December's Video Update

To view the video, click on the image above, or click here. Below is a transcript: 

 

Hello. My name is Jacques Tremblay and I am President of the Canadian Institute of Actuaries.

On November 26, the CIA Board met to discuss a variety of issues and initiatives. The highlights of the meeting were announced to you on December 11, and I want to use this opportunity to discuss with you a few Board items as well as a few other initiatives.

First, the Board has been transitioning to becoming a more strategic body than ever before. Not all that long ago, the Board was responsible for the approval of Standards of Practice, and some meetings became marathon sessions where, after the usual business was taken care of, there were hours of debate over standards. This new strategic perspective permeates all Board committees and governance structures, and clearly sets the tone of our meetings.

Here is a quick tour of some terms you hear regularly when CIA Board work is discussed. The first is "CIA Officers". This group consists of the President, Past President, President-elect, Secretary-Treasurer, and Executive Director. We meet every six weeks and oversee at a high level all areas of CIA activities between Board meetings.

The second term you often hear is "the CIA leadership". This group consists of the CIA Officers I just mentioned plus the four council chairs. Their mandate is to provide oversight of CIA activities between Board meetings, but at a greater level of detail than the CIA Officers deal with. This group also meets every six weeks.

We now have a codeof conductandethics for actuarial candidates who are not CIA members but who are pursuing actuarial education. In the public interest, this new code requires actuarial candidates to adhere to the high standards of conduct, practice, andqualifications oftheactuarial profession in Canada. As soon as a candidate is admitted to membership, they then become subject to the Rules of Professional Conduct.

I wanted to say a few words on the work being done by the Research Committee. Over the last five years, the Board and Member Services Council (MSC) have applied an increased focus to this important area of CIA work, and it has resulted in more requests for funding than the budget considered. The Board was asked to increase the research budget for the next fiscal year and this matter is under review. The Board is aligned with the direction taken by the Research Committee and the work it is doing to prioritize requests. I expect that members have seen the results of the hard work by Dave Dickson and the committee and are also pleased with the course that has been set.

The CIA now puts out far more documents than it did even 10 years ago. For example, in 2005, we made five submissions to governments and other organizations. With a change in the number and the responsibilities of CIA Head Office Staff, along with increased contributions by many committed volunteers, last year we produced over 20 submissions.

In addition, we put out a number of statements and positions, all of which go through rigorous review and approval processes. So, with an increase in such documents, the policy that lays out the approval framework needed to be updated, and a new body responsible for these processes needed to be created. Marc Tardif, Chair of the MSC, and Vice-chair Marie-Hélène Malenfant, along with Michel Simard, our Executive Director, and Chris Fievoli, the CIA’s resident actuary, took hold of all the moving pieces of this venture. A new policy was approved and the Public Positions Committee, reporting to the MSC, was created and volunteers were recruited. I am very pleased to announce that past CIA President Mike Hale has volunteered to be its first chair. This initiative will certainly have a positive impact on achieving our Long-term Strategic Objectives.

As mentioned in the Board update, there have been many changes to existing CIA policies, and new ones approved. Stay tuned to the weekly communications for details!

Every organization needs to have a focus on the value it delivers to customers. In our case, it’s promises made to members and our commitments to the public. At its last meeting, the Board approved the CIA Value Proposition, which speakstothe benefits and expectations of CIA members, andwill strengthen our internal and external marketing, communications, and government relations. We will be communicating more details in the near future.

During the meeting, Sharon Giffen, Chair oftheRisk Committee, said: "Humancapital risk is by far the CIA’s biggest risk to achieving a large number ofour strategic objectives."

Part of the risk applies to our large pool of volunteers and the Governance Committee has given this a lot of thought. It brought forward a discussion on volunteer management, successionplanning, and leadership development, prompted by the challengesfaced by the Board, councils, and committees to attract candidates to leadership positions.

The Board discussion demonstrated the need for further refinement of the key issues andpossible solutions, and defining anachievable strategy.

At the Board meeting I reported on two very positive face-to-face meetings with the Society of Actuaries (SOA) in October, and our presentation to the SOA Boardentitled "CIA: The Voice of the Actuarial Profession in Canada",and an additional meeting on education matters between the leaderships of the two organizations.

The end result of this work, including extensive study and recommendations by the Eligibility and Education Council’s Task Force on Canadian Eligibility and Education on a Canadian Education System, chaired by Angelita Graham, will continue to be refined in the coming few months.

As I put this video together, we are approaching a huge milestone for the profession: celebrating our 50th anniversary year. On March 18, 1965, the Act of Parliament that created the CIA was passed. We will be celebrating in many ways over the course of the coming year, and I encourage you to get involved. Attending our very special Annual Meeting in Ottawa will be one important commitment. People will be talking about this event for the next 50 years! OK, maybe I am exaggerating, but it will be an educational and celebratory blast.

Another way to become personally involved will be to join Rob Stapleford, me, and 30 other actuaries who will be reaching out to high school math departments in our communities and delivering classroom presentations in March, April, and May, to students who should know something about this great profession of ours. We are working on some interesting classroom resources for you to use in these presentations, but your experiences and passion for actuarial work will be critical for this special 50th anniversary project.

I wish you a joyous Christmas and holiday season, and a happy new year full of happiness and success!

Jacques Tremblay, FCIA, is President of the Canadian Institute of Actuaries.

 

 

Canadian Institute of Actuaries/Institut canadien des actuaires
http://www.cia-ica.ca/