Our Progress - Year 2

Discover what we have achieved in 2023-2024, the second year of our DEI Strategy.

As part of our ongoing commitment to transparency and accountability, this summary sets out the progress made across the key themes of our Diversity, Equity and Inclusion (DEI) Strategy, covering the second year of activity from February 2023 to January 2024.

This year, we have built on the foundations developed in year one, growing key partnerships and implementing measures to assess the impact of our work.

“In the two years since we launched our DEI strategy, we have made important progress towards our goals. We remain committed to a data driven, transparent approach to our work in this area and set ourselves high standards in championing the benefits of a more diverse and equitable profession. Our DEI strategy outlines how we will deliver on this objective.
The last two years have seen us working together with our members, employers and partners to raise aspirations and widen access to actuarial careers, embrace diversity of thought and perspective in actuarial work and embed DEI in our leadership and culture. In 2023, we reached key milestones on this journey, including the launch of our DEI employer network, hosting DEI sessions at our conferences and delivering an extensive DEI data gathering exercise. I’m looking forward to building on this momentum in 2024, and to furthering our objective of a profession which is genuinely open and accessible to all”

Ben Kemp, Interim Chief Executive Officer

Leadership and culture

  • Demographic data for IFoA Council, the Management and Regulatory boards and the Executive Leadership Team (ELT) was published for the second time in the 2022/23 Annual Report. Following a consultation, we expanded DEI data gathering across all volunteer groups, and published headline results in the Annual Report.

  • We continued to work towards embedding DEI as a lens in board and committee activity, including recruiting DEI Champions for all IFoA practice boards.

DEI at the IFoA

  • The IFoA DEI Colleague Group (DEICG) continued to raise awareness of DEI internally, including arranging ‘Let’s Talk’ sessions for colleagues on a range of DEI topics. The group also received bystander intervention training.

  • Our annual gender pay gap report was published as part of the 2022/23 Annual Report.

  • The third annual DEI colleague survey was completed with a 72% response rate, with results due to be shared with colleagues shortly.

  • The IFoA marked National Inclusion Week with a series of blogs and online discussions.

Entry to the profession

  • We continue to develop our careers acquisition activity, raising awareness of actuarial careers and aiming to widen access to the profession. We hosted more than 60 university students at the More Than Just Maths careers showcase, which included an opportunity to network with top actuarial employers.

  • The IFoA DEI Employer Network was launched as part of our collaborative DEI employer plan. The network has brought together DEI specialists from actuarial employers to discuss topics such as socio-economic diversity and neurodiversity and hear presentations from partners and employers including Progress Together, CubeLynx, Zurich, and the Group for Autism, Insurance, Investment and Neurodiversity (GAIN).

Actuarial Work

  • Consulted with members on planned changes to the Actuaries’ Code, following a consultation on how to formalise DEI in our regulatory framework. Another engagement exercise is planned for the coming year, focusing on guidance to help members understand the new code provisions and consider the changes.

  • DEI training was delivered to IFoA groups including the Regulatory Board and Council.

Supporting members

  • We continue to support members to understand the importance of DEI in their careers, and provide the tools required to embed these principles in their work. A professional skills mini case study on the impact of bystander intervention and strategies for speaking up has been published, and further case studies are planned for 2024.

  • Supported the Actuarial Mentoring Programme (AMP), promoting the latest cohort and hosting the scheme’s mid-term event in February.

Improving DEI in our community

  • The IFoA has engaged as an official supporter of Progress Together, an organisation promoting socio-economic diversity in the financial services sector, and continued to develop partnerships with organisations such as the Diversity Project to develop and promote best practice.

  • A DEI plenary session was held at the IFoA Conference in June 2023. The IFoA Asia Conference also included a session on DEI, with conversation led by President-Elect, Kartina Tahir Thomson.

  • The IFoA responded to the FCA/PRA diversity and inclusion consultations and shared a response to the Financial Reporting Council research on gender imbalance in the actuarial profession.

  • Research pieces have been commissioned to explore DEI-related topics, including a ‘Think’ piece on neurodiversity delivered as part of our thought leadership series.

  • Our first senior Quality Assurance Scheme representative forum was held, focusing on DEI, which invited participants to share challenges and gain insight into best practice regarding DEI.
“It’s key to start with a clear picture of where we are as an organisation, then build on that baseline, to make tangible progress that we can measure.”

Clara Hughes, Chair, IFoA Finance & Investment Board and

Head of Automation & Insight, Pensions Insurance Corporation

“[The IFoA has] shown a commitment to making a difference in the actuarial sector, working towards creating an industry where all employees have the opportunity to progress based on job performance and potential, not where they started out in life.”

Sophie Hulm, CEO, Progress Together

SHARE THIS PAGE

Front cover