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

Canadian Institute of Actuaries/Institut canadien des actuaires

March 2017
Elliott Bauer
D.W. Simpson & Company
Eckler Ltd.
President's Update

 

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

Hello. I’m Dave Dickson, President of the Canadian Institute of Actuaries.

Special Toronto Event

I’m very excited to announce "Open Mic with Dave and Sharon". No, we aren’t going to be testing out our new comedy routine. Rather, we will host a special reception for Toronto-area members on April 5, starting at 4:00 going to 5:30 at the Drake One Fifty restaurant. This terrific downtown venue promises a casual atmosphere to network, learn, and share ideas.

After brief introductory remarks by Sharon Giffen, your President-elect, and myself, we’ll open the floor to questions and comments. Space is strictly limited to the first 100 members, so when you receive your invitation, reserve your spot right away! We are looking forward to meeting with you on April 5! I want to emphasize the limit on attendees, so register quickly!

CIA Focus Groups

Over the past few months, we have been looking at strategies to improve communications and member engagement. Some exciting innovations are coming, even in the next few weeks! To help focus our work, we have engaged Ipsos Public Affairs to conduct a series of face-to-face and online focus groups. We have listened carefully to what members have said in Montréal and Toronto and we are looking forward to hearing input from cities in the West. If you receive a call from Ipsos, I hope you take the opportunity to participate.

Annual Meeting in Québec City

Our Annual Meeting is fast approaching. We’ve opened registration for the meeting which will be held in Québec City. Make sure you check out the website for the preliminary program of topics and speakers. We have lined up two very interesting keynote speakers. David Coletto, one of the country’s leading experts on the Canadian millennial generation, will discuss "The Disruptors: What Actuaries Need to Know about Millennials." In "Big Data – Uncharted Big Data as a Lens on Human Culture", Jean-Baptiste Michel tells the story of how he teamed up with Google to analyze the text of millions of books, where the result was a new field of research and a scientific tool, the Google Ngram Viewer!

Québec City is a great, great city and I promise a tremendous meeting! I look forward to seeing you there!

Changes in the Practice Education Course

If you are a candidate preparing for your responsibilities as an FCIA, you know the Practice Education Course is in your future. What you may not know is that the PEC is changing, and to make the best choice between registering for the 2017 PEC or waiting for the 2018 edition, you need to be informed about those changes. So check out the PEC web page on the CIA website or tune in to the free webcast on PEC changes on February 22. [Note: This webcast is available on the CIA website.]

The next Board meeting on March 23 has some important agenda items that I will report on in my next message, along with some news about an interesting volunteer program that is about to launch . . . again, more details next time!

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

 
In Focus

 

By Marie-Hélène Malenfant, FCIA

Over the past few months, the Member Services Council (MSC) has taken on several new projects, including the CIA’s scholarship and grants programs, changes to CIAnet, a new guide for council liaisons, and submissions to governments.

Graduate Scholarship and Academic Research Grant Programs

The CIA Graduate Scholarship Program (GSP) was established to promote research and/or graduate-level coursework in actuarial science, and to accelerate the transfer of new technology and original knowledge to the industry. This year, the GSP provides three scholarships of up to $10,000 to both part- and full-time students who are considering applying for eligible master’s programs in Canada. Last year, the GSP received eight applications and provided two grants.

As of February 28, 2017, the MSC is responsible for the Graduate Scholarship and the Academic Research Grant Programs. This change comes as a result of an operational review by the Eligibility and Education Council (EEC), which previously managed the scholarship. Since the GSP is considered a member service and may have direct ties to the MSC’s Academic Research Grant Program, the EEC recommended to the Board that the scholarship awards be moved under the direction of the MSC, to be administered as the MSC sees appropriate. The Academic Research Subcommittee of the Research Committee will be involved in the work leading up to the awarding of scholarships and grants each year and will recommend recipients to the MSC, which will then approve them. If you are interested in applying for the Graduate Scholarship Program, please contact Les Dandridge, director of communications and public affairs, at les.dandridge@cia-ica.ca. The deadline for applications is March 31, 2017.

