Strategic Plan Questionnaire Results Overview

Transcription

1 Zoomerang : Page 1 of 6 Date: 10:00 AM PST The IAA Task Force on Strategic Planning (TFSP) is once again seeking input from delegates to the IAA Council and members of the EC this time on the elements of a strategic plan for the IAA. In order to develop a strategic plan, the TFSP is following the process of first developing a vision statement (what it is we would like to be), a mission statement (what it is we are currently doing and believe we should be doing to achieve that vision) and a statement of values held by the IAA. Your response to this questionnaire will help us to develop a discussion paper for the meetings in Dublin on vision/mission/values statements. The next step after Dublin is to identify gaps (priorities) between where we are today and where we would like to be (as reflected in the vision statement). We anticipate using input from the discussions in Dublin, this questionnaire, the TFSP questionnaire sent out in January, and other sources to develop another discussion paper for the Quebec City meetings on gaps, action plans and a full strategic plan. If all goes well along the way, the final step will be to have Council delegates agree on a strategic plan in Cyprus. The purpose of this questionnaire is to receive feedback on drafts of vision, mission and values statements and to seek your input on priorities and actions steps. Based on work done by the TFSP in 2005 and prior years, responses to the TFSP questionnaire sent out in January 2007, and other input, the following vision, mission and values statements have been drafted by the TFSP. Thank you very much, in advance, for your thoughtful responses. Vision: The IAA is the international professional, educational and research organization of actuarial associations that represents the profession internationally. The IAA supports member associations in their response to the needs of society by ensuring the availability around the world of actuarial services meeting high standards of quality and professionalism. Mission: The IAA is recognized by actuarial associations and external audiences as an organization serving the public interest that: 1. develops the role, reputation, and recognition of the actuarial profession throughout the world; 2. identifies, establishes, and maintains relationships with key supranational audiences and provides them with actuarial input to improve the quality of decisions being made on important international public issues; 3. facilitates the expansion of the intellectual capital of the actuarial profession and the scope, quality, and availability of actuarial services; 4. through its Committees and Sections, enhances the efficiency of its member associations in developing and optimizing the use of the pool of scientific knowledge of the global actuarial profession; 5. establishes, maintains and promotes high standards of education and professionalism to be enforced by member associations for actuaries worldwide; 6. supports the organization and development of the actuarial profession in areas of the world in which it is not present or is not wellrecognized. Values: In its promotion of professionalism, the IAA will subscribe to the values of integrity, innovation, accountability and objectivity in dealing with its membership and the public. Please answer the following questions from the viewpoint of the member association you represent. We encourage your comments on each question, especially if you answer no. Your comments will help the TFSP prepare a better discussion paper for the meetings in Dublin. In order for the TFSP to complete that discussion paper on vision/mission/values for the 30-day agenda for the Dublin Council meeting, your response to this questionnaire is needed by September 5, Do you support the concepts in the vision statement The IAA is the international professional, educational and research organization of actuarial associations that represents the profession internationally. The IAA supports member associations in their response to the needs of society by ensuring the availability around the world of actuarial services meeting high standards of quality and professionalism? Yes 30 73% No 11 27% Total % 15 Responses 3. Do you support the concept in the mission statement develops the role, reputation, and recognition of the actuarial profession throughout the world? Yes 34 83%

2 Zoomerang : Page 2 of 6 No 7 17% 11 Responses Total % 4. Do you support the concept in the mission statement identifies, establishes, and maintains relationships with key supranational audiences and provides them with actuarial input to improve the quality of decisions being made on important international public issues? Yes 39 95% No 2 5% Total % 10 Responses 5. Do you support the concept in the mission statement facilitates the expansion of the intellectual capital of the actuarial profession and the scope, quality, and availability of actuarial services? Yes 34 83% No 7 17% Total % 15 Responses 6. Do you support the concept in the mission statement through its Committees and Sections, enhances the efficiency of its member associations in developing and optimizing the use of the pool of scientific knowledge of the global actuarial profession? Yes 33 80% No 8 20% Total % 17 Responses 7. Do you support the concept in the mission statement establishes, maintains and promotes high standards of education and professionalism to be enforced by member associations for actuaries worldwide? Yes 33 80% No 8 20% Total % 15 Responses 8. Do you support the concept in the mission statement supports the organization and development of the actuarial profession in areas of the world in which it is not present or is not well-recognized? Yes 37 90% No 4 10% Total % 8 Responses Are there any other mission statements you feel the IAA should have?

