CIA (e)Bulletin/(e)Bulletin de l'ICA
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December 2018
 
 

November Board Meeting

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By John Dark, FCIA
CIA President

It has been a busy time for the CIA, as we continue with phase 2 of the governance review, discuss our strategic planning process, and continue our work on the implementation of IFRS 17—now with a bit more time to put actuarial thought into the process.

IFRS 17

On November 14, the International Accounting Standards Board (IASB) announced that it had voted to propose a one-year deferral of the effective date for IFRS 17 from on or after January 1, 2021, to on or after January 1, 2022.

You might recall that in October the CIA sent a letter to the IASB requesting a deferral of the implementation date. Several other organizations did the same. In fact, the IASB received 25 issues related to the IFRS 17 standard and intends to discuss these in the next few months, with a possibility of making some modifications to the standard.

Our message to members is that we must all continue to maintain the momentum and take full advantage of this one-year extension. Now is not the time to slow down on implementation. Don’t forget that our IFRS 17 blog (log in required) is an excellent resource: documents, links to important websites, and updates from the IFRS 17 Steering Committee to help you prepare for this important change.

Governance Phase 2

As we continue with planned governance changes, the Board reviewed and approved a revised proposal for phase 2 regarding the creation of the tentatively named Actuarial Profession Oversight Council (APOC), which was refined following the member consultation period in October.

A key change to the proposal is that the Board will remain accountable for initial education and qualification (approval of education syllabus, eligibility requirements, University Accreditation Program (UAP) requirements, etc.) while collaborating with the APOC and the new Professional Qualification Board (PQB) to uphold public interest in these areas.

Additionally, the PQB/APOC will now be accountable for the continuing professional development requirements existing members must follow. It will also oversee the process for disclosure of criminal convictions. The Committee on Professionalism currently oversees these two matters.

The Governance and Nominations Committee will now move ahead with updates to the Bylaws and other documents related to these changes, and will come back to the Board for formal approval at the March Board meeting. Members will be asked for a final decision around the time of the Annual Conference in June 2019.

We will share more details in the coming months.

Strategic Planning

As we reach the end of our current strategic plan’s lifespan, it’s time to look at what’s next for the CIA in 2020–2022 and beyond. The Board kicked off a review of the CIA’s current strategic plan, including which objectives have been completed and which are still outstanding. It’s clear that we have been extremely productive over the past several years, as most of our current priorities are finished or well underway.

Certainly this will be a long-term process, but to start the planning, we spent time looking at the Institute’s vision, mission, and values, and we brainstormed about what we think are some key elements of the CIA’s purpose and priorities. This initial work will feed into further discussions between now and June, when the Board will put in place a new strategic plan for the upcoming period.

News from Councils

Public Affairs Council (PAC) Chair Bernard Morency presented an update on the public statements process, noting that we have released 30 level 1 public statements in the past year. This is a huge increase over previous years, and shows that we’re doing a better job engaging in policy discussions and being proactive in sharing our voice with decision makers in both industry and the public sector.

The PAC also presented some refinements to the process of defining and producing a level 1 public statement, to help ensure efficient publishing and to make sure the CIA’s opinions and reputation are well presented across all our outputs. The Board was happy to agree to these refinements, and we are looking forward to even more visibility for the CIA coming from these improvements. If you have questions about this process, you can contact Sandra Caya, our associate director of communications and public affairs.

The Standards and Guidance Council (SGC) Chair, Faisal Siddiqi, shared that the council is busy with its many committees and subcommittees on key topics like IFRS 17 (for more, see the SGC Council update in this issue). Notably, they’re short on a few council members and expect to look for new members in the coming months. Watch the Volunteer Opportunities page on the website for new positions.

The relationship between the SGC and the Actuarial Standards Board (ASB) was discussed, with the SGC chair and vice-chair now attending ASB meetings and working to help populate designated groups. They are also working on building similar close relationships with the Practice Development Council and external regulators.

Actuarial Foundation of Canada

Created by the CIA Board in 2003, the Actuarial Foundation of Canada (AFC) supports youth education, financial literacy, and research initiatives that use actuarial skills in the public interest.

In the AFC annual report to the Board, Chair Paul Reaburn shared that recent donations totalling $125,000 have come in and will be used for research initiatives and sponsoring youth programs. In addition, the AFC has been actively recruiting new directors and developing new ways to increase corporate and individual donations.

I encourage you to read more about the AFC’s activities and consider how you or your organization might be able to offer support or direct donations.

Combination of SOA and CAS

You are probably aware that the proposed combination of the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) has been called off. Both are valued CIA partners and provide significant benefit  to our education system. As this development unfolds we will watch it closely and will stay in close touch with both parties.

Looking towards a New Year

As 2018 draws to a close, I wish everyone all the best for the upcoming holiday season. Here’s to a prosperous and exciting new year!

John Dark, FCIA, is the President of the Canadian Institute of Actuaries.

 

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