Derek Cribb explains the IFoAs involvement in International Actuarial Association activities
I write this as I return from the April committee meetings of the International Actuarial Association (IAA) where, once again, I was pleased to meet our sister actuarial associations and to see important matters affecting the global actuarial profession being discussed. I am aware that not all members have a complete picture of the IFoA's involvement in IAA activities and why the IAA is so important.
The IAA's remit is wide, covering a variety of activities that help it to fulfil its mission of representing and promoting the actuarial profession worldwide. An important part of the IAA's strategy is the development of model international standards of actuarial practice (ISAPs), to ensure comparable, high levels of actuarial work. Such standards for both education and practice will support the profession's growth and elevate its standing in emerging economies. This work is of interest to a range of audiences, such as practising actuaries, regulators, governments, development banks, employers of actuaries and the insurance industry.
The IAA does not work in isolation but uses the expertise of its member associations to determine model standards. Across all actuarial regions, there is a choice to 'adopt, adapt or ignore' these standards. While the UK already has sophisticated standards, it is important that we use our experience to help the IAA develop these standards, and also that we are mindful of the direction in which global trends are progressing, so IFoA engagement with the IAA is vital. By working with the IAA we can share knowledge and best practice, help to safeguard our members' interests and promote the public interest.
To that end, I am delighted that Jane Curtis, a member of our Regulation Board and former IFoA president, has been elected to the IAA's Executive Committee as the representative for Europe. Her involvement will help to ensure that we are at the forefront of developments, supporting the IAA in promoting the value and relevance of actuaries globally.
Learn more about the IFoA's international work here.
Visit the IAA website: www.actuaries.org