Strategic Objectives Questionnaire Results Overview

Transcription

1 Zoomerang : Page 1 of 4 Date: 12:12 PM PST The IAA Task Force on Strategic Planning (TFSP) is once again seeking input from delegates to the IAA Council and also from members of the Executive Committee this time on the strategic objectives of a strategic plan within the framework of the statements of vision, mission and values recently supported by an electronic vote of Council delegates. The responses to this questionnaire will be helpful to the TFSP in preparing the next stage of the strategic plan which will be to include key activities / important issues to be addressed in order to achieve each of the strategic objectives. This paper will be distributed in time for discussion at the Council meeting in Quebec City for adoption either on June 14 or shortly thereafter by electronic voting ballot. A discussion paper is attached as background information. Your participation is important in advancing the strategic plan of the IAA! 1. Please identify your main role in the IAA: Council Delegate 27 77% Member of the Executive Committee 8 23% 2. If you are responding as an Association Council Delegate, please provide your association's membership size: Less than % Between 500 and % More than % Total % 3. If you are responding as an Association Council Delegate, please provide the age of your association: Less than 10 years 2 7% More than 10 years 27 93% Total % Proposed Strategic Objective 1 Identify, establish, and maintain relationships with key supranational audiences and provide them with actuarial input to improve the soundness of decisions being made on important global issues. 4. Do you support strategic objective 1? Yes % No 0 0% 8 Responses 6. Please rank the importance of this objective on a scale of 1 to 5 (with 5 being the most important).

2 Zoomerang : Page 2 of 4 2 6% 1 3% 1 3% 7 20% 24 69% Proposed Strategic Objective 2 Facilitate the use and expansion of the scientific knowledge of the actuarial profession to wider fields to help enhance the scope, quality, and availability of actuarial services offered by its member associations. 7. Do you support strategic objective 2? Yes % No 0 0% 10 Responses 9. Please rank the importance of this objective on a scale of 1 to 5 (with 5 being the most important). 0 0% 4 11% 9 26% 14 40% 8 23% Proposed Strategic Objective 3 Establish, maintain and promote common standards of actuarial education and professionalism as well as model standards of practice for use by member associations worldwide. 10. Do you support strategic objective 3? Yes 34 97% No 1 3% 14 Responses 12. Please rank the importance of this objective on a scale of 1 to 5 (with 5 being the most important). 1 3% 3 9% 4 11% 11 31%

3 Zoomerang : Page 3 of % Proposed Strategic Objective 4 Support the promotion, organization and development of the actuarial profession in areas of the world in which it is not present or is not fully organized. 13. Do you support strategic objective 4? Yes 34 97% No 1 3% 9 Responses 15. Please rank the importance of this objective on a scale of 1 to 5 (with 5 being the most important). 3 9% 3 9% 8 23% 12 34% 9 26% Proposed Strategic Objective 5 Provide a forum for discussion among actuaries and actuarial associations throughout the world. 16. Do you support strategic objective 5? Yes 34 97% No 1 3% 12 Responses 18. Please rank the importance of this objective on a scale of 1 to 5 (with 5 being the most important). 1 3% 0 0% 16 46% 10 29% 8 23% Proposed Strategic Objective 6

4 Zoomerang : Promote and facilitate the globalization of the actuarial brand. Page 4 of Do you support strategic objective 6? Yes 32 91% No 3 9% 11 Responses 21. Please rank the importance of this objective on a scale of 1 to 5 (with 5 being the most important). 4 11% 6 17% 9 26% 9 26% 7 20% 22. Other questions Are there any strategic objectives you feel should be added to better achieve the vision and mission of the IAA? Yes 2 6% No 31 94% Total % 5 Responses

5 Zoomerang : Open Ended Report: Question 4 Page 1 of 1 Date: 12:13 PM PST 4. Do you support strategic objective 1? 1 If this is really our first objective, then the IAA should put more effort to it. 2 Perhaps we need to refine the supranational audiences to those within the actuarial sphere of operations: It is not our place to comment on eg US foreign policy to quote an absurd example. Perhaps ".. important relevant global issues"?? 3 This capture all the objectives of IAA 4 In our view this objective is the fundamental one to let the markets to know the professional services tha actuaries may offer 5 We support this objective and assign it an importance rating of 5 (highest priority ). 6 None 7 We support this objective. 8 It is only through the IAA that it is practicable for the actuarial profession to influence such audiences.

