Diversity, equity and inclusion
The principles of fair and equitable access to our profession and ensuring the standards we set and support provide a more equitable actuarial profession are the foundations of our Diversity, Equity and Inclusion (DEI) strategy.
In 2022 we began to build the baseline data set that we need to identify and address DEI challenges for our profession. We published demographic data for Council, Management Board, Regulatory Board and the Executive Leadership Team (ELT) and also gathered data from across our boards, committees and volunteer groups. The Executive and volunteer communities will use this data to develop and inform activity that aims to make a real difference in our representation, embodying our role as the voice of the actuarial profession.
We believe becoming an actuary should be open to everyone, which is why we’re taking action to ensure access to the profession is fair and equitable. We have rolled out a new careers acquisition strategy with a strong DEI focus, including proposals for a DEI-focused school and university engagement programme to support its delivery.
We continued to work in close partnership with key employers to develop initiatives that will widen recruitment to the profession from more diverse backgrounds and are developing a collaborative DEI employer plan to bring together the various aspects of the IFoA’s employer support from a DEI perspective.
We have built relationships across the financial services sector to progress our DEI agenda and ensure our members have the support they need to deliver outstanding DEI performance.
We signed up to the Financial Services Skills Commission’s Access, Diversity and Inclusion Commitment, and are represented on two working groups and the Diversity Monitoring Workstream.
We also responded to the Financial Reporting Council’s DEI Thematic Review, which provided an overview of our DEI governance arrangements, data-collection activity, plans for target setting, and DEI training and development.
Throughout 2022, we contributed to the work of the City of London Socio-Economic Diversity Taskforce, of which Stephen Mann, CEO, was a member. More than 1,000 UK-based members contributed to the Taskforce’s baseline survey, and the IFoA has now become an official supporter of the Taskforce’s new membership body ‘Progress Together’.
We are committed to upholding public trust in our profession through the high standards we set for our members. This includes formalising our commitment to DEI in our own regulatory framework. The Actuaries’ Code is being reviewed from a DEI perspective by our Regulatory Board and discussions are ongoing with the FRC. Regulatory Board launched a consultation on proposed changes to the Code and the development of guidance in this area.
‘‘As an official supporter of Progress Together, the IFoA has committed to helping to improve socio-economic diversity at senior levels in UK financial services. The IFoA has pledged to contribute to an enabling environment where employees from all socio-economic backgrounds have equity of opportunity to progress.’’
Sophie Hulm, CEO, Progress Together
We supported employers to deliver outstanding DEI performance with the launch of our refreshed Quality Assurance Scheme in April 2022. The new QAS scheme included the introduction of DEI as a Sub-outcome to Organisational Culture. The scheme also carried out DEI specialist reviews in 2022/23 to provide support and guidance to the accredited organisations.
We continued to support the Actuarial Mentoring Programme (AMP) during 2022. We supported the recruitment of mentors and mentees for the programme, provided communications and event support, and promoted exciting new opportunities, including IFoA Foundation-funded AMP mentee places that are open to recent actuarial graduates anywhere in the world.
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