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
Jo Jones, Deputy Chief of Staff provides the Secretariat to the Executive Leadership Team
I will try to respond to email queries within five working days.
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This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.
Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.
Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.
Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year
The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.
Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.
We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.