3 Zoomerang : 9. Page 3 of 6 Yes 12 30% No 28 70% Total % 11 Responses 11. The values statement is made above In its promotion of professionalism, the IAA will subscribe to the values of integrity, innovation, accountability and objectivity in dealing with its membership and the public. Do you support the concept in this values statement? Yes 28 72% No 11 28% Total % 10 Responses In the TFSP questionnaire sent out in January 2007, the question was asked What three issues do you feel present the greatest challenge to the international actuarial profession? The most frequently mentioned challenges were (in order): a. Education b. Quality (standards and guidelines on financial reporting) c. Scope (broadening the application of our skill set) d. Branding (image, reputation and recognition of the profession) e. Services to membership f. Recognition (role of the actuary) g. Relationships (with governments and institutions) 16. Of which association are you the Council Delegate? Consejo Prof. de Ciencias Económicas de la CABA Institute of Actuaries of Australia Aktuarvereinigung Österreichs (AVÖ) Association Royale des Actuaires Belges Instituto Brasileiro de Atuária (IBA) Canadian Institute of Actuaries Institut des Actuaires de Côte d'ivoire Hrvatsko Aktuarsko Drustvo Cyprus Association of Actuaries Ceská Spolecnost Aktuárù Den Danske Aktuarforening

4 Zoomerang : Page 4 of 6 Egyptian Society of Actuaries Eesti Aktuaaride Liit Suomen Aktuaariyhdistys Institut des Actuaires Deutsche Aktuarvereinigung e. V. (DAV) Hellenic Actuarial Society Actuarial Society of Hong Kong Magyar Aktuárius Társaság Félag Islenskra Tryggingastærðfræðinga Actuarial Society of India Persatuan Aktuaris Indonesia Society of Actuaries in Ireland Israel Association of Actuaries Istituto Italiano degli Attuari Institute of Actuaries of Japan Japanese Society of Certified Pension Actuaries Latvijas Aktuaru Asociacija Lebanese Association of Actuaries Persatuan Aktuari Malaysia Colegio Nacional de Actuarios A. C. Het Actuarieel Genootschap New Zealand Society of Actuaries Den Norske Aktuarforening Pakistan Society of Actuaries Actuarial Society of the Philippines Polskie Stowarzyszenie Aktuariuszy 2 6% Instituto dos Actuários

5 Zoomerang : Page 5 of 6 Portugueses Academia de Actuarios de Puerto Rico Udruženje Aktuara Srbije Singapore Actuarial Society Slovenska Spolocnost Aktuarov Slovensko Aktuarsko Drustvo Actuarial Society of South Africa Col.legi d'actuaris de Catalunya Instituto de Actuarios Españoles Svenska Aktuarieföreningen Association Suisse des Actuaires Actuarial Institute of Chinese Taipei 2 6% Faculty of Actuaries Institute of Actuaries American Academy of Actuaries American Soc. of Pension Professionals & Actuaries Casualty Actuarial Society Conference of Consulting Actuaries Society of Actuaries AFIR Section ASTIN Section AWF Section IAAHS Section IACA Section LIFE Section PBSS Section Total % 17. Are you a member of the Executive Committee? Yes 13 32% No 28 68% Total %

6 Zoomerang : Page 6 of 6

7 Zoomerang : Open Ended Report: Question 1 Page 1 of 1 Date: 9:54 AM PST 1. Do you support the concepts in the vision statement The IAA is the international professional, educational and research organization of actuarial associations that represents the profession internationally. The IAA supports member associations in their response to the needs of society by ensuring the availability around the world of actuarial services meeting high standards of quality and professionalism? 1 2 Although we do support the concepts mentioned in the vision statement, we do believe that should be also included and emphasized the concepts of recognition and branding. I believe the idea of an international organization of actuarial associations should be specifically mentioned. Then, the vision statement could indicate that the IAA is the international public face of the profession, supporting member associations in their response to the needs of society by working to extend the presence and reputation of the actuarial profession throughout the world and by promoting high standards of education, research and professionalism. 3 4 Though we agree in principle we would like to propose two minor amendments: The IAA is the international professional, educational and research organization of actuarial associations that represents the actuarial profession internationally. The IAA supports member associations in their response to the needs of society by ensuring the availability around the world of actuarial services meeting common standards of high quality and professionalism. We believe that it is of particular importance to the public that standards aren t just of high quality but also comparable in all member associations. 5 We would modify the statement to make it clear that the IAA is an association of associations. Suggested wording: The IAA is the internation association of actuarial associations. It provides the these associations with an international representation of the profession. The IAA supports its member associations by working with the organizations to broaden the recognition and reputation of the profession around the world. 6 See comments in Q Our feeling is that the vision should try to describe the desired state of the (actuarial) world in the future and mission should then describe the role of the IAA in the process of moving towards the vision. Therefore we feel that the proposed vision of the IAA is too narrow. Actually and structurally we feel that the proposed vision could be better used as the mission of the IAA. Additionally we feel that the list proposed as the mission of the IAA could rather describe the strategic steps the IAA should take in order to fulfill its mission. The discussion then on the strategy should concentrate on whether the steps are all equally important or whether some prioritizing should be done. Whilst we support the statement, we do not see it as a vision (rather some form of statement of purpose). An example of a vision statement ca be found on The Austrailan societys website: "whenever there is uncertainty as to future financial outcomes, actuaries will be sought for their advice and authoratative comment". This or a similar statement might fit better Modify as follows: The IAA is the international organization of actuarial assocaitions. It is the primary means by which the actuarial profession represents itself internationally. The IAA supports member associationsa in their response to the needs of society by working to extend the presence and reputation of the actuarial profession throughout the world and by promoting high standards of education and professionalism actuarial services consistently meeting high standards OK with the first sentence. - I don't understand the scope of the 2nd sentence. - what the IAA wants to bring to the world seems to thin or weak in relation ti public interests. The IAA is the international organization of actuarial associations. It is the primary means by which the actuarial profession represents itself internationally. The IAA supports member associations in their response to the needs of society by working to extend the presence and reputation of the actuarial profession throughout the world and by promoting high standards of education and professionalism. 13 Add to end: "The IAA promotes and facilitates the globalisation of the actuarial profession." 14 Do not envision the role as a research and educational (beyond basic)organization other than through section programs.. 15 In collaboration with the schools of actuaries all over the world