6 Zoomerang : Open Ended Report: Question 5 Page 1 of 2 Date: 12:13 PM PST 5. Please list up to three (3) key activities / important issues you believe the IAA should address over the next five (5) years in order to achieve strategic objective 1? 1 solvency IFRS standards of practice 2 1) insurance regulation including the role of the actuary; 2) evolution of social protection systems; 3) insurance accounting 3 Review of IFRS4 4 Education-1 set of exams in English globally-more recognition by Governments,-more involvement with soical security worldwide 5 pensions long term care natural disasters 6 cooperation with organisations like World Bank, European Commission etc Environment 2. Energy 3. Social Insurance - More support from the secretariat. - Full transparancy for members on who is doing what, where and what are the IAA targets representatives are working at? - Funding. Not only a party for the large institutions, but try to enable a platform where all our members can act and support those who can travel less easily. - Our first objective, thus coordinated/involvement from the IAA president. 9 Maintain contact with IAIS on solvency and IASB on accounting standards Solvency II type capital requirements 2. guidelines for the development of capital models in general, including those used in the banking space. 3. New accounting guidelines for insurance liabilities Analysis and classification of potential audiences A proactive action plan to enhance contacts with high priority organisations 1) Strengthen relationships with IAIS, IASB, and IOSCO. 2)Identify and initiate contacts at the political level to achieve greater recognition. 3)Consider relocating the Secretariat to be closer to key supranational organizations. Enlarge the activities with IAIS (IAA should try to become a member of IAIS) Support for the establishment of supervisory systems in different parts of the world 14 see comment under no see comments under no )Actuarial Education 2)Equip the profession to handle various challenges 3)Entrance our Professional relationship - bring new/less priviledge members with network We think it is important to create "trust" for the profession with a policy of the little steps. 1) invite representatives of supranational institutions in "neutral" fields as for example the Sections Colloquia and Congresses. 2) Promote joint meetings to let the actuaries comprehend the problems, they are facing mainly expressed in terms and translate them in technical solutions. 3)Increase the quality of the communication of the actuaries. 18 Establish International Educational Qualification Strengthen the IAA secretariate IAIS/IASB - insurance accounting and relatory issues. Promote best solutions, opportunities and relationships. 2. World Bank, IMF. Expand relationships. 1) To have more influence on deicision -making in IASB and IAIS 2) To provide more actuarial inputs for key supranational organizations 3) Strengthening relationships with key supranational organizations through International Education Program etc. 1) Keep IFRS progressing on the right course

7 Zoomerang : Open Ended Report: Question 5 Page 2 of ) Strongly encourage professionalism in its associations 3) Maintain close liaison with these organizations communicate to relevant international bodies IAA view on IFRS 4 and Solvency II issues - communicate to relevant international bodies IAA views on Insurance Supervision - good relationship with EU bodies I. Solvency 2 for insurers II. International accounting standards III. Solvency standards for pension schemes Identify supranational audiences and invite them to participate in some specific events of the IAA. 2.- Create a special task force to maintain commucation with audiences identified; this task force has to be represented by the President of the IAA, as well as the Chairmans of the Committees. Eventually, also by the past Presidents of the IAA. 3. To keep them informed/updated on conclusions derived from actuarial events, projects developed and actuarial profession s opinion on relevant topics. 1. strengthen links with IAIS to promote statutory roles of actuaries 2. provide effective input to IASB to ensure that actuarial concepts are reflected in relevant accounting standards 3 secure World Bank & ADB as observer members

8 Zoomerang : Open Ended Report: Question 7 Page 1 of 1 Date: 12:14 PM PST 7. Do you support strategic objective 2? 1 We probably need to develop links with other bodies to ensure that we tap into the best available knowledge bases in selected areas. 2 We suggest that parts of this objective be reworded. Our specific suggestions/comments are: Change to wider fields to beyond the traditional areas of actuarial practice. The last part of this objective states that actuarial services [are] offered by [the IAA s] member associations. This is technically incorrect, as it is the individual members of the local associations that provide actuarial services, and not the associations themselves. Perhaps change offered by its member associations to offered by members of its member associations? We believe that this objective should be placed after objective #3 below, as it builds on the foundation set in place by objective #3 (and perhaps several others in this list). This item is an expansion of a global actuarial profession, hence it probably should be listed after those items that establish the foundation of such a profession This objective is so clearly expressed that it comments by itself. What it is affirmed would have to be the main reason for which an Association wishes to be a IAA member. We support this objective and assign it an importance rating of 3 (medium priority). I suggest adding "and skills" after "knowledge". Possibly the wording could be tweaked to avoid the implication that it is knowledge of the profession rather than intellectual capital of the profession or knowledge of the actuary, but that suggestion may be too picky. a. We believe that the phrase wider fields is internal jargon. It would be better to say something like beyond the traditional areas of actuarial practice. b. Member Associations, as such, do not offer actuarial services. It would be better to say something like actuarial services offered by members of Member Associations. c. From a presentation point of view, this objective seems to depend upon objective #3 (and perhaps objective #4 as well) and it might be helpful if it were to follow rather than to precede those objectives in the overall listing. 7 None 8 Suggest changing the wording of the last phrase to members of its member associations. But, we believe that the objective needs to be reworded and to be lower in the list of objectives. 9 The term 'wider fields' might be confusing to some audiences - change this to something like 'to expand beyond the traditional areas of actuarial practice to enhance... ' The services are offered by individuals, not by the member associations; the wording at the end should be modified. 10 It is essential for long term development of the actuarial profession that there is increased use of actuarial techniques in non-traditional fields. There is plenty of evidence as to how the accountancy profession expanded in the second half of 20th Century out of their traditional area. The proposal to launch a Research Section was placed on hold in Dublin. Such a section could have a role to play in this area.

