As we launch a consultation on formalising Diversity, Equity and Inclusion (DEI) within the IFoA’s regulatory framework, Neil Buckley, Chair of the IFoA’s Regulatory Board, reflects on the benefits of embedding DEI values in our ethical code of conduct.
The IFoA is an international, multicultural membership organisation with more than 32,000 Members in over 100 countries.
The IFoA’s Regulatory Board’s purpose is to regulate the actuarial profession in a way that promotes the public interest by holding Members to high standards of professional competency and conduct. Insisting on the highest standards of IFoA Members not only means that the public interest is protected, but also that Members can take pride in a profession that produces work of the highest calibre.
A key component for securing these standards is the Actuaries’ Code, the ethical code that sets out the expected behaviours and conduct for all actuaries who are Members of the IFoA. One of the tenets of the Code is that Members must show respect for others. An important aspect of respect is how we react and respond to people who are different from us. Such differences can manifest themselves in many forms, whether it is gender, race, or sexuality, but also background and education.
The IFoA believes that it is right to treat everyone fairly, and not to discriminate against them because of their differences.
I believe that Members would agree and that treating everyone with respect is already central to their day-to-day practice.
However, the IFoA’s aim for the actuarial profession goes beyond a membership that respects and appreciates differences in others. The IFoA recognises that diversity of thought leads to new ideas, improved approaches and enhanced outputs.
Diversity of thought comes from the diversity of people. In order to ensure the IFoA’s membership and our workplaces are diverse, we as individuals, groups, companies, and as a society, need to actively remove barriers and encourage inclusion. Only then, can we harness our differences, which will provide us with opportunities to broaden our horizons and allow us to start to think and act in new ways.
These are principles that the IFoA rightly champions and embodies.
It, therefore, seems appropriate to embed them in the Code. The proposed changes amplify the existing obligations to make it clear that Members, when showing respect for others, should consider how this manifests itself in the context of diversity, equity and inclusion.
Further, the proposed changes ask Members to consider whether differences amongst people are preventing us from connecting with others, and what steps Members can take, as individuals, to remove those barriers.
The consultation seeks to answer any questions or concerns that Members might have about including these principles within the code. We have also published a Q&A to answer questions you may have about these proposals and their impact.
You can view the proposals and give your feedback by visiting our current consultations web page.
We look forward to receiving your responses to the proposals.
