IFoA President Kalpana Shah’s reflections

17 July 2024

As we approach our AGM next week, this will likely be my final Presidential update to you all. I would like to take this opportunity to share some key updates on activities and progress at the IFoA and to reflect on my experiences over the past year.

Our Journey of Transformation

Reflecting on our transformative journey, I am deeply grateful for the dedication and resilience that have defined our collective efforts within the IFoA. In the lead-up to my Presidential term, our organisation experienced significant upheaval, characterised by internal discord and external scrutiny. Last year's AGM was postponed due to these substantial challenges, underscoring the need for profound transformational change. This year's Council has gone above and beyond to initiate this critical process, implementing measures that are beginning to reshape our organisational culture. By placing members at the heart of our institution, we have embarked on a journey to cultivate an environment that prioritises open discussion and robust oversight. These efforts have laid the foundation for a more transparent, inclusive, and collaborative community, ensuring our governance structures are more responsive to the needs and expectations of our members. I would like to extend my thanks to Ben Kemp for stepping into the role of Interim CEO during this challenging period and helping to steady the ship with professionalism and dedication.

 

Our Governance

In organisations like ours, the presidency is a pivotal role that presents both opportunities and unique challenges. Each president inherits a legacy of ongoing projects, initiatives, and strategic directions from their predecessors, ensuring that the organisation’s long-term goals remain on track despite changes in leadership. However, the circumstances surrounding each presidency can vary significantly, influencing the scope and complexity of the challenges faced.
The typical one-year term of a president introduces inherent challenges. Incoming presidents must quickly familiarise themselves with existing initiatives and priorities set by their predecessors, often with limited time to implement new strategic visions. This dynamic can sometimes result in a sense of continuity rather than complete ownership of initiatives, particularly when external circumstances demand urgent attention. Additionally, the brevity of the term can hinder the ability to fully realise the impact of one’s efforts. Many initiatives require sustained effort over several years to achieve meaningful outcomes, yet presidents have typically had only a short time to make significant progress.

Looking ahead, our ongoing efforts to strengthen governance aim to reduce the dependency on any single president to anchor the organisation. As part of these reforms, we are increasing the presidential term to two years. This change, along with enhanced governance structures, clearer delegation of responsibilities, and robust decision-making processes, will provide future presidents with a more stable foundation to navigate diverse challenges effectively.

In my inaugural speech as President, I emphasized that much-needed governance reform could only be accomplished through a cultural transformation within our organization. Strengthening governance structures and fostering a culture of collaboration, transparency, and inclusivity were of paramount importance. To achieve this, we launched the largest member engagement programme in our organization's history. This included webinars, events for new qualifiers globally, expanded international conferences, one-on-one meetings, networking sessions, and enhanced member-focused communications. These efforts aimed to place our members at the heart of our profession, ensuring their voices are not only heard but also valued.

Central to our governance transformation is the implementation of the IFoA Board, which we anticipate will provide robust operational oversight. This enhancement aims to significantly improve responsiveness and the member experience, ensuring our decisions align more closely with the needs and expectations of our community.

Our vision

A few weeks ago, we unveiled a new vision statement for the IFoA: “To be the leading global professional body qualifying, supporting, and championing actuaries, serving the public interest, and advancing actuarial science.” Ensuring that this long-term vision is realized is essential for keeping the IFoA Board's strategy on the right path. You can read about the thinking and rationale behind our vision statement by visiting the About Us section of the IFoA website.

Under David Currie's leadership as Chair of the IFoA Board, the Board is tasked with developing a strategy aligned with our vision and ensuring its effective and efficient implementation. This vision guides the IFoA Board in crafting a strategy that supports our goals and addresses the unique challenges faced by our members in different sectors and geographies.

With this comprehensive Board, I believe the Council is well-positioned to advance discussions about the structure of the IFoA in a considered, informed, and collaborative manner. This approach will help us balance local regulatory demands with the needs of our global membership, fostering an environment where all members can thrive.

The Future of Council

Supported by the considerable efforts of the Council Working Group, led by Peter Tompkins, in engaging with members on the Future of Council, we have outlined the direction in which the Council is steering its own future. These achievements represent significant milestones in our mission to modernise and professionalise our organisation. Reflecting on our governance status this time last year, it is remarkable how far we have come. I would like to extend my gratitude to every member who participated in the IFoA’s largest member engagement programme to review the reforms and in the subsequent consultation on the future of the Council. Your insights and ideas were invaluable to the process.

Consultation on DEI Changes to the Actuaries Code

One of the many positive outcomes of our governance reforms is a renewed focus on engaging members in decision-making processes that affect them. This will continue into the autumn when the Regulatory Board begins its consultation on the Guidance to accompany the DEI changes to the Actuaries' Code. The Council has listened to the concerns raised by some members and has been working with the Regulatory Board to ensure these views are understood and considered. The Regulatory Board will consult for eight weeks. As part of this process, it will also consider responses in relation to the already agreed changes to the Code and will remain open to making further alterations if deemed appropriate. I am very grateful for the leadership of Neil Buckley, Chair of the Regulatory Board, who has been open and collaborative in discussions with the Council while maintaining the essential independence of the Board.

