Diversity, equity and inclusion
In January 2022 we were proud to launch our new Diversity, Equity and Inclusion (DEI) strategy. This was the culmination of more than 15 months of planning, discussion and feedback, during which we met and consulted with members, colleagues, business partners and organisations.
Our new DEI strategy
In order to effect real change both within the IFoA and the actuarial profession, our DEI strategy cuts across every area of our work – from our leadership all the way through to entry to the profession – as well as looking at ways we can integrate DEI more widely into our actuarial community.
Our commitment to achieving our purpose is sincere and unequivocal; however, it needs to be brought to life by being actionable, measurable and visible. That’s why our strategy has three clear principles and commitments:
- In those areas that the IFoA can directly control, we will set ourselves and our members bold and high standards in terms of how we will act as a professional membership body and employer
- Where we have the ability to influence others, we will encourage them to set their own bold and high standards
- Where we have a voice, we will make that voice heard.
Member survey
In 2021 we asked our members to take part in our first diversity monitoring survey, to help us monitor the effectiveness of our diversity and inclusion policies and processes.
The survey was designed and delivered in collaboration with the IFoA’s Diversity Action Group and captured key information about our members, alongside focused reporting on gender and socio-economic diversity. We published the results on our website in October 2021.
Socio-economic diversity taskforce
In November 2020 HM Treasury and the Department for Business, Energy and Industrial Strategy commissioned the City of London Corporation to establish an independent taskforce to boost socio-economic diversity in UK financial and professional services – the first of its kind.
The taskforce is drawn from businesses, sector bodies and regulators, and consists of three workstreams. In 2021 Stephen Mann, CEO of the IFoA, was appointed as a member of this taskforce, joining the workstream
that will report on the productivity impacts, to build the business case for socio-economic diversity at senior levels.
In November 2021, on behalf of this taskforce, we asked IFoA members to take part in a short survey that would be used to help develop a sector-wide baseline to track progress and support action.
Diversity of our key boards
As part of our recently launched DEI strategy, we have committed to setting ourselves and our members bold and high standards in regard to how we will act as a professional membership body and employer.