9 Zoomerang : Open Ended Report: Question 8 Page 1 of 2 Date: 12:14 PM PST 8. Please list up to three (3) key activities / important issues you believe the IAA should address over the next five (5) years in order to achieve strategic objective 2? 1 1) Support the development of actuaries in wider fields; 2) support development and dissemination of new actuarial techniques (IAA Bulletin, sections, etc.) 2 Rsik management capability 3 Become involved in climate change work 4 ERM Environment 2. Energy - Publications in magazines and journals of sciences of sister-disciplines such as Econometrics, Portfolio Management and Accountancy. - Arrange joint seminars. - Describe mutual interests but also clear differences with these sister-disciplines. - Give examples/cases of good interdisciplinary collaborations. - Publish practical technical comments to key supranational audiences (links with first proposed strategic objective) on proposals/views that have a clear actuarial link (e.g. accounting regulation). 7 Continue with the quadrenial congress and annual symposiums for sections 8 1. Determination of capital requirements for finacial sector players and the supporting model development. 2. ERM development 9 Examine new ways of exchaning knowledge (eg webcasts) 10 1)Pioneer with behavioural scientists toenhance identification and quantification of Operational Risk.2)Build techniques and data for quantification of Insurance Risk to put our own house in order.identifyfundamental techniques for risk management of social insurance and retirement systems in both mature and developing economies. 11 Risk Management as important issue for actuaries 12 see comment under no see comments under no ) Entrance the techinical knowledge 2) Various CPD Programme across the globe 3) Discussion of failures/& lessons drawn IAA is really doing many activities with this aim (Newsletter, President's Forum...) but IAA doesn't know, at least fully, the impact of this activities within the Associations. The reaction of the Members be comes evident when they are fearing to loose their status of Members. But what is their level of "sensibility" when IAA is speaking to enhance scope, quality? - Check the Associations trying to understand the dimension, quality and the needs of the market where they are working. 16 a. We believe that the phrase wider fields is internal jargon. It would be better to say something like beyond the traditional areas of actuarial practice. b. Member Associations, as such, do not offer actuarial services. It would be better to say something like actuarial services offered by members of Member Associations. c. From a presentation point of view, this objective seems to depend upon objective #3 (and perhaps objective #4 as well) and it might be helpful if it were to follow rather than to precede those objectives in the overall listing Research is needed in a lot of areas, eg financial, behavioral and health economics. 2. Promoting applications of actuarial science to other financial institutions, modeling,... 1) To collect relevant information on activities in wider fields from advanced associations and share them as a block of knowledge 2) Cooperation with related organizations and academics 3) To develop actuarial standards of practice for wider fields 19 Encourage ERM worldwide Encourage actuaries to speak in other forums Sponsor scientific meetings - support individuals entering the new fields

10 Zoomerang : Open Ended Report: Question 8 Page 2 of actuarial education which offers specialisation in new fields - seminars and CPD on the topics in new fields I. Create strong links with the non-actuarial international organisations in these wider fields II. Support and promote the development of an international designation in enterprise risk management III. Promote research and development into the interface between financial economics and actuarial work Identify the fields to be supported and develop a program for those areas 2.- It is clear that the field of ERM is one to be fully supported, thus the IAA might analyze the idea of establishing and supporting a program to achieve a global credential, in a future. 3. To spread and share successful experiencies in other countries (i.e. Mexico) 1. define what is meant by "wider fields" (eg ERM, banking & finance, energy, etc) 2. help establish networks for those who are working in particular wider fields 3. showcase role models and case studies of actuaries who are achieving success in wider fields