Connecting with members

As President, one of the activities I most looked forward to was attending events and meeting as many fellow members as possible. I had the privilege of attending the Life and GIRO conferences in the UK, our inaugural Middle East Conference in Riyadh and Dubai, and representing the IFoA at events in Kenya, South Africa, India, Tunisia, Italy, Bahrain, Singapore, and across the United Kingdom. Additionally, we have hosted more New Qualifiers events around the world, enabling more of our members to celebrate their momentous achievements. These incredible opportunities to meet and listen to a wide range of members in person have greatly influenced my perspective. I am looking forward to visiting China for the Asia Conference, where we will be convening our AGM for the first time outside the United Kingdom. This momentous occasion is a testament to the truly global nature of our Institute. By holding this AGM outside the UK, we are not only expanding our horizons but also embracing the diverse and vibrant perspectives that our international members bring to the table. This move underscores our commitment to fostering a global community, where knowledge, collaboration, and innovation know no borders. I am very grateful to the British Embassy and Council member Cynthia Yuan in Beijing for their invaluable assistance in fostering relationships in the region. One example of that has been my meeting with the Chinese Ministry of Human Resources and Social Security to talk about the work that actuaries do in social care.

Meeting numerous thought leaders and pioneers of our profession at David Wilkie's 90th birthday celebration at the University of York underscored the profound importance of honouring our actuarial heroes and commemorating significant milestones. This experience highlighted the necessity of preserving institutional memory, prompting me to recently establish the Presidents Emeriti Club. This club, comprising Presidents from both before and after the merger of the Institute and Faculty, aims to leverage the experience and wisdom of those who have paved the way for us.

The Presidents Emeriti Club serves as a vital repository of institutional knowledge and wisdom, significantly enriching our decision-making processes. The insights from our past leaders provide invaluable context and perspective, ensuring that we build on a foundation of proven practices and learned experiences. One Past President shared a particularly resonant observation: “Many of my own ‘successes’ had been stopping a counter-productive course being taken.” This sentiment underscores the often unseen yet essential efforts that underpin our progress, highlighting the critical role of sound judgement and strategic foresight in guiding our profession.

Last month, I also had the pleasure of hosting the 100 Years of Women Actuaries celebration at Staple Inn. This inspiring event featured thoughtful reflections on the contributions of women actuaries over the past century and insights from today's leading female actuaries about their experiences and aspirations. The success of the evening inspired us to launch a Women's Network, with details coming soon on LinkedIn and the Communities platform.

These initiatives reflect my growing appreciation of the need to build a community that members feel deeply connected to, especially in a post-Covid world where the overuse of virtual interactions can erode our sense of community. I hope this marks the beginning of more in-person events for our members and a continued recognition of our profession's rich heritage.

AI and our Partnership with CISI

I remain passionate about the need to continually improve the member experience and to equip today’s actuaries with the skills and knowledge they need to succeed. With this in mind, I was delighted this week to lead the IFoA’s collaboration with the Chartered Institute of Securities and Investment to make its Certificate in Ethical Artificial Intelligence (AI) available to our members. This initiative is part of Lord Mayor Michael Mainelli's Ethical AI programme. The short course, involving 12 hours of online study, is essential learning for anyone wanting to understand the fundamental ethical and management issues in the deployment of AI in financial and professional services. We are pleased to partner with CISI to deliver this ethical AI training. Many of our members are already engaged with AI, but it is vital for all actuaries to grasp both its potential and implications. We want to support our members in building their AI expertise in a range of areas, including enhancing analytics, improving processes, providing oversight, and ensuring ethical use while avoiding biases. This course is a valuable addition as we continue to build our AI-focused learning offer for members. We are able to offer this course to IFoA members at a 50% discount, and along with additional materials available on our VLE, this will ensure our members build the knowledge to effectively and responsibly use this technology in the workplace. I would also like to thank Matthew Edwards, who has been leading the Council Working Group on Generative AI, for his efforts in enhancing our understanding and driving this agenda forward at the IFoA.

While we have made significant progress, there is much work still underway. Numerous initiatives are in progress, all aimed at enhancing the member experience and ensuring the IFoA remains at the forefront of our profession. I hope that by prioritizing making the IFoA easier to do business with, we have set the stage for the next generation of leaders to implement these changes more seamlessly.

The future

As I prepare to pass the baton to Kartina Tahir Thomson, I am confident that her leadership and vision will further strengthen our community and continue to honour our profession's legacy. Her dedication and insights will undoubtedly lead us to new heights. I will continue to serve as Immediate Past President and will be the last person to hold this title as it transitions out of Council. It has been a privilege to serve, and I look forward to supporting Kartina in her presidency.

As I approach the end of my term as President, I want to express my heartfelt thanks to all who have sent messages of support and encouragement throughout my presidency. Steering the ship out of difficult waters was no small feat, and your words of encouragement were a constant source of strength for me. Additionally, I am deeply touched by the kind words and sentiments that many of you have shared as I near the conclusion of my tenure as President of the Institute and Faculty of Actuaries.

I would like to extend my heartfelt gratitude to my family for their unwavering support and understanding during my presidential term. Their patience and encouragement have been invaluable, especially as my commitments often kept me more absent than anticipated. Thank you for standing by me throughout this demanding journey.

Above all, my deepest appreciation goes to this year's Council members. Their extraordinary contributions have propelled us forward with transparency, inclusivity, and strategic oversight. Together, we have achieved remarkable progress, laying a solid foundation for our organisation’s future prosperity. Many of our Council members work tirelessly behind the scenes, often with little recognition, to uphold the standards and integrity of our organisation. Their commitment to our mission and their unwavering efforts have been instrumental in driving our initiatives forward and ensuring our continued success. The remarkable progress we have made this year would have been impossible without their dedication and support. Their contributions should be greatly appreciated by all of us.

Yours sincerely,

Kalpana Shah
IFoA President