CIAnet

In September 2016, the MSC discontinued the paid subscription option to the CIAnet for non-members of the Institute and those subscriptions will not be renewed as they expire. The MSC also restricted the complimentary subscription to CIAnet to university students and academics. Further, on February 28, 2017, the MSC approved a motion to restrict all CIAnet members from using any material that they may have access to, as a result of their subscription, for commercial purposes.

Access to Archived Meeting Materials

Access to CIA meeting materials, including presentation materials, audio recordings, and written transcripts have been restricted to CIA members and any non-members who attended a particular meeting. These materials are available on the CIA website under the Professional Development>Meeting Archives menu. Please note that members must be logged in to access them.

New Liaison Guide

On December 13, 2016, the MSC approved a revised version of the Council Liaison Guide that describes the role, responsibilities, and duties of those who serve as liaisons on CIA committees/councils. The MSC has sent the guide to the other council chairs for feedback. We will inform members when the new version is published on the CIA website.

Emerging Practices

As a key focus area of the current strategic plan, work is progressing to promote emerging practices. The Emerging Practices Committee, chaired by Claude Ferguson, has identified initiatives for 2017 to help meet its objectives. A recent (e)Bulletin article describes the committee’s activity. This year, the CIA has also set up a media campaign focusing on big data and predictive modelling, which went live on February 27, 2017. Last year’s campaign focused on healthcare as an emerging practice area.

Submissions

The CIA developed and sent two submissions in the past few months, approved by the Public Statements Committee. The first was to the Saskatchewan Financial and Consumer Affairs Authority regarding a revised proposed regime for negotiated costs pension plans made on December 19, 2016.

The second submission was by the CIA Pension Advisory Committee (PAC) on a consultation regarding the potential expansion of the Québec Pension Plan (QPP). PAC members Jacques Lafrance and Mario Marchand presented the CIA’s response to the Québec National Assembly Committee on Public Finance on Friday, January 20, 2017. The presentation was streamed online and members who are interested in watching it can do so by clicking the webcast link.

Stay tuned to learn more about our projects and initiatives!

Marie-Hélène Malenfant, FCIA, is Chair of the Member Services Council.

 
Actuaries on the Move

Career developments

Andréanne Bergeron has become manager of executive compensation at CN. She joined the firm in June 2013 as pension manager. Most recently, she was manager of employee relocation.

The Ontario Teachers’ Pension Plan has promoted Mary Cover to managing director, pension strategy and enterprise risk.

Michel Fortin has been appointed to the role of Québec wealth leader at Mercer Canada.

Claude Garcia has joined the board of Jarislowsky Fraser as an independent director.

Tembec has appointed Pierre Gignac to its board of directors.

Sun Life has appointed Mazen Shakeel as vice-president, market development, group retirement services. Ted Singeris joins the company as vice-president, client relationships and business development.

Actuaries in the media

CIA members Marco Dickner and Brent Simmons are quoted in a National Post article on a pension-related transaction between Loblaw and Sun Life and BMO insurance.

Ian Edelist was quoted in an Exchange Magazine article on Canadian pensioners who are not living as long as expected.

Joe Nunes was quoted in The Globe and Mail in an article about CPP enhancements.


Networking is a key part of any successful professional's career, and the CIA is offering you a fresh opportunity to inform your peers about your achievements and progress.

Our (e)Bulletin section, Actuaries on the Move, is a chance for you to publicize your new job, title, credentials, or other information. This is an opportunity to tell thousands of fellow actuarial professionals—whether they are ex-colleagues, former college friends, potential employers, future clients, etc.—about, for example:

  • Your new job;
  • A change of title or area of responsibility;
  • Your new qualifications;
  • A change of contact details;
  • Awards or other recognition; or
  • Publication of academic papers or articles.

Simply send an e-mail—one line of information can be enough, but feel free to add more if you so wish—to the CIA's English editor at bonnie.robinson@cia-ica.ca and we will aim to include it in the next issue of the (e)Bulletin.

For more news of CIA members and their activities, follow the CIA on Twitter.

 
Insight Decision Solutions
Acutarial Design
RGA Canada
Committee Profile

 

By Danielle Harrison, FCIA

Do you work in risk management? Are you interested in developing standards for enterprise risk management (ERM) guidance materials? The new Enterprise Risk Management Practice Committee (ERMPC) may be the place for you to make a difference.

