A strategy setting out key priorities in a “radically altered new world” up to 2024 has been unveiled by the Institute and Faculty of Actuaries (IFoA).
The strategy was developed in the context of the Covid-19 pandemic and the ongoing technological revolution which “has upended traditional business models worldwide, heightening the importance of actuarial skills”.
It highlights three key priorities:
• Ensuring a deep understanding of what is important to current and future IFoA members
• Supporting IFoA actuaries in adapting to change in existing sectors as well as moving into wider fields, specifically through a focus on developing skills and sectoral participation
• Strengthening partnerships with a variety of stakeholders to enhance the reputation and influence of the profession worldwide.
In a joint blog on the strategy, IFoA president Tan Suee Chieh and chief executive Stephen Mann said actuaries are seeing “unprecedented innovation and challenges” within their established fields alongside an “explosion of opportunities” in new domains.
“We will be encouraging new ways of thinking and doing things, at the IFoA and in the profession generally, as we seek to be more responsive, courageous and imaginative in our approach in this rapidly changing and increasingly complex world,” they added.
Pledging to champion “a flourishing future for the profession”, the IFoA promises to remain relevant and valuable to all members, to be sustainable in a rapidly changing world and to provide “a valued and accessible member and volunteer experience”. It will also remain focused on making “a positive difference in world” while “significantly contributing to solving the challenges facing society and humankind as well as “a confident, influential advocate for a global collaborative profession”.