8 Zoomerang : Open Ended Report: Question 2 Page 1 of 2 Date: 9:55 AM PST 2. Additional comments 1 Could maybe incorporate a broader role than simply ensuring availability of actuarial services. 2 3 I would specifically remove the reference to 'availability.' I would like to see more discussion about whether 'research' should be included in a list that includes 'education and professionalism.' Is "ensuring" the right word? We realise this is a vision statement of where we want to be, rather than where we are today, but can we really take on this responsibility in all countries(e.g. a country at war)? Would "promoting" be a better word? 4 None 5 Is "ensuring" the right word? we realise this is a vision statement of where we want to be, rather than where we are today, but can we really take on this responsibility in all countries(e.g. a country at war)? Would "promoting" be a better word? 6 Though we agree in principle we would like to propose two minor amendments: The IAA is the international professional, educational and research organization of actuarial associations that represents the actuarial profession internationally. The IAA supports member associations in their response to the needs of society by ensuring the availability around the world of actuarial services meeting common standards of high quality and professionalism. We believe that it is of particular importance to the public that standards aren t just of high quality but also comparable in all member associations. 7 8 Though we agree in principle we would like to propose two minor amendments: The IAA is the international professional, educational and research organization of actuarial associations that represents the actuarial profession internationally. The IAA supports member associations in their response to the needs of society by ensuring the availability around the world of actuarial services meeting common standards of high quality and professionalism. We believe that it is of particular importance to the public that standards aren t just of high quality but also comparable in all member associations. Though we agree in principle we would like to propose two minor amendments: The IAA is the international professional, educational and research organization of actuarial associations that represents the actuarial profession internationally. The IAA supports member associations in their response to the needs of society by ensuring the availability around the world of actuarial services meeting common standards of high quality and professionalism. We believe that it is of particular importance to the public that standards aren t just of high quality but also comparable in all member associations In Denmark it is the university that educates the actuaries. This works well, so IAA does not play a role here in regards to that. As a vision statement it is fine. Leave out and research because this is in practise hardly the case. Internationally suggests a country approach while in practise it is more a worldwide representation above the regional efforts (e.g. GC, SOA) We omitted the phrase "professional, educational and research" from the above definition, since we can not expect the limited resources of the IAA to have these items in its implicit mission statement. The IAA is able to leverage the resources of its members to assist in achieving these goals for the actuarial profession. With these initial thoughts our feeling is that - the vision of the IAA should be something like: "Actuarial knowledge will be included as a key element in national and international decision making in areas like social security and other societal decision making, economics in general and in the financial sector and its supervision in particular, etc. - with this vision the mission of the IAA should be on the lines of the proposed vision, where item 1 of the proposed mission should be incorporated into the mission - the strategy of the IAA should be based on the elements of the proposed mission (excluding item 1) where perhaps some prioritization should be made The IAA should not aspire to be THE international respresentative of the actuarial profession; some member associations also fill that role. Also, the IAA is not and should not aspire to be a research organization, although there may be some modest role for the IAA in terms of facilitating the exchange of research results among member associations. Finally, the claim to provide "availability" sounds overly commercial; the IAA is not a commercial organization. the role of the IAA as standard-setter should be stated, especially since the agreement by the EC in Mexico City on the revised process in this regards Additional comment. The IAA should not aspire to be the international representative of the actuarial profession; some member associations also fill that role. Also, the IAA is not and should not aspire to be a research organization, although there may be some modest role for the IAA

9 Zoomerang : Open Ended Report: Question 2 Page 2 of in terms of facilitating the exchange of research results among member associations. Finally, the claim to provide availability sounds overly commercial; the IAA is not a commercial organization. There is a slight ambiguity in the second sentence. It is the member associations that "ensur(e) the availability...etc" and the IAA provides support, but this is not 100% clear in the current words. The concept of representation should be summarized. The position of the IAA should not suppose a commitment that oblige directly to all associations, especially if they have a contrary position. 18 IAA should be an organization that helps member organizations share knowledge, research and education. 19 Is it feasible for the IAA to seek to ENSURE availability around the world

