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Message from President

 

Dear Members
August was a busy month, with our colleagues Barry Rafe (President) and Elayne Grace (CEO) from the Actuaries Institute here for meetings with Council, the Reserve Bank and the leaders of Victoria University of Wellington's Actuarial Science programme. Their visit was timed to coordinate with our annual Winter Dinners in Auckland on 1 August and Wellington on 2 August, and these were fun and friendly events, as usual. Our relationship with the Actuaries Institute is a key one and it is great to see it continue to develop, especially with the two key role changes on their side this year. 

During the month plenty went on, with plans for the Appointed Actuaries Workshop being finalised, the conference programme coming together, and the CPD Task Force coming close to finalising its report to Council. PS25 (Friendly Societies) was updated, and a draft of PS 92 (Human Rights) was exposed to members. The month ended with our first ever Women's career events, in Auckland on the 29th and Wellington on the 31st. I was glad we were able to put these events on to support our female members - while the number of female students has been approaching that of male members for some time, the percentage of female actuaries has been much more stagnant. It's important to ensure our female members have access to role models and hear a number of career stories to inspire them to stick with the exams and the profession. We are planning to have a separate event next year for all members who are interested in work/life balance and the struggle of the juggle.

September starts similarly to August - but this time John and I are off to Sydney to meet with the Actuaries Institute Council and various key members of the Institute's HQ staff, to discuss how we can all work better together.

It is great to see so much happening within the Society, and while meeting with members last month I noticed there's a real buzz around the upcoming conference in Queenstown. With a greatly increased number of flights, the cost of getting to Queenstown is a lot less than it used to be, so I hope as many of you as possible will come along and participate in the great programme Catherine Edgar and her team are putting together for us.

I'm really delighted too, that the President of the Actuarial Society of South Africa, Peter Withey, will be attending and will present on two very interesting topics where the South Africans are really leading the world - the changes to their CPD framework to be objectives based, and actuaries working in banking. In return, Peter is looking forward to hearing from some of New Zealand's world leading actuaries on the work being done here in the public sector.

Whilst I hate to add a negative note to the excitement around the conference, it's clear to anyone who hasn't been under a rock for the last six months that the behaviour of members of all professions is under scrutiny. While it is mostly the legal profession bearing the brunt of the criticism, eyes are out for misbehaviour by anyone. Many of you will have noticed changes in alcohol policies in your workplaces, for example. I believe actuaries in New Zealand are highly cognisant of the fact that we are members of a profession - that we have an obligation to uphold high standards of behaviour and respect towards others. At the same time, I think it behoves us all to look out for one another, as well.

With the conference comes the AGM, and once again the Society needs some talented and dedicated individuals to step up onto roles on Council. You can read more about the opportunities below, but please do stand if this is something that interests you - and any existing member of Council will be happy to speak to anyone considering standing.

 
Best wishes

Andrea
Hearty congratulations to Jenn Dobinson FNZSA, who won the Rising Star Award at the Financial Services Council Awards Ceremony last night.
This award recognises "an individual who has made a real difference to the industry while early in their career".

In Memoriam - Professor Colin O'Hare

It is with regret and sadness that we advise that Professor Colin O'Hare PhD, FIA, FHEA, FIAA died on Wednesday 1 August 2018 aged 43 years.
 
Colin was Professor of Economics and Business Statistics at Monash University's Business School.  Following 10 years' experience in actuarial practice, he moved to academia and built a career leading the development, delivery and accreditation of actuarial science in a university setting. His work in this area included New Zealand, where Colin was in charge of the first two years of the Victoria University of Wellington programme.

Our sincere condolences go to his family and friends at this sad time.

News from Council and Committees

 

Council Update

 

Nominations open soon for Council elections

With the AGM coming up at the end of October, it's now time to start thinking about filling the vacancies that will arise. Historically, NZSA has not had many elections and has often relied on a good deal of shoulder-tapping when nominations don't come forward. It is important to Council that anyone who is interested in standing for Council knows that the process is open to all. In line with practice in the board room, Council wants to make sure members understand which existing members of Council intend to restand - thus ensuring members have the opportunity to assess the standard of incumbent candidates when determining whether they themselves will stand or seek to nominate another member.

President 
The position of President is elected every year for a one-year term. A President who has served for one year may stand for a second year. Andrea Gluyas has now completed two years as President, and will remain on Council as the Immediate Past President. Richard Beauchamp, the current Immediate Past President, will finish his term on Council.

