Audit and Risk Committee – lay member

The Institute and Faculty of Actuaries (IFoA) is the UK's only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally.

The IFoA regulates and represents over 34,000 members worldwide, overseeing their actuarial education at all stages of qualification and development throughout their careers. We set examinations and provide continuing professional development, professional codes and disciplinary standards for our members.

A vacancy has arisen for a professional who is a non-member of the IFoA (i.e. a lay member) to join the IFoA’s Audit and Risk Committee.  

The main role of the Audit and Risk Committee is to ensure that key risks are being identified and addressed and that the Institute and Faculty of Actuaries (“IFoA”) adopts a sound approach to financial management and reporting. The committee reports directly to the IFoA Board and has an oversight role rather than direct responsibility for financial and governance matters. The committee gives its views to management on the financial statements, other financial information, external and internal audits, risk management and internal controls, as well as other ad hoc issues.

Term of appointment

The appointment would be for an initial term of 3 years.

Time commitment

The Committee meets 4 or 5 times per annum, with a total expected time commitment of 6 days. Lay members could also be asked to be part of selection panels for auditors on an ad hoc basis.

Remuneration

Daily rate is £ 350 (based on Ministry of Justice fees for court and tribunal appointments).

Role summary

This is a key role as a full member of the Committee. The role holder will serve alongside the Committee Chair and its other members and will be instrumental in ensuring that the IFoA acts with the highest standards of probity and financial governance.

Key responsibilities

• To provide independent, effective advice to the committee and to support the committee in fulfilling its duties as set out in the terms of reference
• To support the Chair in fulfilling their obligations and responsibilities
• To attend all meetings, including any closed sessions, participating fully in discussions on each agenda item

Experience/qualities

Candidates should:

• Have strong experience of audit committee work, particularly in a similar environment
• Have a sound understanding of the principles and practices of good risk management and corporate governance
• Have independence of mind
• Have some knowledge of actuaries and their work
• Must be a qualified accountant

To express an interest in this paid role please contact hrsupport@actuaries.org.uk by the closing date of 14 May 2026, providing the following:

• your full contact details and CV
• a synopsis of your relevant background and experience
• a note of your reasons for wishing to take on this role
• what you feel you could bring to this role.

All expressions of interest will be considered and a short list of candidates will be interviewed by a panel that will include the Chair of the Committee.

Alternative format and adjustments

Please email the HR Team if you require:

• any information regarding our vacancies in an alternative format
• any adjustments to support you to fully participate in any part of the application and recruitment process

Any information shared will be used only to enable us to make reasonable adjustments to support candidates to participate in the recruitment process. It will not inform selection decisions.

You can reach us at HRsupport@actuaries.org.uk.