Delivered on 31 July 2024 at Staple Inn Hall, London, to an in-person and online audience
Good morning, good afternoon and good evening, ladies and gentlemen, friends, colleagues, and family.
It is lovely to see so many people here today, in person and online; so many past and present Council friends and past Presidents, past and present work colleagues, past and new Board members, families and friends. Those who I have not seen for a number of years, those who have come from afar, those who have taken time off from their busy schedule to be here.
Thank you. I am humbled by your support.
Thank you to all of you for joining me today. It truly is a privilege to be here.
I am delighted to be addressing you as the new President of the Institute and Faculty of Actuaries. It is an honour to be following on from Kalpana Shah, whose leadership over the past year has been inspirational. I would like to extend my thanks and deepest gratitude for the passion and dedication she has shown while leading the IFoA through a period of change.
Change. What if I told you that change is impossible?
Depressing if this is true, isn’t it?
But it is impossible with inaction. It requires focus, it requires hard work, it requires self-awareness, it requires people doing the right thing, for the greater good.
Today is an opportunity to reflect on how far we have come this past year and take a look at the vibrant future in front of us.
I would also like to share with you a bit more about my own past and how it informs and connects with where I am today and my ideas for the future.
It is no secret that we are emerging from a challenging period of change, marked by governance reforms, restructure and an extensive review on the future role of Council.
As we, Council, membership, and the executive have moved through this process, we have shown how resilient we are and that when we work together, we can make a real impact.
We undertook the biggest member engagement programme in the history of the IFoA. We reflected on all the member feedback, engaged with each other, and responded by making tangible changes.
While acknowledging how far we have come, there is still lots to do and I’m sure you’ll agree. Further embedding the governance reform, getting the new IFoA Board embedded, and refreshing the IFoA strategy are just a few of the challenges we have on the horizon.
We need to move forward together. We can make a start today.
This brings me to the focus of my Presidency over the next year. It very is important to me to recognise and build on all the good work the past Presidents and Councils have set out. It is not about ripping up the manual and starting a new one, it is about incremental but impactful change. Change that will be positively felt by members.
While considering this, it was Kalpana who said to me – “It will come to you – your passion will shine through and that will be your theme”. She is right. It did.
I am passionate about the relevance that we, as actuaries, have in the future. What will the future look like for us in 10, 20, 50 years’ time? How can we attract broader types of people and diversity of thought into the profession?
Therefore, my theme is ‘Ensuring a sustainable future for the next generation of actuaries’.
What does this mean? It means that I will be focusing on 3 broad priorities:
The first one is Vision.
The second one is Value (and Empowerment).
And the third one is Engagement (and Connection).
It is crucial to ensure that as we focus the priorities, all the work we do underpins our commitment to creating a diverse, truly accessible, and inclusive profession.
Before I get into the specifics, it is worth giving some background on how and why this theme and these priorities are important to me.
I am Malaysian, born in a little tin-mining town called Ipoh, in Peninsula Malaysia between Kuala Lumpur and Penang. In my early years, I lived in a multi-generational household, with strong women leading the way; my late grandmother, my Opah, and my mother, my Mama, who is here today.
When I was 9, my family moved to Sabah, a Malaysian state in Borneo, known for its beautiful islands and beaches, tropical rainforests and the highest mountain in Southeast Asia, Akinabalu.
We didn’t have much growing up, but my parents prioritised education and self-development for their children. My younger brother and sister and I learned the value of hard work and the importance of striving for excellence from a young age.
More importantly, my parents instilled core values – kindness, honesty, loyalty and doing the right thing. These values are my North Star and the ones my husband, Stephen and I, in turn, are instilling in our daughters.
I came to this country, the UK, when I was 17 to study for my A-levels and degree on a scholarship. My graduation from Bayes Business School coincided with the Asian economic crisis.
I was advised to ‘stay in the UK’ because it would be hard to get a job in Malaysia. A deviation from the plan… which filled me with uncertainty, but I faced it head on. After over 100 applications – which at the time was all paper-based – I landed my first role in a graduate programme at a global insurance company.
I struggled with exams. I failed first time round, and it shocked me. As someone who, up until then, had a pretty good record of academic achievement, I didn’t understand what was happening. It was humbling, it was character-building, and I learned about resilience. After a mind shift in priorities and focus, I finally saw my name online on results evening.
My career to date has been unconventional and broad. I have taken risks, but the underlying theme of the past 25 years has been driven by genuine interest and self-development.
When I moved to an international brokerage firm, it was to improve my communication skills.
When I moved to the Bank of England, it was to be part of a once-in-a-lifetime macro regulatory change and when I became a consultant with a Big-Four and the largest global insurance consultancy, it was to use my experiences to help clients.
I have added non-Executive directorships to my portfolio. Most recently, I was an iNED and Chair of Audit and Risk Committees for a plc and a fintech.
I am a wife, a mother, a daughter, a sister, and a friend. My friends and family are here with me today. I am here today because of them and their support. I could not have done any of this without them.
There is a lot to do in this sessional term but my theme – to ensure a sustainable future for the next generation of actuaries – will keep me focused.
And so, I turn to the first pillar: Vision.
The IFoA strategy is due to be refreshed in this year. In order to do that, we, the Council, need to provide direction on our vision for the IFoA and the broader actuarial profession.
What is our hope for the next generation of actuaries? Where do we want to get involved, make an impact?
We have been saying that we are at the inflexion point for the last few years and it is true. With the rise of AI and everything that is happening in the world, COVID, climate risk, geo-political events, economic uncertainties, actuaries have a great deal to contribute to the solutions.
We draw insights from complexity. We are good at projecting a number of potential outcomes and using them to have meaningful conversations. We look at uncertainties – both downside risks and opportunities.
Our role in insurance, pensions and financial services is just the start. We have untapped potential to broaden into other domains, contributing to society’s complex problems. What is stopping us using our skill set in, say food security, medical technology, and population healthcare? Our skillset is transferable.
Even in our ‘traditional’ domains, we are innovating. For example, use of AI and sophisticated data science modelling techniques in General Insurance and Life Insurance.
Innovative thinking is also rife in Pensions, as evident in young actuaries entering the sector.
I believe AI is an opportunity for us. We can use our analytical and judgement-based skills to add value to what AI is doing.
Embracing change is crucial – it allows us to focus on what actuaries can offer in new areas and consider how we best use AI in the work we do today.
The World Economic Forum ‘The Future of Jobs’ latest report in 2023 concluded that technology adoption will remain a key driver of business transformation in the next five years.
Within this, big data, cloud computing and AI feature highly on likelihood of adoption. Analytical thinking and creative thinking remain the most important skills for workers. Self-efficacy skills such as:
are also important, in recognition of the importance of workers’ ability to adapt to disrupted workplaces.
I don’t know what you think when you hear that list of skills and attitudes but to me, these skills are all us. We have the analytical skills, we have creative thinking, we have flexibility, agility, curiosity, and lifelong learnings. All qualities that make us resilient to the future. Not only resilient, but able to flourish, in the future.
For us to stay relevant and continue to add value to the society that we serve, we need to ensure how our education offering for our members is fit-for-purpose. Our education strategy needs to be future-proof and the skills we teach, as much as possible, should be transferable.
This is not just for those working toward qualification – continuous learning holds equal importance. We have members in 119 countries, and it is important that they are supported in their role and development, anywhere they are.
How we support our existing members in staying relevant is crucial. All of us are working longer and longer and many of us will probably have more than one career in our lifetime.
The Virtual Learning Environment (VLE), our digital learning platform, houses hundreds, if not thousands of diverse learning materials that members can explore and use. From AI and data science to growth mindset, there is something for everyone. My ambition for it is that we continue to input a wide variety of materials for members to use, to support your ongoing growth and development, as your career develops.
Learning comes in many forms, and I aim to refocus our attention on thought leadership and research, re-emphasising our relationships with educators, researchers and thought leaders. By working together, we can reimagine what the future can look like for our next generation of actuaries.
We are already doing things such as the ‘Think’ thought leadership series that aims to promote debate on topics across the spectrum of actuarial work and beyond, providing a platform for members and stakeholders to share views that may challenge the status quo within the profession. To date, on topics as varied as behavioural economics, the gender pensions gap, and how to increase neurodiversity within the actuarial profession.
In the coming months, we will focus on one, the proposed smoking ban for young people pledged by the new UK government, and two, to consider what has been described as ‘make or break’ time for the long-term prospects for UK infrastructure.
I also want to hear from young people. What do you want from us? What makes us attractive as a career? Why us, and not another profession? My vision is for us to be able to attract the broadest types of people into the profession. It encourages diversity of thought and gives us the opportunity to make more of an impact. I believe the Chartered Actuary designation is the start of this vision and I am excited that we will be launching it in my term.
There is no point having a first-in-class technical learning if we neglect our mindset. A growth mindset is a must – the desire to explore new things, the courage to fail and the resilience to learn from our mistakes and bounce back.
As an actuary who has worked predominantly in General Insurance, I am always reminded of the story of how a couple of actuaries ventured into general insurance. They stepped out of their comfort zone and declared that they can add value in general insurance by using the skill set they already have. And they did. That was over 50 years ago, and now general insurance is considered a traditional domain, and we have tens of thousands of actuaries working in general insurance.
To get our creative juices flowing on changing our mindset, throughout my Presidency, we will be sharing stories, featuring role models who have taken the path less trodden. I believe they will give us some inspiration on the art of what is possible.
We have so many courageous people all around the world in technology companies, pharmaceuticals, farming industry and beyond, using the actuarial skillset in their role and making a difference.
In my role in the International Actuarial Association (IAA) and the Actuarial Association of Europe (AAE), I work with actuaries all around the globe with a unified aim of growing the global actuarial profession. I really believe that we have a role to play in being part of the broader initiative, supporting the growth of the actuarial profession in countries all around the world.
The considerations that we are grappling with as part of the vision for the IFoA are being considered, in one form or another, in other parts of the world. The topics such as the future of the profession, AI, sustainability, regulation are all being considered and we are better together, in finding solutions for these consistent issues.
Our vision must be for both the IFoA and the wider profession.
I am excited. I will be working with my fellow Council members to put together a vision that the IFoA Board can deliver on, taking into account the change and dynamism we foresee for the future, ensuring a sustainable and relevant IFoA and the wider actuarial profession.
The second pillar of my theme is value and empowerment – but what do I mean by that?
I met a dear friend for coffee in the first week of June. The sun was shining and as we sat outside, he asked me, “How is your speech coming along?” I admitted that I hadn’t started. What he said next was wonderful. Instead of making me feel bad, he offered to act as an ‘artificial deadline’ and I kept to it.
I am telling you this story to illustrate that I am lucky. I am lucky to be surrounded by friends like these, I am lucky to have my supportive family here with me, and I am lucky that I have people who genuinely care.
Care is important. Not just for individuals but for organisations. Organisations like ours. We run on the passion of our volunteers, our members – people who genuinely care about the profession.
We are a membership organisation. That means that the organisation belongs to our members. We are a community, entrusting this great organisation, to treat members with respect, with dignity and providing good value and services.
We are also an organisation that is filled with generous members. Members who are passionate about the profession and are generous with their time. At any one time, there are 4,000 volunteers in the IFoA. That is around 12% of our membership and higher than many membership organisations.
We need to treat our members and volunteers better. We have started to, but we have a way to go to change the mindset to a service culture.
With value and empowerment in mind, there are some aspects I would like to focus on:
On the first point, I aim to continue the engagement we have had this year and amplify that with town halls, Council clinics and greater engagements at conferences, sessional meetings, and regional events.
We are also going to launch a Council newsletter, to let you know what your elected officials have been up to.
We are trialing regional committees run by members, currently in Greater China and the Middle East. The aim is to give autonomy to members to decide what is best for those in the region and respond to the specific needs of the local market. I am excited by this initiative and hope that it will allow us to be more targeted in supporting our members where they need it most, wherever they are based.
We hear feedback on how members or stakeholders feel when dealing with us. For example, taking a long time to get exemptions approved or becoming a member is not a straightforward process. We need to make the IFoA easier to deal with. I am working with our Board and executive team to review our processes on member engagement to enable a better member experience.
Actuaries – and IFoA members – have long been essential to the healthy functioning of governments, financial services, healthcare providers and investors. We have always been ready and willing to offer their unique technical skills, curious mindsets, specialist expertise and deep integrity in helping to resolve some of society’s biggest challenges.
I would also like us to continue to influence public policy and harness our societal role for good. We have so much to give and influence, as evident during the heartbreaking times of the Covid-19 outbreak. During the crisis the profession stepped up again to support the societies in which they live, working together as a profession and deploying their unique skills to support the global response to the pandemic.
By creating a framework of trust and autonomy, we empower our members to make an impact on our behalf. For example, the work the Sustainability Board continue to do on climate risk is inspirational and something we want to replicate with other public impact topics.
