CIA (e)Bulletin/(e)Bulletin de l'ICA
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April 2017
 
 

March 23 Board Meeting Highlights

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By Dave Dickson, FCIA
CIA President

The CIA Board met on March 23, with a full agenda. This article presents some highlights.

CIA Restructuring Project

The Board received an update on our restructuring project to dramatically change the structure of our Board, councils, and committees and how they work. The project will result in a more efficient CIA and allow us to make decisions quicker and move ahead at a faster pace with appropriate initiatives. The Board approved the beginning of a consultation process on restructuring. The first stage of consultation will include obtaining and evaluating input from key councils and committees. At a later stage, we will present the new structure to all members for comment. Bylaw changes will be required to implement the new structure; the earliest these changes would happen would be June 2018.

Education

For over 50 years, the CIA has tapped into the Society of Actuaries (SOA) education system to educate and qualify most of our members. We have been doing so without a formal agreement as to how the partnership between the CIA and SOA would work. The Board reviewed a draft agreement and gave authority to the CIA President to sign it with some revisions. This agreement will involve us more with the development of exam material and exams. It will also better brand the SOA website and exam material to ensure that Canadians writing exams realize that the CIA is a partner with the SOA.

Budget

The Board approved the 2017–2018 budget. This will result in a modest increase in dues.

Focus Groups and Member Engagement

As part of our project to improve member engagement, we have been running focus groups with our members to get feedback on a variety of topics including career development, relationship with professional associations, and areas where the CIA could better support members. Ipsos Public Affairs, the company that ran the focus groups, presented its preliminary report. We will receive a more detailed report prior to our next Board meeting.

Key Performance Measures

The Board discussed better measuring the success of the CIA. Executive Director (ED) Michel Simard presented a report on key performance measures for the CIA’s success. A small Board task force will work with the ED and his staff on developing some key indicators that the Board can use to measure the success of the CIA.

New Member’s Committee Report

The Board received a report from the New Members Committee which had surveyed new members on a variety of topics including volunteer experience, CPD, and communication materials. As a result, the committee has many recommendations to improve how the CIA serves its members; a number of CIA committees are following up on these recommendations.

Continuing Professional Development Review

The Task Force on Continuing Professional Development (CPD) Review presented its report. The Board approved the release of the proposed changes to the CPD requirements last December, and the task force sought input from members in January and February of this year.

Of particular importance were the proposed principles: CPD should be mandatory for all FCIA/ACIAs with exemptions being granted for retirement, family leave, and personal circumstances. Consequences for non-compliance would be suspension of membership.

It is recommended that the proposed timeline for implementation be extended to January 2018, with member confirmation of the necessary bylaw amendments in June 2018, in order to allow a further consultation with members in fall 2017.Should members approve any proposed changes, bylaw amendments would be planned for June 2018.

If you have any questions or comments, feel free to contact me at president@cia-ica.ca.

Dave Dickson, FCIA, is President of the Canadian Institute of Actuaries.

 

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