11 Zoomerang : Open Ended Report: Question 10 Page 1 of 2 Date: 12:14 PM PST 10. Do you support strategic objective 3? 1 This is the only objective giving service and direct benefit for the member associations. Maybe it can be broadened to more services than standards of education and practice. E.g. administrative aid/standards for members? 2 We support it but we think that Objective 1 and 2 are of greater importance. 3 How realistic is this given the differences in legislation, behaviour of local Supervisors etcetera In theory a common standard is ideal. In practice there is a danger of creating the lowest common denominator and stifling the independence of national bodies. We support strategic objective 3 on the condition that "there would be no obligation on a member association to adopt or apply the model standards of practice" as stated in the discussion paper for the B15 of the IAA council agenda on 28 October The ability to promulgate model IASPs to support the implementation of IFRS I and II is the one key result the IAA needs to achieve if it wants to be relevant after We support the establishment of common education and professionalism standards by the IAA, with the understanding that such common standards must be sufficiently flexible in application to allow for different local circumstances. For example, understanding of items such as hyperinflation may be of major importance to the education syllabus in some jurisdictions, while a solid understanding of takaful may be of major importance in other jurisdictions, but neither may be of major importance in another jurisdiction. We also support the creation of model standards of practice by the IAA, again with the understanding that the application of such models must be a decision left to the local association, based on the local environment regarding products, legal structure, court system, etc. 8 We support this objective and assign it an importance rating of 4 (moderately high priority) I think that this should be "consistent" rather than "common". 2. It may not be sufficiently clear whether this is for use by associations or individual actuaries. We comment that the resolution adopted in Dublin regarding the Code of Conduct (a key element of professionalism) said specifically that Member Associations would be expected to adopt a Code that followed the principles of Section of the IUAA Statutes. We think it important that each Member Association be able to adopt professionalism requirements that are consistent with the culture, economic structure, and legal environment of the areas in which the majority of its members practice. We therefore suggest that the objective be reworded to read Establish, maintain, and promote common standards of actuarial education, common principles of actuarial professionalism, and model standards of practice for use by Member Associations worldwide. We also note that associations need flexibility to adopt educational programs that meet the needs of their members, while not being inconsistent with the common standards. 11 None 12 We are supportive, presuming wording changes. The resolution adopted in Dublin re. the Code of Conduct (a key element of professionalism) said specifically that Member Associations would be expected to adopt a Code that followed the "principles" of Section of the IAA Statutes. We think it important that each Member Association be able to adopt professionalism requirements that are consistent with the culture, economic structure, and legal environment of the areas in which the majority of its members practice.we therefore suggest that the objective be re-worded to read " Establish, maintain, and promote common standards of actuarial education, common principles of actuarial professionalism, and model standards of practice for use by member associations worldwide." We also note that associations need flexibility to adopt educational programs that are meet the needs of their members, while not being inconsistent with the common standards. In favour of broadly stated educational and professionalism standards, but only if local circumstances are recognized and accepted. An example of this might be that a solid understanding of takaful might be of major importance for some associations, but not for others. The same comment is made with respect to model standards of practice which also need to recognize and accommodate local situations including local customs, laws, courts, etc. 13 The resolution adopted in Dublin re. the Code of Conduct (a key element of professionalism) said specifically that Member Associations would be expected to adopt a Code that followed the "principles" of Section of the IAA Statutes. We think it important that each Member Association be able to adopt professionalism requirements that are consistent with the culture, economic structure, and legal environment of the areas in which the majority of its members practice. A rewording of this objective to reflect the needed flexibility to accommodate local circumstances needs to be made. 14 I believe that as regards pre-qualification education the IAA is now moving into a maintenance phase; this should have been achieved several years earlier but some associations had difficulty in the transition to IAA Education Guidelines. An IAA CPD Strategy was adopted in Dublin; this needs to move to a requirement. Likewise there needs to be a requirement on member associations to develop local actuarial standards that satisfy any relevant International Actuarial Standards. The IAA needs also to consider minimum disciplinary requirements to back up these other requirements.

