This page seeks to answer the questions you may have about volunteering for a committee.
How do I join a CMI committee?
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 firstname.lastname@example.org.
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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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
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An introductory session to help you get ahead with climate change.
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This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
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It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.