A Year in Review July 2014 – June 2015
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A Year in Review July 2014 – June 2015 Contents Foreword by the President ................................................................................................ 3 Council of the Society of Actuaries in Ireland ..................................................................... 4 The Committee on Professional Conduct ........................................................................... 5 Treasurer’s Report ............................................................................................................ 5 ............................................................................................................... 6 .................................................................................................................... 11 .............................................................................................. 18 .................................................................................................................. 21 ...................................................................................................................... 25 ............................................................................................................. 29 ......................................................................................................... 33 ...................................................................................................... 36 .............................................................................................................. 39 Mission Statement ......................................................................................................... 44 The Society’s Corporate Governance Structure ................................................................ 44 SAI Annual Report 2014/2015 Page 2 of 44 Foreword by the President I am delighted to present this “Year in Review” from your Society. We introduced this concept last year as part of an initiative to communicate more the activities of the Society to members. This document aims to pull together the various strands of the Society’s activities over the last year. This gives you, the Member, the opportunity to understand the breadth of activity of your Society and hopefully it will encourage you to become involved in future years, if you have not already done so. I have now come to the end of my term as President. I would like to thank everyone who has made my two years so enjoyable and stimulating. Overall there are too many people to thank. However I would like to particularly thank the members of Council and the committee chairs who are the main drivers of our agenda. A special word of thanks to those who acted as Officers during my term – Dervla Tomlin, Keith Burns and Sinead Kiernan – they did Trojan work and we could not have covered all of the activities of the Society without them. And of course thank you to everyone who presented at the various evening meetings, forums and conventions. I certainly learnt a lot from you all during my term. The Year in Review shows the extent of the activity of the Society over the last year. It has been a busy year. I would like to extend my thanks to all of the staff in the Society’s office for their tireless work during the year in making all of this happen. Without all of their efforts our Society would be much less effective. Many thanks Mary, Yvonne, Emily, Tracy, Catherine and Frances. I would also like to extend a thank you to all of the volunteers who have contributed to committees, working parties or other activities of the Society during the year. Most of the work of the Society is performed by this volunteer group. It is wonderful to see such a large portion of the membership actively involved in the work of the Society. We are a small Society and we can only function successfully if a high percentage of the membership is willing to participate and contribute. I am delighted to say that this has been the case. I would like to offer our President, Dervla Tomlin, and Council my best wishes in their work during the coming year. If you have comments on this Year in Review, feel free to pass them on to any of the staff in the Society. Dermot Corry Immediate Past President SAI Annual Report 2014/2015 Page 3 of 44 Council of the Society of Actuaries in Ireland Council is the body that sets the Society’s strategy, decides on policy positions, makes and enforces rules, regulations, codes and standards relating to professional conduct and professional discipline, and generally manages the Society’s affairs. The members of Council are Fellows of the Society who are elected to Council by their peers. 2014/2015 Council: President: Dermot Corry Vice President: Dervla Tomlin Honorary Secretary: Keith Burns Treasurer: Sinead Kiernan Gerard Bradley Elena McIlroy De La Rosa Tony O'Riordan Gary Dunne Brian Morrissey David Roberts Aidan Kennedy Padraic O'Malley Shane Wall Paul Kenny Conor O'Neill Orlagh Woods Dervla Tomlin succeeded Dermot Corry as President in June 2015. Maurice Whyms was elected Vice President. Declan Lavelle, David O’Shea and Michelle Roche were elected as new Council members at the AGM in June 2015. Council members whose terms have ended were Keith Burns, Sinead Kiernan, Elena McIlroy De La Rosa and Conor O’Neill. SAI Annual Report 2014/2015 Page 4 of 44 The Committee on Professional Conduct The Committee on Professional Conduct is responsible for oversight of the operation of the Disciplinary Scheme and operates independently of Council. The Committee’s Annual Report covering the period 1 May 2014 – 30 April 2015 is now available to members of the Society here: https://web.actuaries.ie/professionalconduct. Treasurer’s Report At the Annual General Meeting on 8th June 2015, the Treasurer presented the Financial Statements for the year ended 31st March 2015. The overall excess of income over expenditure, after tax, was €165,350. This compares with a small excess of €12,535 in the previous year, and brings the Society’s reserves to a healthy €1.393m. The Report of Council and the Society’s financial statements are circulated to members of the Society annually and are also available to members on the Society’s website at https://web.actuaries.ie/about/society/agm/financial. SAI Annual Report 2014/2015 Page 5 of 44 SAI Annual Report 2014/2015 Page 6 of 44 Strategy Plan Council reviewed and updated the Society’s strategy for the period 2014 – 2017. The Plan sets out the Society’s aims in the following areas: Member Proposition Lifelong Learning We will seek to create, and be recognised We will provide learning opportunities and for creating, sustained value for our content that address the evolving needs of members, recognising the diverse needs members over the course of their career. and expectations of a growing membership. Key objectives for the next 3 years To ensure that the Society delivers ample Our specific goals are CPD opportunities to members, mindful of To ensure that the Society continues to be the recently increased CPD requirements; recognised and valued by actuaries (and To initiate an internal discussion / debate aspiring actuaries) working in Ireland as their amongst members to determine the “professional home”; appetite for a broader lifelong learning To be relevant to and supportive of members model that extends beyond our ‘core’ areas in their daily working lives, recognising that and how such a model might be delivered; different members have different needs and To commence implementation of a lifelong expectations from the Society; learning model that reflects feedback To identify the needs, in particular, of received from members; members who are in roles outside traditional To consider alternative models to providing actuarial roles; lifelong learning opportunities to members, To continue to foster a high level of active such as partnering with universities / member engagement with the work of the business schools. Society; To continue to raise the profile of the Society and at the same time raise awareness of FSAI status. SAI Annual Report 2014/2015 Page 7 of 44 Regulation Independent Voice We will regulate members’ professional We will make a contribution to public activities in such a way as to sustain public debate as an independent voice, and build confidence in the quality of actuarial work. our role and influence in contributing to the public policy agenda. Key goals for the next 3 years Key goals for the next 3 years To ensure that our regulatory framework remains fit for purpose, having regard to To increase the impact of the Society’s external regulatory change and the increasing contributions to the public policy agenda; internationalisation of regulation; To develop and improve relationships with To ensure that our regulatory framework has key decision-makers; no substantive gaps and that the spectrum of To enhance the value of our contributions to work covered is sufficiently wide to address discussions on relevant public policy matters the objective of sustaining public confidence by strengthening the perception of the in the quality of actuarial work; Society as being an independent organisation To reduce the risk that the reputation of with valuable insights to offer; actuaries may be tarnished by individual poor To provide leadership by encouraging performance or unprofessional conduct. policymakers to expand the public policy agenda to include other issues which we believe merit wider debate and discussion. Wider Fields Financial Strategy We will promote the