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The Actuary The magazine of the Institute & Faculty of Actuaries

The IFoA: charting a course


The IFoA’s strategy was published in June 2016. The refresh reflected five years of global, industrial, political and economic change, and reset the future direction of the organisation.

Derek Cribb
We will
also be implementing our markets development strategy, remaining alert to the changing profile of our membership

This realignment was to ensure we are reaching our Royal Charter objectives, but it also acknowledged growing areas that actuaries were contributing to, and solidified our commitment to supporting and promoting these. It acknowledged the expanding geographical spread of our growing membership, and pledged our commitment to extend our reach to them. Executing all of that is a moving platform, and that is where our corporate plan comes in.

The corporate plan equips our staff and volunteers with the framework they need to take tangible action to reach the strategy. Each plan breaks down the deliverables within the strategy into work that we can deliver in-year. The focus and deliverables therefore vary year on year, but will all contribute to our overarching strategic aim of delivering a sustainable future for actuarial science. Our 2017/18 plan, to be published later this month, is our second full one since the 2016 strategy.

Following the launch of the strategy, we spent time reviewing what we needed to do as an organisation to deliver it, and set about laying the foundations that would enable us to do so. The year ahead is therefore about consolidation and bedding in the existing work through efficient use of our resources. But it’s not about standing still. There’s a lot going on.

On the education front, we will finalise preparations for Curriculum 2019. We will review the outcomes of our member consultation on our qualifications framework and act accordingly, to make sure that our education offering is fit for the future. 

We will also be launching lifelong learning offerings in data science, so that our members are given suitable development opportunities that will enable them to be effective in this growing area. This activity will help us to achieve our core education strategy of providing globally leading and relevant learning opportunities, enabling the IFoA to remain agile, relevant and adaptive to the changing needs of our members. We will also be implementing our markets development strategy, remaining alert to the changing profile of our membership and aiming to provide excellent support to members, wherever they are based. 

In pursuit of our regulatory strategy, we will be exploring what we can do to verify the quality of actuarial work on an ongoing basis, while remembering that regulation should be an enabler for good business, rather than a burden. 

As last year, our plan is structured under three cross-cutting themes:

Lifelong learning is about making sure our members are equipped with a relevant and contemporary skillset, at every stage of their careers.

Being sought after is about promoting the IFoA and its members to ensure that we continue to be in demand, in line with our public affairs strategy of being heard. 

Leading professional body is about the IFoA as an exemplar of what it means to be a sustainable professional body that acts in the public interest, through our people and our operations.

None of our plans would be possible without our people. Our members and staff are our greatest asset. By investing in their needs, we will ensure the achievement of our strategy, and therefore the future success of the IFoA. 

Derek Cribb is the chief executive of the Institute and Faculty of Actuaries