This page seeks to answer the questions you may have about volunteering for a committee.
How do I join a CMI committee?
Vacancies arise on the committees from time to time. They are advertised as Volunteer vacancies, on the CMI latest news page and in relevant newsletters.
If you are interested in applying to join a CMI committee, please email a brief biography, summarising your skills and experience that are relevant to the committee, to info@cmilimited.co.uk.
All volunteers will be considered, taking into account the current balance of the committee.
All new appointments to CMI committees are subject to approval by the CMI Executive Committee.
What do the committees do?
Within their Terms of Reference each committee is responsible for determining the scope of its work and its prioritisation. Additional guidelines on the role of volunteers in the CMI's work are contained in the CMI's Governance guidance that we ask all new members of committees and working parties to read.
Much of the day-to-day work is undertaken by the Secretariat; including data collection, data processing and results production. The committee's role is to "oversee" this work, in practical terms this means reviewing the data collected, the data checks, the methodology and the results.
Most volunteer activity, though, relates to "research"-type work. Here there is considerable variation between the different tasks, ranging from reviewing work undertaken by the Secretariat to undertaking original analysis and writing it up as a draft CMI working paper!
Do I have the rights skills and experience?
Each committee needs a mix of skills and experience, including technical expertise and practical experience. The latter may include how business is administered or how CMI outputs are used in pricing, reserving or experience analyses. Generally when a committee seeks new members it is looking for fresh ideas, commitment and enthusiasm.
How much of my time will it involve?
Typically, each committee meets 3 to 4 times a year, for 2 to 3 hours. Some preparation time and follow-up time should also be anticipated.
Outside of the meetings themselves, the time commitment can vary considerably according to the current work of the committee. The Chairman of each committee is also a volunteer and will obviously understand if you are not able to commit to extensive involvement at a particular time.
Should I check with my employer before applying?
Whilst most of the committee members give up some of their own time for CMI work, there will be occasions where it impacts on the day-job. Committee meetings, in particular, will generally take place during office hours so the support of your employer is essential.
You will probably find that your employer will encourage you to get involved! For most actuaries, joining a committee will help their professional development and may give valuable insights into the work of the CMI.
Does this count towards Continuing Professional Development (CPD)?
We certainly hope that joining a CMI committee will make a valuable contribution to your professional development; in particular it will provide a vehicle for discussion of technical and business issues with other actuaries with an interest in the field.
It is your responsibility, though, to consider whether your involvement in CMI activity fulfils the requirements for the profession’s CPD scheme. If it does, then committee meetings are likely to meet the external and verifiable definitions too.
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Events calendar
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ARC Webinar Series 2021 - Use of Primary Health Care Records Data in Actuarial Research
Webinar9 March 2021As part of the ARC Webinar Series 2021, this webinar will review the work of the UEA/Aviva research team over the last four years on a major research programme funded by the IFoA’s Actuarial Research Centre.
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Implications of Climate Change for Life Insurer's Risk Modelling and Strategic Asset Allocation
12 March 2021Climate change poses a significant threat across many regions and sectors, and businesses. Insurers and asset managers, must play a role in ensuring transparency around climate related risks and opportunities.
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Whilst insurers have been performing stress and scenario testing for many years, in the last 12 months the PRA has increased its focus on the ability to identify, measure and increase financial and operational resilience.
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Finance in the Public Interest Series
16 March 2021 - 23 March 2021There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.
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The price is righter
16 March 2021This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.
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This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)
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The role of stewardship in creating long term value
25 March 2021What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.
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Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'.
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Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.