting Examinations in September, delivered by the Education Actuaries
This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements.
The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise. In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities.