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Annual Review | 2011 | 7
Delivering the strategy
Expand the mandate
Add value to members beyond the mandate
▲ actuaries are doing new types of work in ‘traditional’ practice areas; and
▲ actuaries are recognised as valuable practitioners or experts in more areas
▲ moreactuariesworkinginwiderfieldsthinktheInstituteaddsvalue;and
▲ actuariesbreakingnewgroundaresupportedbytheInstitute
▲ eventsdevelopedtoexplorethebreadthoftheactuarialroleinthebusinesscommunityandinevolvingfieldssuchasclimatechangepolicy,riskmanagementforextremeevents,dataconfidentialityandcomplexity science;
▲ commenced strategic CPD program review to include a focus on expandingthemandateandrefreshedcommunications;
▲ reviewedandre-focusedtheresearchprogram;and▲ developednewPartIIIModule1optionsforreleasein2012
▲ additionalnetworkingopportunitiesprovided,withmorenon-membersinattendance;
▲ introducedglobalaccesstoeventsandknowledgethroughinnovativetechnologies,suchaslivewebinars,secondgenerationsystemforSMSquestions,instantpollingcapabilityandthePresidentialblog;
▲ significantwebsiteimprovements,includingsearchfunctionalitytomoreeasily access intellectual property of profession;
▲ promotedactuarialcontributionstotheexpandingareasofnaturaldisaster policy; and
▲ revamped member fee structure and e-renewals introduced
Strategic intent
Strategic intent
Strategic outcomes
Strategic outcomes
2011 key achievements
2011 key achievements
Enhance brand of actuary and reputation of Institute
▲ moremembersidentifythemselvesasanactuary;▲ increased demand for actuaries by boards, employers, clients and
Government;▲ theInstituteissoughtafterforauthoritativecomment;and▲ theInstituteistheprofessionalbodyofchoiceforactuariesinAustraliaand
adds member value
▲ launchednewcorporateidentity;▲ establishedproactivethoughtleadershippublicpolicyprogramwith
significantresultingmediaattention;▲ successfulpromotionofmajoreventsandhighprofileactuaries;▲ CPDtrainingonbeinganinfluentialactuary;▲ enhancedwebsitefunctionalityandaccessincludingimprovedsearch,
personalised member pages, better webinars;▲ assisted universities in greater promotion of graduates to new employers;▲ leadershipandcapabilitycampaigndevelopedforreleasein2012;and▲ range of new practice regulation and information released
Strategic intent
Strategic outcomes
2011 key achievements
Annual Review | 2011 | 8
In2011,theworkoftheSecretariatandCouncilwas
focusedondeliveringonthethreestrategicintents
outlinedintheInstitute’s2010-2012Strategy:
▲ enhancethebrandofactuaryandthereputationof
theInstitute;
▲ expandthemandate;and
▲ addvaluetomembersbeyondthemandate.
Areviewof2011’sactivitieshighlightshowtheyhave
beendirectedtowardsthesegoalsandsofurtheringthe
interestsofmembersandtheprofession.
Enhancing the brand of actuary and thereputation of the Institute New corporate identityOneofthemostimportantinitiativesaimedat
strengtheningthebrandofactuarywasthelaunchofa
newcorporateidentity–thefirstupdateoftheInstitute’s
“lookandfeel”since1996.Thisupdateincludedanew
logoandachangetoanewbusinessname–Actuaries
Institute.
Avarietyofimportantforcesdrovethesechanges.The
existing corporate identity looked dated compared
withsimilarorganisationsandwasdifficulttorenderin
digitalmedia.Thenew,moreaccessibleidentityand
businessnamealsohelpstheInstitutetoreachouttothe
widerrangeofstakeholdersitnowserves.Developing
andimplementingthenewcorporateidentityinvolved
workingwithbrand,marketingandcommunications
expertsandin-depthresearchwithexternalstakeholders
andmemberstoensurethatitenhancesthebrand,
booststhereputationoftheInstituteandcontributes
toincreasingthevalueofmembers’professional
designations.
Thought leadershipTheInstitute’sbrandandreputationisavaluableasset
thatneedstobemanaged.Marketingisakeypart
ofthat.Ofevengreaterimportance,however,isthe
Institute’sroleasaneducatorandthoughtleaderinareas
suchasregulationandpublicpolicy.
AmajorpartofpromotingtheInstitute’sthought
leadershipisthedeliveryofevents.In2011,moreevents
wereheld,deliveredtomoreattendeesandacrossa
widerrangeoftopics:
▲ 98separateCPDornetworkingeventswereheldin
2011 - an increase of 21 events on 2010;
▲ attendanceatInstituteeventsincreasedby29%;and
▲ theInstitute’sflagshipBiennialConventionattracted
over400delegates–fromAustraliaand16other
countries.
TheInstitutecontinuedtodemonstrateitsthought
leadershipthroughengagementinpublicpolicyissues
withindustry,businessandthecommunity.During2011,
28 policy submissions were made, not only contributing
todebatebutalsobuildingontheprofession’sprofile
withemployersandotherkeystakeholders.Proactive
policypositionsonretirementincomes,energyandthe
environment,healthfinancingandmanagementand
enterpriseriskmanagementwerealsoproduced.Allof
thisworkwassupportedbywidespreadmediaactivity,
contributing to over 100 newspaper articles, radio
interviews,TVspotsandmediareleases.
AlsobuildingontheInstitute’sreputationforthought
leadershipwasitssupportofactuarialresearch–$147,466
Delivering the strategy
IDenTITyCOlOurPAleTTe
Annual Review | 2011 | 9
Delivering the strategy
worthofresearchgrants,and$22,220inresearchprizes,
wereawardedin2011.
Governance and regulationTheInstitute’sprofessionalstandardsandguidance
arecriticaltosafeguardingthepublicinterestand
protectingthereputationoftheprofession.Duringthe
year, an updated professional standard on external peer
review for general insurance liability valuations and a
newprofessionalstandardonfinancialconditionreports
forprivatehealthinsurerswerereleased.Inaddition,a
revised practice guideline on economic valuations and
discussion draft of a proposed practice guideline on
financialconditionreportingforsuperannuationfunds
werereleased,alongwithnewInformationnoteson
asymmetricrisks,privatehealthinsurancerebatemeans
testingandactuarialadvicereriskmanagement.
TheInstitutealsoworkedwithnumerousprofessionaland
industrybodiessuchastheInternationalroundtableon
StandardsSettingandwithregulatorsandgovernment
departments,includingthePrivateHealthInsurance
AdministrationCouncilandtheCommonwealthAttorney-
General’sDepartment.
Expand the mandateTheInstitute’s2010-12Strategyaimstoexpandthe
mandateoftheprofession,bothleadingandsupporting
membersastheyexpandtheirrangeofskills,theservices
theyofferandtheindustriesinwhichtheywork.In2011,
theInstitute’sBiennialConventionfocusedonthisissue,
exploringthebreadthoftheactuarialroleinthebusiness
community.
Throughouttheyeartherewasalsoaconcertedeffortto
widenthereachoftheInstitute’sactivities.TheInstitute’s
thirdenterpriseriskManagementseminarforexample
coveredevolvingfieldswhereactuarialexpertisecan
haverealimpact–inareassuchasclimatechange
policy, risk management for extreme events, data
confidentialityandcomplexityscience.Thepushto
attractmorenon-membersandnon-actuariestoInstitute
eventswashighlightedbythefactthat52%ofattendees
attheInstitute’s13thAccidentCompensationSeminar
werenon-members.
Add value to members beyond the mandateIndeliveringonthisstrategicintent,theSecretariatand
Councilhaveworkedhardtocapturethefeedbackof
membersandworkonthechangesthatwillmakemost
differencetotheirprofessionallives.researchcollected
overtheyearsuggestedthatmembersweremost
interestedin:
▲ support in development of knowledge and skills;
▲ a sense of belonging to a professional community;
▲ leadershipinthefield;and
▲ buildingofthestandingofmembers.
Someoftheinitiativesdesignedtoaddvalueinthese
areasincludedarevampedmembershipfeescale
(includingdramaticallyreducedfeesforstudents).To
ensureInstitutecommunicationsreachawideraudience,
aremorerelevantandlesstimeconsuming,theInstitute
launchedlivewebinars,putthePresidentandCeOon
Twitter,launchedthePresident’sbloganddramatically
upgradedthewebsiteandCrM.Improvementstoall
theInstitute’selectronicinterfacesaredesignedtotrack
howmembersusethistechnologysoprocessescanbe
adjustedtofixproblemsandtoprovidemoreofwhat
memberswant.
TheInstitute’sCrMhasbeenusedtoautomatekey
educationbusinessprocessesandaspectsofthe
examinationprocesschangedtoreducetheworkload
carriedbyvolunteers.Mostimportantlyextensive
preparatoryworkwascompletedformajorchangesto
PartIIIeducationassessmentthatwillbeimplementedin
2012andsignificantlyreducevolunteerefforts.
A number of improvements were also put in place
designed to improve services to members and
management, reduce costs and simplify key business
processes.Theseeffortsincludedinstallingnew
Annual Review | 2011 | 10
Delivering the strategy
accountingandpayrollsoftware,movingtoanin-house
payroll system and a management reporting upgrade
thatgivesBusinessunitManagersthefinancialdatato
makemoreinformedoperationaldecisions.
And now 2012…In2012theCouncil,CeOandSecretariatwillcontinue
theworkdonethisyearonachievingtheInstitute’s
StrategicIntent.Thiswillbedrivenbyafocusonefficient
andeffectivemanagementbutalsothroughacontinual
processofconsultationandcommunicationwith
membersandotherstakeholders.
Aboveall-andasin2011–theInstitutewillworkto
deliveragrowingrangeofhighqualityservicesthat
helpactuariesmanagetheglobalandlocalbusiness,
economicandpolicyissuestheywillconfrontin2012
andbeyond.