News IFoA NEWS UPDATES FROM THE ACTUARIAL PROFESSION
Upfront Opinion CEO’s comment Derek Cribb looks at why the IFoA must take a world view to benefit the profession’s future
Global relevance Derek Cribb is the chief executive of the Institute and Faculty of Actuaries
increasingly global nature of the actuarial world. An actuary in the UK cannot go about their work in isolation, subject as they are to a wide range of external factors – whether that’s changing international standards and regulation, differing cultural imperatives or a wide range of global competitors. This is why it is so important for the IFoA to have a prominent role in the global actuarial community. To protect our members’ interests we should not merely be aware of international regulatory changes, we must be at the forefront of new developments. The IFoA should use its experience to influence policy makers and others with impact on actuarial work. It is vital its voice is both heard and respected. In achieving visibility the efforts of our volunteers are vital. The IFoA is lucky to have volunteers as members and chairs of many of the Groupe Consultatif and International Actuarial Association’s (IAA) committees and decision making bodies, and after two days of meetings at the IAA it would be hard for me to overstate the complexity of our international engagement. The IFoA’s newly reformed International Board, with support from the executive, is responsible for coordinating and disseminating this international activity, ensuring all IFoA actions can be traced back to the overarching corporate strategy. Valued relationships with other national actuarial bodies also enable the IFoA to share knowledge and keep in touch with developments worldwide. The IFoA cannot and should not hide from the fact that it has a global membership and operates on a global scale. With international issues shaping the nature of actuarial work, the experience, rich history and groundbreaking research that it offers have real value, facilitating the growth and evolution of actuarial science. But it is also important to exercise humility; arrogance offers little benefit. While celebrating the IFoA’s contribution, it is worth recognising what can be learnt from our counterparts around the world. By embracing the wider actuarial world and the IFoA’s role within it, the Royal Charter can be truly fulfilled – to work in the public interest to further actuarial science and shape the future of the profession.
DEREK CRIBB
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I’ve said it before: there is no denying the
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Darling to speak at Life Conference Edinburgh in November, perhaps not the most enticing destination for sun seekers, but this year it’s a hot destination for those with an interest in the life actuarial sector. Over the last year the Life Conference Committee and other volunteers have given their time to produce a thought-provoking and entertaining conference programme. There is no particular theme this year, which has given the committee freedom to choose the strongest spectrum of workshop sessions ranging from data visualisation to what the life industry may look like in 2025. The conference kicks off with Paul Moore; dismissed as head of group regulatory risk at HBOS, and subsequently labelled a whistleblower for speaking out. He will be arguing that control functions must be central to strategy, unhindered by sales culture or fear. Previous conferences have seen dedicated blocks of soft skills workshops, but recognising that delegates may wish to have flexibility over access to softer skills sessions, we’ve now spread them throughout the conference. For the final plenary session the committee has managed to secure Alistair Darling, former chancellor of the exchequer during the most turbulent and far-reaching economic crisis the world had seen for 60 years. It will be interesting to hear his thoughts on the current economic situation and prospects for the years ahead. But it’s not just about plenary and workshop sessions. There is evening entertainment from the Red Hot Chilli Pipers, a gala dinner at the National Museum of Scotland and many great networking opportunities available for the 900-plus delegates attending; this is probably the premier event for professionals interested in life insurance. We hope those attending the conference look forward to this thought-provoking and insightful event. Those considering attending Life 2014 can receive a 5% discount before 20 November – visit: tinyurl.com/pw7yujz ● See feature, page 18
THE ACTUARY • November 2013 www.theactuary.com
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