The Actuarial Profession Chief Executive

She was the first person to be appointed by both bodies to oversee their joint operations while also holding the role of Director General of the Institute.

Joining from the helm of the then pensions regulator, Opra, Caroline has served the Profession during challenging times. She helped introduce new joint disciplinary schemes in January 2004 which at the time were leading edge for professional bodies by achieving independence of operation from the Councils and in their observance of human rights principles. Following the Penrose report she worked constructively and cooperatively with the Treasury’s Morris Review and was instrumental in the successful transfer, on a voluntary basis, of the Profession’s role in technical actuarial standard setting to a new operating body of the Financial Reporting Council, the Board for Actuarial Standards  and in forging a mutually respectful working relationship with another of the FRC’s operating bodies the Professional Oversight Board as it developed its role to encompass oversight of the Actuarial Profession’s regulatory responsibilities, also on a voluntary basis, in addition to its work with the various accountancy bodies.

During this time members have seen an increased number and variety of events and developmental activity to assist them in maintaining their skills and competence; finances have been robust; the organisation has used web-based technologies to serve members better (of particular importance to the increasing proportion of members who are based overseas). More recently there has been an initiative to re-establish and increase investment in the Profession's “learned society” functions, often in partnership with others. Caroline has encouraged international co-operation and assisted in the creation of a unique new world-wide qualification in enterprise risk management for the financial sector (CERA), a collaborative venture with other leading actuarial bodies. 

Caroline supported the Councils of the Faculty and of the Institute for the five years during which they explored and developed their proposal to create a unified professional body for actuaries in the UK. That ambition was fulfilled in August this year. To enable the Council of the newly merged body, which is currently reviewing its strategy, to have the time to consider what it might require of the Chief Executive who will lead the next phase of the Profession’s development Caroline has agreed to be available on a consultancy basis during 2011 to allow the Profession to continue to benefit from her experience and corporate memory. She will be employed until the end of April during which time she will assist the President, Ronnie Bowie, in representing the UK Actuarial Profession at home and abroad.

Ronnie Bowie, President of the Institute and Faculty of Actuaries said, “The Institute and Faculty owes Caroline a great debt for her contribution to our development over the last decade. She has worked tirelessly to modernise our professional body and leaves a considerable legacy and a great platform from which we can move forward.”

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Enquiries: Tel. Michael Scanlan on 020 7632 1453 / 07798 804 871 or email michael.scanlan@actuaries.org.uk

Notes for editors

1. 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.
2. Members of the Profession 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.
3. The Profession is 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 the Profession in society.
4. The Profession is available to provide 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