10 Zoomerang : Open Ended Report: Question 3 Page 1 of 1 Date: 9:55 AM PST 3. Do you support the concept in the mission statement develops the role, reputation, and recognition of the actuarial profession throughout the world? 1 This should be a collaborative effort between the IAA and the member associations. 2 As a vision statement it is suitable. 3 We propose a minor amendment: identifies, establishes, and maintains relationships with key supranational audiences to provide them with actuarial input.. 4 While the wording is subtle, it is important to note that the IAA works with its member organizations to achieve these objectives. 5 See comments in Q10 6 I fully agree. 7 The wording should reflect the roles of member associations. For example, it could begin "The IAA works with its member associations to develop... " 8 Are the members included in the actuarial profession? 9 10 The wording should reflect the roles of member associations. For example, it could begin The IAA works with its member associations to develop.. but perhaps "throughout the world" should be replaced by some more specific "towards the public, authorities and organisations dealing with questions for which an actuarial input would be beneficial." Or would it be redundant with subsequent text parts? 11 Should help member organizations to do this.

11 Zoomerang : Open Ended Report: Question 4 Page 1 of 1 Date: 9:55 AM PST 4. Do you support the concept in the mission statement identifies, establishes, and maintains relationships with key supranational audiences and provides them with actuarial input to improve the quality of decisions being made on important international public issues? 1 Lobbying is an important issue and IAA is the right body for that. There is just one issue to be solved.howw to organze this lobbying (specific groups, commissions )? 2 I would complete the statement by replacing "international public issues" by "issues affecting the public" We propose a minor amendment: identifies, establishes, and maintains relationships with key supranational audiences to provide them with actuarial input We propose a minor amendment: identifies, establishes, and maintains relationships with key supranational audiences to provide them with actuarial input We propose a minor amendment: identifies, establishes, and maintains relationships with key supranational audiences to provide them with actuarial input 6 Remark: This implies enough budget and resources to enable this activity! 7 This is key to the success of the IAA...dealing with supranational audiences. 8 See comments in Q10 9 I fully agree but I should suggest to delete "to improve the quality" and write "provides them with actuarial input in making decisions on important intenational public issues. 10 IAA needs to do more of this.

12 Zoomerang : Open Ended Report: Question 5 Page 1 of 1 Date: 9:56 AM PST 5. Do you support the concept in the mission statement facilitates the expansion of the intellectual capital of the actuarial profession and the scope, quality, and availability of actuarial services? 1 at a national level, maybe the national association is more in charge for that 2 As long as it is in conjunction with the IAA Committees and Sections. I would reverse the order of this concept and the one that is discussed in question #6 (following). 3 In practice the ability of the IAA to influence the scope and availability of actuarial services is quite limited. 4 In practice the ability of the IAA to influence the scope and availability of actuarial services is quite limited. 5 See comments on Question 6. 6 See comments on Question 6. 7 See comments on Question 6. 8 See comments on Question 6. 9 We do not want the IAA to be confused with a research organization. Its members are the research organizations. 10 See comments in Q10 11 This statement, in part, duplicates the statement that follows (which is addressed in question 6). To the extent that it goes beyond the statement addressed in question 6, it sounds like a research function, which is not an IAA role. 12 "through the actuarial associations" could be added in the sentence This statement, in part, duplicates the statement that follows (which is addressed in question 6). To the extent that it goes beyond the following statement, it sounds like a research function, which is not an IAA role. but not sure that the "intellectual capital" includes "development of the actuarial science", for me it sounds more like spreading it, therfore the statement is not 100% complete. 15 This is done by the individual sections but does not seem to be done by the IAA itself.