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13 Zoomerang : Open Ended Report: Question 11 Page 1 of 2 Date: 12:14 PM PST 11. Please list up to three (3) key activities / important issues you believe the IAA should address over the next five (5) years in order to achieve strategic objective 3? 1 1) IAA standards for national association membership: 2) development of an IAA education program 2 Follow CFA Institute - exams for Associate level in English only 3 further development of model standards, support to the development of younger associations, support to publish educational materials in different languages 4 1. Conventrate on education, and professional standards and not to be affected by local issues or politics List 'good practices' of model standards, instead of forcing the IAA to come up with 1 model standards of practice given the difference around the world. - Make sure these 'good practices' are known by accountants/auditors organisations. 1. Further development of IAEP 2. What is meant by "professionalism education. 3. How to facilitate access of smaller national bodies to CPD opportunities - can some of this be funded by the IAA? 7 1) put in place all needed model IASPs to enable their adoption by local associations in time for IFRS implementation. 2)Identify the core syllabus content for both traditional and ERM education. 3) Identify and coordinate multiple education initiatives around the core focus. 8 Close cooperation (and control?) of all member associations of the IAA Work on a common understanding of the "role of the actuary" in many countries 9 see comment under no see comments under no common syllabus for basic We comment that the resolution adopted in Dublin regarding the Code of Conduct (a key element of professionalism) said specifically that Member Associations would be expected to adopt a Code that followed the principles of Section of the IUAA Statutes. We think it important that each Member Association be able to adopt professionalism requirements that are consistent with the culture, economic structure, and legal environment of the areas in which the majority of its members practice. We therefore suggest that the objective be reworded to read Establish, maintain, and promote common standards of actuarial education, common principles of actuarial professionalism, and model standards of practice for use by Member Associations worldwide. We also note that associations need flexibility to adopt educational programs that meet the needs of their members, while not being inconsistent with the common standards. 1. development of relevant standards of practice 2. facilitate communication of professionalism courses to all actuarial organizations 1) Research on actuarial education and professionalism education around the world. 2) To identify actuarial standards of practice to be developed and develop them 3) Development of actuarial education program 15 Review current transition in education and periodically update the syllabus Review current transition with respect to professional rules and update Carefully encourage the development of standards of practice help new / small associations in establising and maintaining education process - develop common actuarial electronic library - continue work on model standards of practice I. Enhancing the importance of professionalism and high quality professionalism education for both new and experienced actuaries II. Making the undertaking of CPD compulsory in the CPD strategy III. Develop model standards of practice in relation to IFRS and Solvency II and encourage formal adoption by Member Associations Continue with the generation of guides and standards of practice as well as its distribution with the different members of the IAA, requesting their comments as well as their adoption on the level of guidance. 2. To organize some forums to exchange experiencies and to discuss model standards of practice 3. To motivate a more active rol of some IAA committees with Associations, promoting actuarial education standards and professionalism, as well as model standards of practice. 1. ensure all existing IASPs are regularly reviewed and updated, if necessary & extend the range of IASPs as the need and resources require 2. encourage all member associations to formally consider whether to adopt existing & new IASPs 3. develop extensive professionalism course material and make it accessible via the IAA website

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15 Zoomerang : Open Ended Report: Question 13 Page 1 of 1 Date: 12:15 PM PST 13. Do you support strategic objective 4? 1 Yes and we think that the IAA must encourage small associations to help with this process. 2 A moral obligation. 3 We need to be wary of "forcing" anyhting on locals - the initiative has to come from "within" 4 It is important to recognize that domestic needs for actuaries are primarily a function of the level of development of the economy and the financial system. 5 We support this objective and assign it an importance rating of 4 (moderately high priority). 6 7 This may not go far enough. The IAA should also facilitate/help the development of the profession around the world where, although organized, can be helped through mentoring, spread of intellectual capital and other factors. ie thishould require not being organized. a. Although it does not need to be stated in the wording of the objective, we see Latin America as a key area in which this objective applies. b. We believe that the objective should be implemented, to the maximum extent possible, by using the expertise and programs of Member Associations who have existing programs and, where possible, cultural links to the countries in which the profession needs to be developed. c. We also believe that the objective should be implemented, to the maximum extent possible, by making use of actuaries who are members of established IAA Member Associations and who are located in countries in which the actuarial profession is not present or is not fully organized. 8 None 9 There is considerable evidence of enthusiasm from individual actuaries in actuarially developing areas of the world, but such individuals need help and assistance which the IAA is well placed to deliver. This assistance is required on a number of fronts education, governance, increasing awareness amongst potential users (including governments).

