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.