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Interim statement on modern slavery For 2020/21

Introduction from the Chief Operating Officer Anne Moore

This is our first statement under the Modern Slavery Act 2015. It sets out the steps that the IFoA is taking to ensure that modern slavery is not taking place within our organisation or in our supply chain.  As Chief Operating Officer of the Institute and Faculty of Actuaries (IFoA), it is important to me that the IFoA does the right thing, acting ethically and in accordance with our Royal Charter obligations.  That means that everyone working for the IFoA or on our behalf can expect zero tolerance to any form of modern slavery, including slavery, servitude, human trafficking and forced labour.  Modern slavery is a serious global issue and we are committed to doing our part to help to eradicate it.

We have introduced related controls into our procurement practice as part of our periodic improvement reviews since 2015. We encourage our people to develop knowledge and understanding of modern slavery, so that we can spot the signs and feel confident to take any action necessary.  This work is ongoing.

In 2020/21 we will build on this.  We will review our obligations, review what we have already done and what we need to do next.  Our Modern Slavery statement for 2020/21 will outline that work.

Anne Moore – Chief Operating Officer – 16 February 2021

Organisation's structure

The IFoA is an international professional membership body established under a Royal Charter.  We operate out of offices in Edinburgh, London, Oxford, Beijing, Hong Kong and Singapore.

The objects of the IFoA, as set out in the Charter, shall be, in the public interest, to advance all matters relevant to actuarial science and its application and to regulate and promote the actuarial profession. Our objects, together with our strategy, set out what we do.

Our policies on modern slavery

We ensure that appropriate policies in this area (for example, in procurement) are in place and are maintained. We are accountable in this area to our Audit and Risk Committee who review new or updated policies and who will monitor the effectiveness of the steps taken. We will detail these policies in our 2020/21 statement.  

Due diligence processes for modern slavery

We are committed to proportional due diligence in our supply chain as part of any contract review or procurement exercise.  We prioritise due diligence in industries where risks associated with modern slavery are statistically greater.

We recognise that some countries around the world are identified in the Global Slavery Index as having a range of prevalence of modern slavery.

The impact of this on our international organisation will be reviewed in 2020/21.

Supplier adherence to our values

We have incorporated modern slavery compliance clauses into our supplier contracts since 2015. We are a Living Wage Employer and ask that our suppliers pay the Living Wage where we can influence this. Our supplier base is low risk, but we will not make any assumptions in our review for 2020/21.

Training

We provide appropriate training to employees to raise awareness of signs of Modern Slavery.

This statement is made pursuant to section 54(1) of the Modern Slavery Act 2015 and constitutes our slavery and human trafficking statement for the financial year ending 28th February 2020. It has been approved by the IFoA Audit and Risk Committee as an interim statement on Modern Slavery.

Anne Moore – Chief Operating Officer

Date: 16 February 2021

This statement covers the IFoA and the following subsidiary companies: Institute and Faculty Education Ltd,  Continuous Mortality Investigation Ltd, CERA Global Association, ICA 98 Ltd, CAA Global Ltd, IFoA Research Limited and the charity IFoA Foundation.