13 Zoomerang : Open Ended Report: Question 6 Page 1 of 1 Date: 9:56 AM PST 6. Do you support the concept in the mission statement through its Committees and Sections, enhances the efficiency of its member associations in developing and optimizing the use of the pool of scientific knowledge of the global actuarial profession? 1 Limited application for large organizations. Good element of the mission statement for the future. 2 3 But I also recognize this is not true today because the coordination between the Sections and the IAA itself is far from efficient. In addition, it is not clear that the Sections have a remit to accomplish these ideals. Until such time as the co-ordination is improved, I would have some difficulty supporting this concept except in the abstract. There is a certain overlap between mission statements 3 and 4. Perhaps the different focus of these statements could be clarified by stressing the actuarial theory in statement 3 and the actuarial practice / services in statement 4. Besides, we propose to omit through its Committees and Sections, as the internal organization of the IAA needn t be mentioned in a mission statement. 4 There is a certain overlap between mission statements 3 and 4. Perhaps the different focus of these statements could be clarified by stressing the actuarial theory in statement 3 and the actuarial practice / services in statement 4. Besides, we propose to omit through its Committees and Sections, as the internal organization of the IAA needn t be mentioned in a mission statement. 5 There is a certain overlap between mission statements 3 and 4. Perhaps the different focus of these statements could be clarified by stressing the actuarial theory in statement 3 and the actuarial practice / services in statement 4. Besides, we propose to omit through its Committees and Sections, as the internal organization of the IAA needn t be mentioned in a mission statement. 6 There is a certain overlap between mission statements 3 and 4. Perhaps the different focus of these statements could be clarified by stressing the actuarial theory in statement 3 and the actuarial practice / services in statement 4. Besides, we propose to omit through its Committees and Sections, as the internal organization of the IAA needn t be mentioned in a mission statement. 7 This can be true if the Sections were given the responsibility to carry out this mission. 8 See comments in Q10 9 I fully agree but I suggest to add in the last line "scientific and technical knowledge..." 10 For this statement to be accurate, there would need to be better coordination between the operations of each Section and the overall mission and operations of the IAA. Today,the Sections have authority but do not have respnsibility, so it owuld be difficult for the IAA to depend on them as agents in carrying out its mission. Therefore, as of today we cannot support a statement in which responsiblity for the mission relies in part on the Sections. See also the response to question There is no need to include "through its Committees and Sections" - this is implicit anyway. 12 In this new formula, we miss the former goal of developing the actuarial science (and not only the use of the science) 13 For this statement to be accurate, there would need to be better coordination between the operations of each Section and the overall mission and operations of the IAA. Today, sections have authority but do not have responsibility, and so it could be difficult for the IAA to depend on them as agents in carrying out its mission. Therefore, as of today we cannot support a statement in which responsibility for the mission relies in part on the Sections. See also the response to question This could be improved by adding a few words.... "the pool of scientific AND ORGANISATIONAL knowledge of the global actuarial profession." This would then include standards of conduct etc as well as science. "Effectiveness" might be a better word than "efficiency". 15 We feel it includes encouragement to member associations in development of actuarial knowledge. 16 but same comment as above: I would suggest an addition like: "actuarial profession and its enlargement through scientific research". 17 Sections should work for greater congruence with the mission of the IAA.

14 Zoomerang : Open Ended Report: Question 7 Page 1 of 1 Date: 9:56 AM PST 7. Do you support the concept in the mission statement establishes, maintains and promotes high standards of education and professionalism to be enforced by member associations for actuaries worldwide? 1 Very important point. Should nbot be missed and even should be highlighted 2 My concern here is over the word 'enforced.' 3 Again we prefer the notion of common standards of education and professionalism instead of high standards. 4 Again we prefer the notion of common standards of education and professionalism instead of high standards. 5 Again we prefer the notion of common standards of education and professionalism instead of high standards. 6 The university is doing a great job here, so there must be a place for that as well. In DK it is only the CPD that the menmberorganization provides, the fundamantal education is provided by the university. 7 Again we prefer the notion of common standards of education and professionalism instead of high standards. 8 A word change...instead of "to be enforced by member associations"...change to..."for use by member associations" 9 See comments in Q10 10 The objection is to the word "enforced", which sounds as if member associations were the police officers for the IAA. If "to be enforced" were replaced by "for use by", the statement would not be objectionable. 11 I would prefer "..high standards of education, skill and professional performance.." The objection is to the word enforced, which sounds as if member associations are the police officers for the IAA. If to be enforced were replaced by for use by, the statement would not be objectionable. The word "enforced" is not really appropriate to the situation. "implemented" would be better. Also I suggest including ", practice" after "education" to reflect the intent of issuing IASP's. 14 To enhance professionalism particularly for serving the public interest. 15 replace "enforced" with "encouraged" or "used"

15 Zoomerang : Open Ended Report: Question 8 Page 1 of 1 Date: 9:57 AM PST 8. Do you support the concept in the mission statement supports the organization and development of the actuarial profession in areas of the world in which it is not present or is not well-recognized? 1 too general. Some conditions should be precised. For example how to define these areas. 2 So long as there are not more efficient mechanisms to achieve this such as using the UK exams or the SOA/CAS exams. 3 I think this is nor first-ordered mission, but additional one. 4 We fear that the limited ressources could be used for better purposes eg. branding. 5 See comments in Q10 6 "supports the organization and development of the actuarial profession in areas of the world in which it is not present or is not well-recognized through one of its member" should be better 7 perhaps add "supports the promotion, organization, and development..." 8 In function of their need, taking into account their stage of development and their wishes.