The series of reports produced by the team, includes a proposal of the development of a Planetary Solvency framework to assess nature’s ability to continue providing ecosystem services.
These reports are getting a lot of interest and focus from decision makers from governmental bodies to regulators.
Finally, saying ‘thank you’. Sounds easy, doesn’t it? Somehow, we don’t do it nearly enough.
It is important that we appreciate our volunteers and show that we value the people we clearly rely on – for their contributions to thought leadership and research, being examiners, and for all the work they do to have an impact on the next generation of actuaries.
This is something I feel passionate about. We don’t say ‘thank you’ enough. I would like to remedy that. We need a culture of showing care and I am starting with looking at how ‘little things count’.
From how we show our appreciation to volunteers to recognising the effort people have put into the profession, we will look at doing this better. From showcasing the effort that has been put into the work, to ensuring conference committees have free access to the conference that they are organising.
Finally, I come to my third pillar of engagement and connection. This one may feel simple but if we can get it right, it will have a big impact.
A number of you have told me that you want in-person connections and more face-to-face meetings. We pivoted exceptionally well during lockdown and Covid with on-line events proving popular.
However, what I see now is members crying out for personal connections with other members and with the IFoA. From sessional meetings to networking events, from regional events to conferences, our aim is to create as many opportunities as possible for members to connect.
One ask I have of you is please engage. Join in and make the connections, be part of the fun.
Over the years, I have enjoyed meeting members from all around the world, discovering what makes them tick and hearing directly on what is important to them. I am excited that during this Presidency, I will get to meet so many more of you at conferences, qualifiers events and more.
As for the next generation of actuaries, it has been inspiring to hear the ambitions and dreams of students at Leicester University, to young members in Nigeria. From members at a SIAS event in London to students at universities in Malaysia. I can’t wait to have more of these discussions.
These connections, formed within the profession, allow us to build our networks, share ideas, support and encourage each other as we move through our careers and in many cases, volunteer on practice boards and working parties.
This is how we grow, how we challenge ourselves and each other and inspire those around us. And it’s how we help and support those just starting to build their own careers, to strive to do their best and one day, give back to the profession themselves. This ecosystem is strongest when we make the effort – let’s all admit that it does take a bit more effort now that everything is online – to meet in-person and enjoy that camaraderie.
Some of you may know that I was the inaugural Chair of the IFoA Foundation, the charity of the IFoA, for over three years. The strategic objectives of the Foundation are honorable:
The Foundation does great work in advancing the diversity and inclusion agenda of the actuarial profession. It is focused on the next generation of actuaries, encouraging social mobility through international scholarships, mentorship, and school engagement programmes.
Since launch in 2020 the Foundation has awarded 144 scholarships globally to outstanding students, provided early career mentoring to more than 100 international graduates. And it has inspired 20,000 school pupils with maths, financial education, and career insights.
There is a close connection between the Foundation’s work and the IFoA’s commitment to creating a diverse, truly inclusive, and accessible profession. From a personal perspective, I aim to use my role this year to raise awareness of the good work the Foundation does and to help with fundraising efforts.
I encourage you all to join me in donating to the Foundation whose mission is ‘Actuaries Supporting Others’. Every little counts – even just a few pounds, rupees, ringgit will help us to provide funding to students who otherwise could not afford to start their actuarial journey. Let’s also use the Foundation as an excuse to engage with each other. For example, group fundraising for a London Park half marathon.
Another personal aim for me is to remind us all of the joy that can be found in the work we do. The last year or so has been challenging and there is a lot to do this year with vision, member engagement and the new Board. I would like to focus as much as possible on positive and constructive interaction, making experiences as valuable as possible.
Continuing to focus on positive working culture is crucial. The symbiotic relationship between all members, our volunteers and the executives should be harnessed and continually developed for an optimal working outcome.
When I look back in a year’s time, I will consider the term a success if we achieve these three things:
There is still a lot to do but we can do it together. Together we are stronger. Together, we can create a powerful and inspiring future for the next generation of actuaries.
“Future generations will judge us not by what we say, but what we do” – Ellen Johnson Sirleaf.
This role is a privilege. I aim to ensure that IFoA treats each and every one of you with respect and with the care that you deserve. I am greatly looking forward to serving as your President and seeing what we can accomplish. Together.
So, with respect and humility, I invite you all to join me in this mission of change.
Thank you.