Both the IAA and AAE produce model actuarial standards: the IAA produces International Standards of Actuarial Practice (known as ISAPs) and the AAE produces European Standards of Actuarial Practice (known as ESAPs).
Those are model standards and, as such, are not binding on individual members of the IFoA. The IAA and AAE do, however, encourage Full Member Associations to take steps in relation to those standards in terms of adopting, adapting, modifying or declaring their existing standards as being substantially consistent.
Substantial consistency with ISAP 1 and ESAP 1
The IAA approved the model standard ISAP 1 General Actuarial Practice on 18 November 2012 (with a reformatted version issued on 13 October 2013). The AAE approved the model standard ESAP 1 General Actuarial Practice on 3 October 2014. The latter almost entirely replicates ISAP 1.
The IFoA has, in conjunction with the FRC, considered the requirements of ISAP 1 (and, accordingly, of ESAP 1) and concludes that, following the introduction of APS X2 Review of Actuarial Work in July 2015 and on the introduction of APS X1 Applying Standards to Actuarial Work and the FRC’s TAS 100 in July 2017, the framework of standards applying to its members is substantially consistent with ISAP 1.
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We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; transitioning to Net Zero; increased inflationary pressures and supply chain issues; to self-imposed changes in regulatory requirements. CILA 2022 focuses on these challenges to ensure we continue to be informed and remain battle ready, as well as showcasing highlights of recent CMI outputs.
Opportunity to participate in a virtual Roundtable Discussion hosted by the IFoA in conjunction with the City of London Corporation’s Socio-economic Diversity Taskforce
In the spirit of fostering the IFoA’s vibrant, global community and enabling our members to participate, we have decided to hold our AGM virtually again this year. This allows for greater accessibility to this important annual event, and for greater accountability of our organisation.
The Business of the AGM
Join newly inaugurated IFoA President, Matt Saker, for his Presidential Address.
We’re delighted to welcome you back to our first in-person conference since early 2020, also being delivered virtually in our first-ever hybrid event. The theme of our inaugural two-day conference is ‘Focusing on tomorrow’s actuary’ and will explore the contribution actuarial science is making to some of tomorrow’s biggest issues.
This webinar will cover:
• Some background on the risks of misselling in an ESG context, including the DWS case
• Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities
• This tension can be resolved with a concept called Universal Ownership
• Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities
This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on the expected future changes. Through examining the transformation, we will highlight how the sector is and can use actuarial expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.