16 Zoomerang : Open Ended Report: Question 9 Page 1 of 1 Date: 9:57 AM PST 9. Are there any other mission statements you feel the IAA should have? 1 We need to reinforce the principle of subsidiarity. 2 Provide a forum for discussion among actuaries and actuarial associations throughout the world. 3 I would review the missions of each of the Sections to make sure that the IAA's mission itself included these same items. 4 We propose to insert a seventh mission statement between statements 4 and 5 which could read establishes, maintains and promotes model actuarial standards of practice and encourages member associations to adopt or converge to these standards. 5 We propose to insert a seventh mission statement between statements 4 and 5 which could read establishes, maintains and promotes model actuarial standards of practice and encourages member associations to adopt or converge to these standards. 6 We propose to insert a seventh mission statement between statements 4 and 5 which could read establishes, maintains and promotes model actuarial standards of practice and encourages member associations to adopt or converge to these standards. 7 To make the reputation of actuaries better - branding 8 We propose to insert a seventh mission statement between statements 4 and 5 which could read establishes, maintains and promotes model actuarial standards of practice and encourages member associations to adopt or converge to these standards. 9 See comments in Q In the former goals, there was an idea of promoving the solidarity, the respect between actuaries around the world.the ICA is one of the realisation of this goal. - Communication and the promotion of our brand could be another goal. As an alternative to including this sentence in the vision, it could be included in the mission (although in the vision is best): "The IAA promotes and facilitates the globalisation of the actuarial profession."

17 Zoomerang : Open Ended Report: Question 10 Page 1 of 2 Date: 9:57 AM PST 10. Additional comments 1 None and 6 look alike. The sequence could be: /6 (be good, then tell it) Because of the scarcity of resources, we recommend that the IAA be very focused on objectives that can best be accomplished by the IAA in collaboration with its members. 1. Mission, Vision and Strategy Our feeling is that the vision should try to describe the desired state of the (actuarial) world in the future and mission should then describe the role of the IAA in the process of moving towards the vision. Therefore we feel that the proposed vision of the IAA is too narrow. Actually and structurally we feel that the proposed vision could be better used as the mission of the IAA. Additionally we feel that the list proposed as the mission of the IAA could rather describe the strategic steps the IAA should take in order to fulfill its mission. The discussion then on the strategy should concentrate on whether the steps are all equally important or whether some prioritizing should be done. With these initial thoughts our feeling is that - the vision of the IAA should be something like: "Actuarial knowledge will be included as a key element in national and international decision making in areas like social security and other societal decision making, economics in general and in the financial sector and its supervision in particular, etc. - with this vision the mission of the IAA should be on the lines of the proposed vision, where item 1 of the proposed mission should be incorporated into the mission - the strategy of the IAA should be based on the elements of the proposed mission (excluding item 1) where perhaps some prioritization should be made 2 The Proposed Mission Items 4 Item 1 would follow as a result from being successful in items 2-6. The wording of item 3 could clarified. Our understanding is that the purpose of this item is to say that the IAA desires to help to expand the actuarial profession to "wider fields" by widening the actuarial skills from the traditional ones. The expression "expansion of the intellectual capital" is not clear in this respect. Item 4: It is unnecessary to refer to the organizational structure of the IAA here. A shorter expression could be: enhances the level and optimizes the use of scientific knowledge of the global actuarial profession. Item 5 should include also practice standards All items include the subsidiarity principle, which should as a general principle ("IAA in cooperation with its member associations") be mentioned somewhere. It might facilitate the understanding of these objectives, if they were written in a more concise wording; or if each objective had a shorter title e.g 2: cooperate with international organizations 3: expand to wider fields 4: support science and research 5: support education and professionalism 6: expand geographically 5 Item 1 would follow as a result from being successful in items 2-6. The wording of item 3 could clarified. Our understanding is that the purpose of this item is to say that the IAA desires to help to expand the actuarial profession to "wider fields" by widening the actuarial skills from the traditional ones. The expression "expansion of the intellectual capital" is not clear in this respect. Item 4: It is unnecessary to refer to the organizational structure of the IAA here. A shorter expression could be: enhances the level and optimizes the use of scientific knowledge of the global actuarial profession. Item 5 should include also practice standards All items include the subsidiarity principle, which should as a general principle ("IAA in cooperation with its member associations") be mentioned somewhere. It might facilitate the understanding of these objectives, if they were written in a more concise wording; or if each objective had a shorter title e.g 2: cooperate with international organizations 3: expand to wider fields 4: support science and research 5: support education and professionalism 6. expand geographically

18 Zoomerang : Open Ended Report: Question 10 Page 2 of A number of organizations have suggested - and past polls have shown - that they prefer the IAA to focus on a small number of tasks that can best be accomplished collectively. Research is not such a task, and in many respects "ensuring availability of actuarial services" is not such a task. A number of organizations have suggested and past polls have shown that they prefer the IAA to focus on a small number of tasks that can best be accomplished collectively. Research is not such a task, and in many respects ensuring availability of actuarial services is not such a task. 8 The sequence of the misson items looks a bit haphazard and could usefully be reviewed. 9 None in particular In general, we think adequate thet the IAA consider mission statements all the porpuses indicated, but never in exclusiveness. In any case that an association or group of associations can disagree of the majority position of the IAA, they can take actions that be adjusted to their own criteria my concerns were about development of actuarial science in general, that the IAA is encouraging through its congresses, etc. I tried to address this with my remarks above.