The ERMPC officially kicked off in January 2017. Its mandate is "to be the primary source of risk management guidance for the actuarial profession". To accomplish this goal, the committee will review, create, and promote resources that can benefit Canadian risk practitioners, and promote actuaries as risk management professionals within and outside of the profession.

The idea for the ERMPC originated from the Enterprise Risk Management Applications Committee (ERMAC); for several years there had been discussions regarding the need for an ERM practice committee. Many ERM practitioners, myself included, are looking for an authoritative source of guidance on ERM practice. We regularly receive questions from board members, direct reports, and others who want to become better educated about ERM, but there is no single authoritative source to send people to.

It makes sense that practising actuaries affiliated with ERM look to their professional body as a source of guidance, in this case through a Canadian lens. That’s where the ERMPC comes in.

ERMPC Priorities

The committee, currently made up of three of the original working group members, is refining its mandate to be reviewed and approved by the Practice Council, and defining its top priorities.

One of these priorities will be reviewing and evaluating publications related to risk management. Where it makes sense, we will review publications from other organizations, for example, the International Actuarial Association (IAA), to determine if those materials are relevant for Canadian practice and either endorse the publication, publish caveats, or identify areas of research and topics where the development of educational notes and/or standards of practice would be beneficial to Canadian risk practitioners.

Volunteers Needed

One of the committee’s other priorities is to recruit between five and seven new members. We are currently creating a skills matrix, similar to what is developed for boards of directors, and we will recruit volunteers with that matrix in mind. In general, we will be looking for a combination of technical expertise and senior management experience. We don’t want to be so removed from ERM implementation challenges that we create guidance material that is not practical.

While the majority of risk management specialists are in insurance or the financial sector, we want, where possible, to broaden our reach into non-traditional areas. We will also be looking for members who work with different types of employers beyond ERM in insurance. A number of industries are looking to risk management capacity; even those who work in traditional roles may have risk management responsibilities. A diverse committee will help us to set priorities that will be effective and beneficial to the broad spectrum of risk management practitioners.

Challenges

Simply creating the committee was a challenge, as it has been quite some time since the CIA established a new practice committee. Determining the people we needed to talk to and the process to create one took a great deal of time and effort. Carving out our mandate has also been a challenge: we want to be the primary source of risk management guidance for the actuarial profession, but at the same time we are not looking to replace existing materials, but rather to filter and aggregate them, and fill the gaps as needed. Other committees touch upon risk-related topics, but as a whole, the Institute is not necessarily consolidating that information in a consistent way. The ERMPC wants to ensure we are providing consistent guidance to our membership, not replacing the risk-related work that other CIA committees may be performing.

Part of providing consistent and comprehensive guidance will be membership feedback, which I welcome. There is a broad audience and a lot of different perspectives. We hope it will be a diverse committee, but we won’t be able to cover everything. I expect a lot of comments from our membership and great feedback to help improve any documents we may produce so that they resonate with all of our actuarial risk practitioners.

Benefits

The ERMPC provides an opportunity to have an established venue/committee where we can talk about and debate these risk management practice issues and concerns. We will be providing guidance and education for the next generation of risk management professionals. That will be extremely satisfying.

If you are interested in volunteering, contact me at danielle_harrison@cooperators.ca.

Danielle Harrison, FCIA, is Chair of the Enterprise Risk Management Practice Committee.

 
Institute News

 

By Alicia Rollo, CHRL

We’ve been listening to your feedback regarding continuing professional development (CPD) needs and we’re making changes accordingly.

You’ve asked for more webcasts, free CPD resources, greater use of technology, and local, more affordable CPD events that will use your time most efficiently. You’ve also told us that less time out of the office and lower travel costs are important to your employer.

Webcast Strategy

In 2016, we conducted 25 webcasts, 10 of which were complimentary (see the article later in this issue). Archived recordings, which are automatically sent to webcast registrants following the event, are also available for purchase on the web site in the Webcast Archives section. Please note that these fee-based webcasts are also available at no cost six months after their original air date.

