IFoA to release updated strategy

The Institute and Faculty of Actuaries (IFoA) will today release an updated strategy at its AGM in London.  The strategy has been refreshed to react to current and upcoming global changes across the industries where actuaries currently work as well as those where actuarial skills could be used in future, and sets the future direction of the organisation.

As part of the updated strategy, the IFoA will further develop the way members are served, wherever they are based around the world, by blending the best of technology and local representation.  As a leading professional body in the field of quantitative risk, the IFoA is a global organisation with an increasingly large number of members, including over 60% of students, based outside of UK.

The IFoA recognises the importance of agility in a rapidly changing global environment and will be developing new accreditations in specific business areas where actuaries can provide value.  The organisation will also be revitalising the Associate level of membership, which meets the requirements of the International Actuarial Association to work as an actuary around the world.

The IFoA will continue to invest in research through its volunteers and increasingly through externally funded programmes.  The organisation will also continue to develop relationships with leading academic and professional bodies around the world to contribute to the development of ground breaking actuarial science.

The refreshed strategy includes plans for bolder public affairs activity, and plans to use its regulatory status to champion professionalism, not just for IFoA members, but also across industries where its members work.

Fiona Morrison, President of the IFoA, comments,

“It is a real honour to be culminating my year as IFoA President with the issue of an updated strategy for the IFoA that will take the organisation forward into the future.  The quality and professionalism of actuaries is a key differentiator in some of the financial markets in which we operate and this is not something that we are changing.  However, this new strategy will ensure that we maintain and broaden our relevance as a profession and that we continue to lead the development and promotion of actuarial expertise around the globe.”

Derek Cribb, Chief Executive of the IFoA, comments,

“Demand remains strong for professionals qualified at all levels in actuarial science.  As a professional business qualification we must keep pace with the speed of evolution in global markets. Business needs are developing at a pace greater than has been seen in the past.  The work our members were doing five years ago is very different to today, and will be different again in five years’ time: we must be agile in our response to this. The IFoA is responding to these changes by continuing to innovate and develop into new areas where actuarial science can make a significant contribution to both business and society.”

~ENDS~

Editorial notes:

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.

Research undertaken by the IFoA is not commercial.  As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest. 

Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.

Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.

Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.

The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.