Our strategy
Find out more about our strategy to put DEI at the heart of our work.
"Alongside the IFoA, myself and fellow volunteers in the Diversity Action Group (DAG) are working hard to tackle issues of DEI, and employ our skills and understanding of risk and data in the pursuit of progress."
Chika Aghadiuno
DAG Chair
To be a member of the IFoA and the actuarial profession is to have a firm 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 needs to be brought to life by being actionable, measurable and visible.
Strategic principles
Our strategy has three clear principles and commitments:
- In those areas that the IFoA can directly control, we will set ourselves high standards in terms of how we will act as a professional membership body and employer. In line with IFoA values, we will be forward- and outward looking, and member-focused in the delivery of this work. This will be underpinned by focusing on collecting meaningful data, setting standards, and being transparent about how we are making progress, as well as continuous engagement with our members and volunteers. As an employer, we will practise what we expect of others.
- Where we have the ability to influence others, as is proportionate to our role as a membership body, we will encourage them to set high standards, and to take immediate action if they see anything that undermines these standards.
- Where we have a voice, we will make that voice heard. We will advocate for the importance of diversity, equity and inclusion with our internal and external stakeholders. We will actively seek to collaborate with others and use our influence to achieve a multiplier effect.
How we'll deliver on our principles
We will aim to be transparent, data-driven and accountable to our members in achieving these principles, and will strive to empower our members and employees to achieve the ambition implicit in them. We will continue to engage with and listen to members, volunteers and employees, ensuring their views inform our evolving understanding of our impact in this space. We will also bring a passion to our DEI dialogue to increase awareness and understanding, developing clear narratives, amplifying a diverse range of voices and lived experiences, and highlighting the way in which this activity serves the IFoA’s overall purpose. Our philosophy
sOur approach to DEI has been developed with a number of members and employees who are passionate about seeing improvements and better outcomes for our members, our volunteers, our employees, and society at large. The approach we have taken is to build the foundation for action, and then to start building the infrastructure to make this real. Data, insight, target-setting, and transparent progress reporting are the cornerstones of our approach. We continually assess the progress we are making against key success factors for the strategy.
Ultimately, the IFoA aspires to be forward- and outward-looking in our approach to DEI, supporting the actuarial profession to become a natural attractor of diverse talent – with society benefiting from the impact this is having. This strategy applies consistently to our members and employees, and to those we regard as our stakeholders and partners who are helping to develop the profession, wherever their location.
"We're committed to putting our strategy into immediate effect, measuring impact and seeking to make a real difference."
Louise Pryor
IFoA President 2021-22
Delivering on our strategy
Turning strategy into action; action into impact.
Our action plan Our action plan to achieve the strategy is designed to be clear and measurable. As we evolve as an organisation and deliver these aims, and as the world develops around us, we will adapt our approach, regularly updating and publishing the plan.
We know that the success of our strategy will only be realised when our members, colleagues and stakeholders know and feel its impact – and the data moves in the direction we need it to and shows clear evidence of progress. We will expect not only to see the influence of DEI on actuarial work but implications of actuarial work on DEI.
This is a multi-year programme of activity and this plan sets out the range of actions we will take. We will set ourselves targets to achieve and deliver against, year by year, and commit to reporting progress to our members at least annually.
Our action plan covers seven areas:
5. Supporting members in their careers
“Ultimately, the IFoA aspires to be recognised as a leader in DEI, supporting the actuarial profession to become a natural attractor of diverse talent – with society seeing and benefiting from the impact this is having.”
Stephen Mann
IFoA Chief Executive