CIA general business updates via webcast by CIA leadership, councils, and committees are always free, as are webcast updates from the Actuarial Standards Board. For 2017 and beyond, we’ll be offering these CIA updates primarily via webcast so that fee-based meetings and seminar programs can concentrate on topics which may be outside of the immediate scope of committee work or on the periphery of the profession. This ensures that emerging topics as well as diverse content and viewpoints are presented, and members do not have to pay for internal updates.

Redesigned Seminar Formats and Live-Streaming

Another exciting project is the redesign of the CIA Pension and Investment Seminars for 2017. In keeping with the aim of more localized, affordable CPD, we’ll be offering the Pension Seminar as two half-day seminars, one in Toronto in fall 2017 and one in Montréal in early 2018. Both events will feature live-streaming so that members across the country can tune in. The Investment Seminar will also be held as a half day seminar on the same day as the Pension Seminar in Toronto, and will also feature live-streaming.

Archived Meeting Materials

Historically, CIA meeting materials have been open to anyone who wishes to access them. However, since they are a great source of free CPD and a valuable member benefit, access to them is now restricted to members only.

We’re also reorganizing how members access presentation materials and other resources. Materials were previously located in various sections of the website. This past fall, we began organizing audio recordings, presentation materials, and meeting transcripts into one convenient location. Simply login to the website and select Professional Development>Meeting Archives. It will take some time to move all historical meeting material to this new location, but going forward, this will be the new process for members to access it.

CIA Meeting App

I’d also like to take this opportunity to remind members that the CIA has a very effective bilingual meeting app that is used for the Annual Meeting and most specialty seminars. We have had great uptake on use of the app which is available in iPhone, Android, and mobile web versions. The app gives instant access to presentation material, speaker information, and important event updates. In 2017 we’ll be looking at additional ways to leverage the CIA app for member service purposes.

We hope that these exciting changes will reinforce the value of your CIA membership. As always, we welcome your input and feedback which help us to continually improve and enhance your CIA.

Alicia Rollo, CHRL, is the CIA’s director of membership, education, and professional development.

 

  

Since 2000, the Practice Education Course (PEC) has helped prepare candidates for their responsibilities as a Fellow of the Canadian Institute of Actuaries (FCIA) by providing valuable practice-oriented workshops and discussions, supplemented by a three-hour, open-book examination.

Starting in 2018, the new PEC (PEC 2.0) will feature communications, business acumen, and Fellowship professionalism content, a new property and casualty (P&C) track, and no examinations for any track. PEC 2.0 will still have practice-oriented sessions for all tracks. It will also retain the current workshop format and will continue to be a requirement for Fellowship in the CIA.

These changes may affect a candidate’s decision about which year to attend the PEC. FCIA candidates should plan to take the 2017 PEC if
  • They meet the criteria; and
  • They have written a U.S.-specific version of a Society of Actuaries (SOA) exam rather than the Canadian one.

In 2018 and beyond, FCIA candidates will be required to write the Canadian versions of SOA exams. Exam-6 Canada of the Casualty Actuarial Society (CAS) will remain a requirement for P&C candidates who will also be required to attend PEC beginning in 2018.

Candidates currently in the Group and Health track of the SOA will be required to write a CIA Group examination to be eligible to attend PEC in 2018 and until further notice. The CIA Group examination will be held in fall 2017.

For more details on the changes to PEC 2018 and how they may affect you, please visit the PEC 2018 web page. The page includes links to the CIA’s February 22 webcast and PowerPoint presentation on the topic.
 

 

The latest issue of Seeing Beyond Risk, the quarterly electronic publication, is now available on the CIA website.

In this issue, actuaries Caterina Lindman and Yves Guérard discuss the Actuaries Climate Index™, an online resource updated quarterly that provides data on changes in climate extremes and sea level in North America.

Seeing Beyond Risk is the CIA’s quarterly electronic publication, featuring contributions from well-known names in actuarial science and experts in the field, writing about topics suggested and honed by the CIA Editorial Panel, readers, and Institute members.

We are sure you will find this article informative and thought-provoking, and we encourage you to distribute it among your friends and colleagues.