16 Zoomerang : Open Ended Report: Question 14 Page 1 of 2 Date: 12:15 PM PST 14. Please list up to three (3) key activities / important issues you believe the IAA should address over the next five (5) years in order to achieve strategic objective 4? 1 1) develop IAA education program; 2) improve ability to advise and assist new organization in actuarially developing countries 2 Form task forces for different regions of the world 3 support to publish educational materials in different languages, organisational help (conferences etc) 4 1. Identification of these countries 2. Conferences and Meeting 3. Meetings with Government in these counrties 4. Encourage small assocations to take part in the process. 5 - Take further the current Education initiate via the internet, so that actually all youngsters can have a proper education and more ex[eroemced actuaries can work on their continuous education. - Put more emphasis on 'marketing' the profession. - Through local visits control the standards. This means increasing the current budget for travel. - Subsidise travelling to the IAA for those cannot afford it. 6 7 Create a "starter kit" for new associations Analysis "white areas" 1) Target efforts on countries identified as emerging economies 2) Expect long periods of lessthan Full Member status for new associations. 8 see comment under no see comments under no ) ERM 2) Pension & Social Security 3) Risk Transfer - Facilitate the mobility of the actuaries among associations. - Organize stages. - Offer financial support to take part in actuarial events organized by other associations a. Although it does not need to be stated in the wording of the objective, we see Latin America as a key area in which this objective applies. b. We believe that the objective should be implemented, to the maximum extent possible, by using the expertise and programs of Member Associations who have existing programs and, where possible, cultural links to the countries in which the profession needs to be developed. c. We also believe that the objective should be implemented, to the maximum extent possible, by making use of actuaries who are members of established IAA Member Associations and who are located in countries in which the actuarial profession is not present or is not fully organized. Offer of assistance to younger local actuarial organizations. 2. help with basic and continuing education. Possibly with the help of larger organizations and universities, develop and offer various education courses electronically (or through other suitable technological approaches). 1) Development of actuarial education program 2) Consultation with actuaries in such areas 3) To build and maintain cooperative relationships with other key supranational institutions 15 Latin America could be primary target. Encourage the use of established educational and examination systems in these areas. Make use of members of established organizations in these countries to take advantage of opportunities in this area. Encourage basic education Develop professionalism courses help foundation of the new actuarial associations (in preparing documentation, contacts to government if necesary, explanation of importance of the actuarial profession for finance stability of the country...) - help organise education - donation of actuarial literature I. Develop the international education programme, including the provision of support for students to complete their exams after moving country, eg through distance learning and university liaison II. Coordinate the efforts of the SOA, UK profession and other associations in this area

17 Zoomerang : Open Ended Report: Question 14 Page 2 of Identified areas to be developed 2.- Establish a program in conjunction with the local association, if a local actuarial association is not identified, foster its creation thru a established University or insurance organization. 3. To exchange information and experiences in similar countries, regarding how it was organized, achieved benefits and expectations. If it would be possible, to organize visits to the specific countries, to share experiencies and to support them through the responsible committee. 1. establish a sounder financial basis for the IAA Fund's operations 2. liaise with regulators and development agencies to promote the development of local actuarial associations 3. Ensure the proposed IAEP builds on the strengths of existing actuarial educators and avoids high cost/high risk options

18 Zoomerang : Open Ended Report: Question 16 Page 1 of 1 Date: 12:15 PM PST 16. Do you support strategic objective 5? 1 What do you mean? The IAA Congresses? ASTIN colloquia etc? Or the committee meetings/council and Presidents' Forum? See my suggestion below. 2 I think this is already being done but I think the IAA failed to get the small associations to take part. 3 Communication and exchanging thoughts is the basis of all cooperation. 4 This should go beyond the Convention and Collloquia - making sure that good papers and topics are discussed at national level by supporting the "touring" of new and cutting edge thinking. 5 This is not a strategic objective. It is a natural means to achieving all the objectives. 6 We believe that this objective has two components. One is the furthering of research, which is currently the focus of several IAA sections. The other is providing a forum for the discussion of practice, such as techniques that are common in one jurisdiction but may be unknown or rarely practiced in another jurisdiction. This cross-fertilization of ideas does not currently have an obvious home in the IAA structure, absent the creation of new sections focused on observations from practice rather than research. We suggest both types of forums be explicitly mentioned in the strategic objective, possibly by replacing the current wording with: 5. Provide a forum for discussion of actuarial research and actuarial practice throughout the world; 7 We support this objective and assign it an importance rating of 3 (medium priority). 8 Possibly add "and facilitate" after "for". There are many common issues all jurisdictions are dealing with that can be discussed. 9 We comment that the usefulness of discussion among actuaries relates both to actuarial research and actuarial practice. Because this is often overlooked, we recommend that the words of actuarial research and actuarial practice be inserted after discussion. 10 None To the extent this involves research, this is the focus of the several IAA Sections. To the extent this involves the discussion of practice, there is no obvious home within the current structure. Both need to be recognized and accommodated This was the prime, if not only objective of the old IAA. In order to reach out to actuaries throughout the world more use needs to be made of electronic communication methods. The IAA Sections, in particular those identified with a specific practice area e.g. Life, could play a useful role in this respect.

