Our Progress
Discover what we have achieved in 2022-2023, the first year of our DEI Strategy.
As we progress on our journey towards embedding the principles that are the foundation of our Diversity Equity and Inclusion (DEI) strategy, we are committed to being transparent and accountable to our members.
That's why we have produced this summary of our progress in each of our key strategic areas, covering the year from January 2022, when our DEI strategy launched, to February 2023.
Leadership and culture
- Demographic data for Council, Management Board, Regulatory Board and the Executive Leadership Team (ELT) was published for the first time in the 2021/22 Annual Report. Following a comprehensive consultation, a DEI monitoring survey was issued to all IFoA volunteer groups in January 2023.
- The IFoA has built relationships with key external stakeholders to progress the DEI agenda: It has signed up to the Financial Services Skills Commission (FSSC)’s Access, Diversity and Inclusion Commitment, a set of principles to drive tangible actions that will help firms and the wider financial services sector to attract, retain and progress the skilled people needed for the future.
- The IFoA is an official supporter of the Diversity Project and has been promoting its resources and events. We have also signed up to the ‘Neurodiversity in Business’ Charter.
- Throughout 2022, the IFoA 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 IFoA 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’.
DEI at the IFoA
- Refresher DEI training has been given to all IFoA colleagues, and a DEI Business Partner joined the organisation in January 2023 to provide in-house DEI expertise across the IFoA and to further support implementation of the DEI strategy.
- The second annual DEI colleague survey has been completed with a 70% response rate, and results are now being analysed.
- The IFoA DEI Colleague Group (DEICG) is delivering regular internal communications for key DEI calendar dates.
- In September, the DEICG delivered a programme of activities for National Inclusion Week for the first time, with a DEICG member publishing an IFoA blog series on neurodiversity.
Entry to the profession
- A new careers acquisition strategy has been rolled out with a strong DEI focus, with proposals for a DEI-focused school and university engagement programme developed to support its delivery.
- In December 2022, the IFoA delivered the first-ever online-only ‘Count Me In’ event, which links bright young maths students from historically under-represented backgrounds to employers, supporting them to take their first steps towards entering the actuarial profession.
- We have been working in partnership with key employers like Aon, where we supported their Work Insights programme, aimed at enhancing social mobility and career opportunities for students from lower socio-economic backgrounds
- A network of DEI leads has been built in our partner employers, who we will be bringing together to share best practice and explore how the profession can work together to enable change
- A collaborative DEI employer plan has been developed that brings together various aspects of the IFoA’s employer support from a DEI perspective.
Actuarial Work
- The Actuaries’ Code is now being reviewed from a DEI perspective by the IFoA Regulatory Board, and discussions are ongoing with the FRC. The Regulatory Board has now launched a consultation on proposed changes to the Code.
- The IFoA also recently responded to the FRC’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.
- To support development of members’ behaviours and skillsets, DAG identified two initial topics of neurodiversity and social mobility to focus on. Professional Skills content on neurodiversity has now been published and further topics are being explored.
Supporting members in their careers
- The IFoA has supported the Actuarial Mentoring Programme (AMP) through an annual communications campaign and hosted the AMP’s mid-term event at Staple Inn in February 2023.
- The IFoA has also launched a refreshed Buddy Scheme to support members in their careers.
Supporting members in difficulty
- The Regulatory Appointments Committee has received training from a DEI external expert.
- The Regulatory Appointments Committee Governance Review and new Disciplinary Scheme guidance have been developed through a DEI lens.
- The Disciplinary Committee is examining how to embed DEI throughout its operations.
Improving DEI in our community
- A thought-leadership series on diversity was launched at a special plenary session at the IFoA Conference in June 2022.
- A plan for how DEI will be embedded in IFoA thought-leadership work (with a public interest angle) has been developed, along with a process for monitoring effectiveness.
- The refreshed Quality Assurance Scheme was launched in April 2022, which included the introduction of DEI as a sub-outcome to Organisational Culture. A DEI specialist review was undertaken in 2022/23 to provide support and guidance to the accredited organisations in that regard.
- DEI expectations have also been embedded into current Mutual Recognition Agreements (MRAs).