19 Zoomerang : Open Ended Report: Question 11 Page 1 of 1 Date: 9:58 AM PST 11. The values statement is made above In its promotion of professionalism, the IAA will subscribe to the values of integrity, innovation, accountability and objectivity in dealing with its membership and the public. <br><br>do you support the concept in this values statement? 1 I am unclear as the why 'innovation' is included in this list. 2 In our view there is no reason to restrict the IAA values to the area of professionalism. Moreover, as the IAA is an association of associations it is difficult to understand what exactly the mentioned values mean for the IAA s relationship to its member organizations. Innovation is not precisely a value, perhaps better wording could be found. Thus, we suggest abbreviating the value statement to The IAA will subscribe to the values of integrity, accountability and objectivity. 3 In our view there is no reason to restrict the IAA values to the area of professionalism. Moreover, as the IAA is an association of associations it is difficult to understand what exactly the mentioned values mean for the IAA s relationship to its member organizations. Innovation is not precisely a value, perhaps better wording could be found. Thus, we suggest abbreviating the value statement to The IAA will subscribe to the values of integrity, accountability and objectivity. 4 In our view there is no reason to restrict the IAA values to the area of professionalism. Moreover, as the IAA is an association of associations it is difficult to understand what exactly the mentioned values mean for the IAA s relationship to its member organizations. Innovation is not precisely a value, perhaps better wording could be found. Thus, we suggest abbreviating the value statement to The IAA will subscribe to the values of integrity, accountability and objectivity. 5 In our view there is no reason to restrict the IAA values to the area of professionalism. Moreover, as the IAA is an association of associations it is difficult to understand what exactly the mentioned values mean for the IAA s relationship to its member organizations. Innovation is not precisely a value, perhaps better wording could be found. Thus, we suggest abbreviating the value statement to The IAA will subscribe to the values of integrity, accountability and objectivity. 6 It is unclear what is meant by "innovation" 7 Although the statement is basically unobjectionable, the meaning of the word "innovation" is not clear in this context. If it were removed, the response would be "Yes". 8 While I am in favour of innovation generally, I don't think it is a component of "professionalism...in dealing with...the public". 9 Although the statement is basically unobjectionable, the meaning of the word innovation is not clear in this context; if it were removed, the response would be Yes. 10 not innovation.

20 Zoomerang : Open Ended Report: Question 12 Page 1 of 1 Date: 9:58 AM PST 12. Additional comments 1 transparency is an important word too 2 I think a further statement about the primacy of the "public interest" would be appropriate. 3 may be " sharing of actuarial resources " can be included in the value statement 4 We would like to suggest adding the values of commitment and quality. 5 As the IAA does not deal with the "public" it may be better to refer to its other relationships noted in 1. and 4. as in: "... in dealing with its membership, supranational audiences and in its international representations." 6 None 7 As the IAA does not deal with the "public" it may be better to refer to its other relationships noted in 1. and 4. as in: "... in dealing with its membership, supranational audiences and in its international representations." 8 When proceeding the governance structure need to be readjusted accordingly 9 When proceeding the governance structure need to be readjusted accordingly. 10 None 11 None. 12 None in particular

21 Zoomerang : Open Ended Report: Question 13 Page 1 of 4 Date: 9:58 AM PST 13. Considering the above issues, what, in priority order, do you feel are the top five areas of action the IAA should be addressing and explain how they should be addressed? 1 1. Develop a strategy for how the IAA addresses the emerging ERM area of practice (global certification?). 2. Maintain the great work being done by the Insurance Accounting and Insurance Regulation committees. 3. Develop a strategy to have 100 full member associations of the IAA by Continue the work of the IEPC. 2 Education / Relationships / Recognition /Quality /Branding 3 b. - c. - g. - d. - a. 4 1 Education (syllabus is important CPD should not be neglected 2 Recognition ; in committees and at the congress development of the role of the actuary should be adressed (for example in ERM) 3 Relationships a specific group should be created 5 a, b, c, g are more important to me. How should they be addressed? By the formation of Task Forces with a well-defined mandate. 6 #1 d. Branding look at current initiatives of some actuarial bodies and develop a supranational strategy #2 c. Scope: jump rapidly on the ERM bandwagon. Ensure education opens the future actuary to broader fields #3 Education: ensure the syllabus is always kept relevant and support education in less developed actuarial regions #4 Quality: sound standards need to be adopted at the IAA level after proper consultation and well communicated to associations #5 Relationships: the IAA needs to be an active body presenting a credible voice for the profession 7 g,f,d,c,b 8 g. b. a. c.g. 9 Education, Scope, Quality, Branding and Services to Membership Branding (image, reputation and recognition of the profession) Even though several isolated actions have been made in this area, in order to achieve a greater impact and to maximize results, forces should be joined creating a new Committee specifically formed to promote Actuarial Branding. Participants of the committee should be of high level and representatives (i.e. former IAA Presidents). A specific and very clear agenda should be defined, towards strengthening the knowledge and recognition of the Actuary, as a professional that also should participate more in the development and decision making on public policies and economic and financial programs. 2.- Education It is necessary to continue with current Committee activities, promoting Colloquiums, Congresses, etc. In addition to the very good work performed so far and the information obtained by the self-assessment questionnaire, we believe that should be tried a step further, perhaps very ambitious, through the creation of a support group, whose main objective will be to selectively(by regions) visit different developing countries, offering its support on whatever could be required, but with the main goal of assuring education requirements (syllabus) are covered. 3.- Scope (Broadening the application of our skill set) To create forums or discussion groups as a mechanism to get experiences from countries in which actuarial scope has been broadened successfully. Based on the results, new IAA sections can be created to promote and develop the corresponding scope. 4.- Quality (standards and guidelines on financial reporting) In order to really move forward with the project it is critical to define and implement mandatory standards, instead of guidelines. *Please note that we consider that Branding includes f) recognition and g)relationships 1st = g. Develop and maintain relationships with key Supranational Organizations 2nd = a. Develop broad educational material for use, particularly by smaller, developing member (or soon to be member) associations. 11 3rd = c. Scope 4th = e. Services to Membership 5th = f. Recognition 12 a, g, f, c, b 13 Education, Quality and Scope are 1st order. Branding and Servies to member are 2nd order. To exchange information and views at an opportunity like President's Forum may be a possible way. 14 a g f c b 1. Quality, i.e. standards and guidelines for actuarial services (not just on financial reporting): Develop model actuarial standards for risk modeling Develop model actuarial standards for accounting / IFRS 2. Scope and Branding:

22 Zoomerang : Open Ended Report: Question 13 Page 2 of 4 15 Broaden the skill set of actuaries in the area of financial mathematics Strengthen the recognition of actuaries in social security systems 3. Services to Membership: Identify the needs and expectations of member associations Clearly define the services the IAA offers to member associations, Council and Committees 4. Education: Develop and maintain homogeneous requirements regarding education and CPD Define a catalogue of basic actuarial skills common to all IAA member associations to facilitate mutual recognition 5. Relationships (with supra-/international institutions) Quality, i.e. standards and guidelines for actuarial services (not just on financial reporting): Develop model actuarial standards for risk modeling Develop model actuarial standards for accounting / IFRS 2. Scope and Branding: Broaden the skill set of actuaries in the area of financial mathematics Strengthen the recognition of actuaries in social security systems 3. Services to Membership: Identify the needs and expectations of member associations Clearly define the services the IAA offers to member associations, Council and Committees 4. Education: Develop and maintain homogeneous requirements regarding education and CPD Define a catalogue of basic actuarial skills common to all IAA member associations to facilitate mutual recognition 5. Relationships (with supra-/international institutions) Quality, i.e. standards and guidelines for actuarial services (not just on financial reporting): Develop model actuarial standards for risk modeling Develop model actuarial standards for accounting / IFRS 2. Scope and Branding: Broaden the skill set of actuaries in the area of financial mathematics Strengthen the recognition of actuaries in social security systems 3. Services to Membership: Identify the needs and expectations of member associations Clearly define the services the IAA offers to member associations, Council and Committees 4. Education: Develop and maintain homogeneous requirements regarding education and CPD Define a catalogue of basic actuarial skills common to all IAA member associations to facilitate mutual recognition 5. Relationships (with supra-/international institutions) 18 d, e, f, g and c 19 d. and f. look alike. Sequence: g d/f e b a c Education has already a lot of attention within the IAA. Relationships are done by (i) proper consultations via institutions like GC, and (ii) appointment of key people to guard the relation. 1. Relations with supranational organizations. This is an issue that the IAA can uniquely and optimally deal with. 2. Strengthen the profession in places in which the profession is weak or non-existent, in collaboration with the members, as necessary Develop international educational notes with broad application. 4. Maintain strong standards of education and professionalism for use by member associations. 5. Provide assistance as necessary to member associations, particularly smaller ones. Order of Priority 21 1) Representation with IAIS, IASB etc. 2) Education and standards 3) Scope, expanding to wider fields 22 1) Representation with IAIS, IASB etc. 2) Education and standards 3) Scope, expanding to wider fields 23 1)Education. Education has to be considered comprehensive of the education for the new generations of actuaries and of CPD for all the actuaries. It's necessary to keep the programmes up-to-date to meet the evolution of the profession. To this end it's essential to receive input coming from the Commettees and Sections. 2)Branding (image, reputation and recognition of the profession). To improve the comunication and information through mass-media. 3) Quality (standards and guidelines on financial reporting). It's very important issues. Improve the comunication and information through technical reviews and financial newspapers. 4)Services to membership. List the services IAA may provide for and give an appropriate comunication. 5)Relationships (with governments and institutions). In my opinion this issue should be considered as part or point (4).