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Figure 1 Results of stakeholder perception audit
Respect for professional bodies Stakeholders see them as trusted policy partners; there is an appetite for dialogue Respect for actuaries Viewed as trusted, expert and impartial
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There is significant potential for the IFoA to become a trusted voice
Areas of public policy interest overlap with the big issues in actuarial science Ageing population, long-term care, etc Positive perception of the IFoA Those who have contact tend to appreciate it
Figure 2 Important qualities for actuaries
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DEREK CRIBB
Appetite for the profession to have a voice Stakeholders want someone to speak out for actuaries
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100% 80% 60% 40% 20% 0%
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Derek Cribb is the chief executive of the Institute and Faculty of Actuaries
One of the fundamental aspects of our Royal Charter is that we work ‘in the public interest’ by advancing actuarial science through research and thoughtleadership but also by speaking as the actuarial voice on issues of public debate. This does not mean that we lobby for a certain position or that we make statements on things where we cannot add value through our expertise. However, it does mean we can provide a considered, objective and evidence-based actuarial view on the big topics facing the world today. To ensure that our voice has the greatest impact and is heard by the right people, we need to understand what our stakeholders think of us and how they want us to communicate with them. That is why we commissioned ComRes, an independent market research company, to carry out a stakeholder perception audit to provide feedback and help us design an evidence-based public affairs strategy. ComRes undertook both qualitative and quantitative fieldwork, engaging with stakeholders from across government, civil service and regulators, Parliament, media, universities and other educational institutions, national actuarial associations and peer domestic professional bodies, as well as employers of actuaries. The questions they asked were designed to measure both our reputation and our communication with key stakeholders, in order to identify areas of reputational risk and highlight where there was an appetite for an actuarial voice. What we found was that people trust the Institute and Faculty of Actuaries (IFoA) . They believe that we are acting in the public interest and that we do not have vested interests that are driving our agenda. There is a great appetite for the IFoA to enter debates, backed by evidence and objectivity, and to speak out on topics that actuaries are experts on. We found that people want to know what actuaries think and they want to hear their opinion on a range of issues. However, awareness of the IFoA is much lower than it has the potential to
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Time for us to speak up
ica sk tion In ills Bu tellig sin e es nce sa cu me n ind Exp us eri try en se ce Qu ctor in ali fic ati o Pe ns rso na pa Expe lity rti rie cu n Te lar r ce in am ole wo rk ab ilit y
Derek Cribb reports on the results of the independent stakeholder perception audit
be with a number of core stakeholders. There remains a perception that the IFoA is inward-looking and avoids commenting on current affairs. It is felt that more thought leadership pieces and targeted communications would help challenge these stereotypes. Stakeholders appreciate the skill and ability of actuaries to do a complex job well but were often frustrated by an inability to communicate their views. One employer went so far as to say: “[Actuaries] don’t tend to be so good at communication... taking complicated ideas and translating them”. When we looked at what MPs thought about actuaries, we saw a not unfamiliar pattern of answers. Communication was lowest of our skills as perceived by MPs, with only 2% believing it to be a strength. However, this is the skill rated most important by employers, with 82% saying that good communication is one of the top three qualities they look for when hiring actuaries. Encouragingly for the actuarial profession as a whole, the vast majority of employers questioned (72%) said that hiring an actuary added significant value to their business. The research throws down a very real challenge to actuaries and the IFoA to grow their skill base beyond traditional actuarial tasks and to demonstrate these skills more widely. This challenge can be best summed up by one politician’s view of the IFoA: “What’s on their mind, what is top of their agenda... what are they worried about at the moment, have they any advice or suggestions? That’s what I want to hear.” a
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Opinion CEO’s comment
SOURCE: COMRES
THE ACTUARY • June 2013 www.theactuary.com
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