19 Zoomerang : Open Ended Report: Question 17 Page 1 of 1 Date: 12:15 PM PST 17. Please list up to three (3) key activities / important issues you believe the IAA should address over the next five (5) years in order to achieve strategic objective 5? 1 1) review and revise, as appropriate, IAA meetings; 2) support the growth of IAA sections 2-3 no additional work in needed here. However I think we should find ways to encourage small associaitons to participate more. 4 - More use of instruments like video conferencing possibilities. - A dedicated support from the IAA office (1 FTE staff extra to prepare meetings in advance so the effectiveness increases). 5 Continue with the quadrenial congress and sectional meetings and journals 6 Investigate new forums 7 International and national Marketing for the actuarial profession: Companies should see the value added if an actuary is working for the IAA 8 see comment under no see comments under no We comment that the usefulness of discussion among actuaries relates both to actuarial research and actuarial practice. Because this is often overlooked, we recommend that the words of actuarial research and actuarial practice be inserted after discussion. 11 sections Add more examples of substantive issues for discussion and possible joint development, such as mortality with the Mortality Task Force. Some of this might be done through sections. 2. Possibly add workshop meetings, with topics such as "how to promote local research" and how to organize an experience study, and how to strategically plan for an association or a profession. 1) To hold the International Congress of Actuaries 2) To hold regional meetings among IAA and associations in each region in order to exchange views 3) To support the improvement of the Colloquium of each Section Already doing this/wouldn t suggest additional activities 14 International Presidents forum Sponsor conferences keep organising seminars and congresses - introduce regular periodical reports on status of the profession in each country and make database of the reports organised by topics - make database of basic documents of all IAA full members (Statutes, Code of Conduct, Disciplinary Scheeme...) I. Boost the role of the sections II. Facilitate more discussion fora, eg on mortality III. Continue to host a President s Forum Accomplish the actions mentioned in the previous points. 2. To organize and promote actuarial profession events, as well as academic events in each region. 3. To encourage actuaries and associations' participation through questionnaires and hard copies or electronic presentations. 1. investigate and implement advanced web based collaborative solutions to improve communication effectiveness 2. change the timing of the international congress to biennial 3. promote regular regional meetings of actuaries and actuarial associations

20 Zoomerang : Open Ended Report: Question 19 Page 1 of 1 Date: 12:16 PM PST 19. Do you support strategic objective 6? 1 I view this as an important consequence of other activities and not as an actionable goal 2 Of course and we should start will all of the associations placinng next to their logo the IAA logo. 3 Be good and tell it! An essential part of a profession. 4 Close connection to Obj. 3 and 5 5 We are uncertain as to how this objective would result in actions any different from those supporting the first five objectives. As such, we wonder whether it is necessary at this time. We are also concerned with the difficulties in the promotion of the actuarial brand on a global basis, given the difficulties in marketing any item uniformly on a global basis. Our understanding is that marketing campaigns need to be tailored to the local culture and environment, and reflect the product differences and perceptions that may exist locally (and not globally). Hence, we see this as more of a responsibility of the local actuarial associations and not the IAA. 6 We support this objective in a general sense, but believe that it will not be well-understood among all Member Associations and that it is lower in priority than all of the other objectives. We assign it an importance rating of 2 (moderately low priority). 7 But I would try to use a word that doesn't smack as much with crass commercialism as "brand". We support this objective in a general sense, but believe that it will not be well-understood among all Member Associations and that it is lower in priority than all of the other objectives. We assign it an importance rating of 2 (moderately low priority). We have the following comments: 8 a. We believe that this objective will not be as well-understood by Member Associations generally as will the others. b. To some extent, this objective depends upon and flows from the others; if the other objectives are achieved, that would be a significant step toward achieving this objective. c. Because cultures and legal and economic systems differ from country to country, it will not be possible for the actuarial profession to be understood worldwide as a single brand ; the objective is further complicated by the wide varieties of work that actuaries perform. 9 None 10 Our answer is rather - 'we do not oppose.' This objective appears to be particularly unclear with respect to both its wording and its intent. It does not appear to be clearly distinguished from the other 5 objectives. The concept of an actuarial brand encompassing all of the areas currently within the breadth of the profession is also somewhat problematic. 11 Achievement of this objective would follow from achievement of some of the earlier Objectives in particular Objectives 1, 2 and 3.

