Introduction
The IFoA and its members have long had a deep and abiding belief in diversity, equity and inclusion (DEI), rooted in our commitment to act in the public interest and for the good of society. We have a clearly stated purpose to 'champion and embody the benefits of a globally diverse and inclusive profession' and do not tolerate discrimination in any form. Embracing diversity of thought and perspective is also essential to the role of an actuary. Our commitment to achieving our purpose is unequivocal; however, it can only be brought to life by being made actionable, measurable and visible. Over the past year, as we have been developing our five-year DEI strategy, we have been reflecting on the role our professional membership body should take to ensure that our current and future members and volunteers, as well as our employees, feel they work in an environment where they belong, can make an impact and succeed.
The case for change At its simplest level, the bigger picture is not overly complicated - nor is what is expected of the IFoA and our members. Not only is there is a moral case rooted in principles of justice and fairness, there is also a triple gain from improved equality and a fairer society. Firstly, more equality leads to improvements in productivity, mental health and life expectancy. In the UK alone, the Bridge Group highlights a potential for £39bn annual gain. Secondly, employers gain from a greater array of talent and a broader perspective on the challenges their organisations face. Finally, individuals gain through being able to fulfill their potential. And, of course, our profession benefits, too, by being able to attract and retain talented people from all backgrounds. Amid the increased visibility of global inequality and turbulence of 2020, the IFoA stepped back and fundamentally revisited what it existed for at its most basic level – that is, our purpose and values. We are the voice of our members and the profession. We should take bold positions on the big issues of the day and those of real consequence. Diversity, equity and inclusion is one of them. Embracing DEI is also what global regulators now expect. In a war for talent, employers lose out if our future leaders are more attracted to other employers and professions that are seen as safer, more welcoming and encouraging places for ‘all the talents’ to bring their true selves to work. Small, niche professions, like the actuarial one, need to be able to attract talented individuals from the widest pool of potential. A strong and positive DEI narrative is necessary to be able to continue to grow and be more influential. Ultimately, though, we should embrace a progressive DEI strategy for positive and aspirational reasons and because it is the right thing to do. A profession that embodies actuaries working in diverse teams, taking broad perspectives in scenario and risk work, ably communicated to the widest audiences, will be more impactful. Those who are good communicators and who can lead inclusive teams will see their careers accelerate beyond those who can’t. They will have a better appreciation of the regulatory and policy culture landscape and the direction 'the wind is blowing' and will be able to anticipate trends and patterns ahead of others. The IFoA serves the public interest. Beyond a compelling case grounded in fairness and justice, this strategy will help create a more equitable society.
“We are embracing a progressive DEI strategy that considers our varied stakeholders as it is the right thing to do.”
Marjorie Ngwenya
IFoA President 2018-19