Together we made diversity, equity and inclusion a priority
In January 2022 we launched our new Diversity, Equity and Inclusion (DEI) strategy – 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.
Since the strategy's launch, our focus has been on bringing it to life and implementing its recommendations. This has been, and remains, a collaborative effort between the IFoA, our members and employers.
Implementing our strategy is ongoing, but we are pleased with the steady progress we have made and the achievements we can already point to in accomplishing our aim of creating a more diverse and inclusive profession.
“I think the IFoA has such a powerful role to play in being at the centre of all actuarial employers where they have members. Being able to co-ordinate literally thousands of people’s efforts to drive improvements in DEI across our industry (and society) would be hugely impactful.”
Christopher Cullen, Actuarial Senior Manager and UK Actuarial DEI Lead at EY
Here are some of our achievements so far
IFoA CEO Stephen Mann was appointed to the independent socio-economic taskforce, launched by HM Treasury and BEIS and run by the City of London Corporation, aimed at boosting socio-economic diversity at senior levels in UK financial and professional services. The taskforce is due to report its recommendations in November 2022.
More than 1,000 of our UK-based members took part in a taskforce survey at the end of 2021 to help develop a sector-wide baseline to track progress and support action. Using the data from the survey, the Building the Baseline: Breaking the Class Barrier report was published in July and will help inform the taskforce’s recommendations.
We hosted a roundtable event with the City of London’s Socio-Economic Taskforce’s Industry workstream. Representatives from leading employers shared views on areas including data gathering, targets, protected characteristics and culture, in discussions chaired by Matt Saker, IFoA President, and co-hosted by Kay Forsyth, the taskforce’s Industry workstream lead. These discussions will feed into the Industry workstream’s consultation, due for publication in autumn 2022.
The IFoA has joined Progress Together. Launched as part of the government-commissioned City of London socio-economic diversity taskforce, Progress Together is a new membership body that aims to level the playing field for employees from all socio-economic backgrounds. It’s the first of its kind to focus on progression, retention and socio-economic diversity.
Our Buddy Scheme relaunched in the spring. Members are able to access one-to-one, confidential and remotely accessible peer support with other members if they have issues they want to discuss.
We launched a refreshed Quality Assurance Scheme in April 2022. This included the introduction of DEI as a sub-outcome to Organisational Culture and an annual specialist review. The 2022/23 review will be on DEI to ensure that organisations meet this new sub-outcome and to provide support and guidance to the accredited organisations in that regard.
We signed up to the Financial Services Skills Commission’s (FSSC) Access, Diversity and Inclusion Commitment. This is built around a set of principles that will be used to drive tangible, practical actions to help firms and the wider sector attract, retain, and progress the skilled people we need for the future.
We have been working with members and employers to promote the importance of partnership working to effect change. This has included highlighting actuarial employers’ DEI work and developing informal DEI networks across employers and industry to promote best practice.
We have begun work with the Regulatory Board to develop standards and guidance, and any potential changes to the Actuaries Code, with regards to DEI issues.
As part of our commitment to fostering an inclusive environment for neurodivergent individuals within the actuarial profession, we joined Neurodiversity in Business (NiB), an industry forum whose mission is to help develop more neuro-inclusive workplaces. NiB brings together some of the UK’s leading companies with community organisations to help lead changes in neuro inclusion in the workplace.
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