21 Zoomerang : Open Ended Report: Question 20 Page 1 of 1 Date: 12:16 PM PST 20. Please list up to three (3) key activities / important issues you believe the IAA should address over the next five (5) years in order to achieve strategic objective 6? 1 Be recognized by supranational organisations 2 be activew in conferences whihch are not 100% actuarial 3 common model standards 4 Strengthen the IAA! Writing articles and promotional material to repeat our strenghts and quality. - How to increase creativity within the IAA committees? There is still a lot of 'traditional' thinking. - Inviting influential representatives of relevant international institutions to IAA meetings (although they often will not show up). - Make (and update) a list of all our achievements (this should be done for the IAA efforts of the last 10 years). 1. more aggressive development of "guidance" on various topics 2. supporting the sharing of ideas 3. Developing a framework for multilateral recognition of qualifications. 1)Put in place a global ERM credential for actuaries. 2) Obtain agreement on, and promote,global brand attributes. 3) Create a Speakers Bureau of leading actuaries to to appear on behalf of the global profession. 8 see comment under no see comments under no Improve the Communication a. We believe that this objective will not be as well-understood by Member Associations generally as will the others. b. To some extent, this objective depends upon and flows from the others; if the other objectives are achieved, that would be a significant step toward achieving this objective. c. Because cultures and legal and economic systems differ from country to country, it will not be possible for the actuarial profession to be understood worldwide as a single brand ; the objective is further complicated by the wide varieties of work that actuaries perform. 1. Increase press releases 2. Possibly conduct some international studies that might be newsworthy. 3. Work toward broadening new roles for actuaries that can vary by territory, in some it would be health care while in others investments. 1) Contribution to discussions in IASB and IAIS 2) To provide opinions actively for global issues 3) Enhancement of publicity 14 Borrow from established actuarial marketing programs and see what components of them can be used. Important note: the SOA understood this objective to mean encouragement that member associations would take lead in marketing the actuarial brand continious work with international bodies - more marketing activities on the actuarial brand - develop standards for recognition of actuarial education and knowladge between full members of IAA I. Encourage convergence of all Full Member Associations to best practice among associations, with responsibility for promoting the profession actively in their country II. Ensure all FMAs maintain quality of actuarial brand through high quality initial and continuing education and appropriate standard-setting activities in their country III. Commence more pro-active outreach activities with key international and supranational audiences To organize a wide, consistent and permanent communication campaign of actuarial activities and their scope, to be aimed at International Entities, Governments, selected universities and professional associations. 2. To create an ambitious program to organize actuaries all around the world, as well as strengthen current organizations, promoting their contributions. 1. encourage widespread acceptance and endorsement of a global actuarial risk management designation 2. consider the possibility of establishing a global actuarial designation, comparable with other global designations (CFA, CPA, CIA, etc) 3. replace the system of bi-lateral mutual recognition agreements with a multi-lateral treaty system

22 Zoomerang : Open Ended Report: Question 22 Page 1 of 1 Date: 12:16 PM PST 22. <b>other questions</b><br><br>are there any strategic objectives you feel should be added to better achieve the vision and mission of the IAA? Arrange colloquia, congresses and seminars to distribute new theoretical and applied reseach and have discussions. This is actually what the sections (ASTIN etc) do -why is this not mentioned in the objectives? 3 Many time in the past I discussed with high ranking officials of the IAA the creation of a suport fund for small associations. Apparently I failed. 4 Enough has been offered, without, in may view, any obvious gaps, to form the basis for taking the IAA forward 5 Five strategic objectives are more than enough.

23 Zoomerang : Open Ended Report: Question 23 Page 1 of 1 Date: 12:16 PM PST 23. Additional comments 1-2 no additional comments. 3 None 4 While the supporting discussion paper does specifically mention "member associations" in a number of instances, the set of statements offered by the TF still does not state clearly the role of individuals within the IAA (relative to Member Associations). In my view, it is important to be clear that the IAA, while providing the means for individual actuaries to interact and develop their thinking via the Sections, is fundamentally an association of member associations from which its office bearers (other than the Secretariat) are drawn. this will become even more important once we get on to the matters pertaning to governance. 5 To support the VISION, the Objectives would better be ordered 3,6,1,2,4. 6 Our response reflects numerous discussions within the organization and with other local actuarial organizations. The development of a detailed action plan should be left to the IAA Committees. The Executive Committee or the Task Force on Strategic Planning could then summarize the key activities suggested by the committees and prepare a draft paper for discussion in Council. 7 The Vision statement in the attached discussion paper says To seek worldwide recognition for the actuarial profession as a major player in the decision-making process within the financial services industry, in the area of social protection and in the management of risk, for the wellbeing of society as a whole. The last part for the well-being of society as a whole. should be deleted as this is hardly true for the whole profession. The development of a detailed action plan should be left to the IAA Committees. The Executive Committee or the Task Force on Strategic Planning could then summarize the key activities suggested by the committees and prepare a draft paper for discussion in Council. 8 The Vision statement in the attached discussion paper says To seek worldwide recognition for the actuarial profession as a major player in the decision-making process within the financial services industry, in the area of social protection and in the management of risk, for the wellbeing of society as a whole. The last part for the well-being of society as a whole. should be deleted as this is hardly true for the whole profession. 9 None