 

Frank Speed, FCIA (1968), FSA (1976)

Frank Speed passed away December 7, 2015. He was 83. Mr. Speed joined Canadian Life and Health Insurance Association in 1969 and retired in 1999 as vice-president and senior actuary. He served as CIA Council (Board) Treasurer and Chair of the Budget Committee from 1981–83, and was a member of the Committee on Human Rights from 1980–1982.

Frank Speed obituary

 
Events News


Save the date! Live Mic with Dave and Sharon is a special, free, networking and Q&A event for Toronto-area members on April 5, from 4:00–5:30 p.m. at the Drake One Fifty restaurant. The venue, at 150 York Street in downtown Toronto, promises a casual atmosphere to network, learn, and share ideas.

After brief introductory remarks by Sharon and Dave, they will open the floor to questions and comments. This is a great opportunity to meet colleagues and share your thoughts about the Institute and the actuarial profession.

Space is strictly limited to the first 100 members, so when you receive your invitation, reserve your spot right away! Dave and Sharon look forward to seeing you April 5.

 

 

Last year, the CIA held 25 webcasts, seven of which were free. Webcasts are an excellent source of continuing professional development (CPD) on a variety of topics of interest to many practice areas. The following is a list of last year’s free webcasts:

You can access more webcasts in the CIA webcast archives.

 
Volunteers on the Move

Eligibility and Education Council

The following people have been appointed to the (sub)committees named below:

 Committee on Education:

    • Business and Communications Education Subcommittee: Joe Nunes (Chair), Renee Couture, Minaz Lalani, and Jeremy Moniz, effective February 16, 2017;
  • Examinations and Assessments Committee:
    • 2017 Practice Education Course (PEC) Subcommittee: Thomas Hinton (Chair), Matthew Didier, Graham Kent, Erin Crump, and Haripaul Pannu, effective retroactively to December 1, 2016;
      • PEC 2017—Group Benefits Track Working Group: Erin Crump (Chair), Umair Ali, Bruno Gagnon, Lyna Gendron, Edward Tsu-Jen Kuo, Elisabeth Lamarche, Kateri Laneuville, René Norena, Kimberly Palatnick, Patrick Thompson, and George Wang, effective immediately;
      • PEC 2017—Retirement Benefits Track Working Group: Haripaul Pannu (Chair), Bradley Bulger, Stephen Cheng, Philippe Hudon, Karen Kulchyski, Andrew Kwan, Alexandre Larose, Catherine McElwain, Véronique Ménard, and Henry Yuen, effective immediately;
      • PEC 2017—Individual Life and Annuities Track and Finance and Investment Track Working Groups: Matthew Didier (Co-chair), Graham Kent (Co-chair), Alan Bates, Melissa Carruthers, Debbie Chiu, Michael D'Aprile, Adam Granville, John Horosko, Amélie Landry-Aubert, David Stalker, Marc-Andre Tourigny, and Rachel Zhang, effective immediately;
    • Group Benefits Examination Subcommittee: Frédéric Lamontagne, effective immediately;
  • Continuing Education Committee:
    • Group Life and Health Subcommittee: Jean-Philippe Simard, effective retroactively to December 1, 2016; and
    • Reinsurance Subcommittee: Matthew Smith, effective immediately.

The following people have completed their term with the committees named below, and have left with thanks:

  • PEC Group Benefits Track Working Group: Loretta Di Caro and Martin Laframboise; and
  • PEC 2017—Individual Life and Annuities Track and Finance and Investment Track Working Groups: Nancy Brophy, Ahwaz Chagani, Mark Edwards, Chris Fung, Frédéric Jacques, Ping-Teng Lin, Khalid Sadequin, and Jay Zhong.

Member Services Council

The following people have been appointed to the committees named below:

  • New Members Committee: Jonathan Bondy (Vice-chair) and Winnie Long (ASNA liaison), effective August 1, 2017; and
  • Climate Change and Sustainability Committee: Mei-Hsuan Chao, effective February 27, 2017.

The following people have completed their term with the committees named below, and have left with thanks:

  • New Members Committee: Jonathan Bondy (ASNA liaison), effective August 1, 2016, and Troy Henry, effective October 7, 2016; 
  • Research Committee: Jim Wagner, effective February 1, 2017; and
  • Climate Change and Sustainability Committee: Kamran Quavi, effective February 27, 2017.