John Smeed, the current Vice-President, intends to stand for President.

General Council Members
The Rules require that five other members of the Society form the Council, with the President and Immediate Past President. Each General Council member is elected for a two year term. Current Council members John Smeed and Catherine Johnston have completed the first year of their two year term, but John will resign from Council to stand for President. Current Council members Ross Simmonds, Adam Follington and Nick Smart have completed their terms.

Therefore, four General Council positions are available. Ross Simmonds and Nick Smart intend to restand for Council.

If anyone would like more information about being on Council and the time commitment involved, please speak to any current member of Council or you can email the President. Please note that the new Council will hold an informal meeting on Wednesday 31 October, 1-3pm, if you wish to arrange conference flights accordingly.
 

Meeting with the Reserve Bank

The Society's August meeting with the Reserve Bank took place on 3 August. As well as the usual attendees from NZSA (President, Vice-President, Convenors of the Life Insurance and General Insurance Practice Committees) the meeting was attended by Barry Rafe and Elayne Grace on behalf of the Actuaries Institute, who covered the Australian Royal Commission and also the change to actuaries' work in Australia arising from the recent APRA review of Appointed Actuaries.

NZSA presented the Reserve Bank with a proposal written on behalf of the General Insurance Practice Committee, looking at ways to improve actuaries' knowledge and confidence in respect of catastrophe modelling. This included a request for the RB to provide some anonymised data on catastrophe modelling to assist appointed actuaries in assessing where they lay relative to the market.

Many of the other items NZSA has been looking to progress with the RB have been delayed pending the outcome of the current review of the Reserve Bank Act. However, the RB is expecting to come back to respondents in the not too distant future on Insurer Data Returns, and the thematic review of Appointed Actuaries is expected to get underway in the new year.

NZSA meets with the RB three times a year. If you have an item you think NZSA should be raising, please contact the President or the Convenor of the LIPC or GIPC.
 

Meeting with the Insurance Council of New Zealand

The President and Vice-President met with representatives of the Insurance Council of New Zealand on 3 August. This was a fairly preliminary meeting, but both sides thought it would be advantageous to meet on a regular basis - once or twice a year. In addition, ICNZ undertook to circulate notice of any of its events which may be of interest to actuaries, so that NZSA can circulate notice to our members.
 

New @actuaries.org.nz email addresses

We have set up a number of new email addresses to make it easier for you to contact the right volunteer, and also to assist our active volunteers on occasions when it is not appropriate/professional to use their personal or work email addresses. Some of the first are as follows:
  • President@actuaries.org.nz - for matters to do with Council
  • Treasurer@actuaries.org.nz - financial matters (or you may wish to use finance@actuaries.org.nz for the Secretariat's finance team)
  • Editor@actuaries.org.nz - suggestions and feedback on the newsletter
  • Webeditor@actuaries.org.nz - for any suggestions or corrections to the website
  • GIPCConvenor@actuaries.org.nz - to contact the convenor of the General Insurance Practice Group
  • RIIGConvenor@actuaries.org.nz - to contact the convenor of the Retirement Income Interest Group

Committee Updates

 

Professional Standards Committee

Revised draft versions of PS21 and PS31 (FCRs) have received feedback from the Reserve Bank and this is currently being incorporated.
 

General Insurance Committee

The Committee is considering a response to the RBNZ consultation document on IRFS16.
 

CPD Task Force

The Task Force is finalising its draft report to Council. All going well, the CPD Task Force will discuss its findings at the conference in October.
 

Communications Committee

The Communications Committee welcomes Matt Botur as our new Webeditor, and Melissa Sutjipto as Deputy Editor of the newsletter. Many thanks to Jenn Dobinson, who did a fantastic job as our initial Webeditor, including getting the website live in late 2016.

The new members only documents area is expected to be live any day now, with new blocks coming live over the next few weeks - keep an eye out for this.
 

Volunteer Opportunities

Volunteering for the Society is a great way to develop your skills, gain knowledge and give back to the profession. If you are interested in volunteering, please contact John in Auckland or Andrea in Wellington, or email the Secretariat.

Have you registered for the 2018 NZSA Conference yet?

It’s only two months until the start of the 2018 NZSA Conference in beautiful Queenstown.  Registrations opened earlier this month and it's great to see so many delegates signing up already (and making the most of the early bird pricing, available until 20 September!). The conference’s theme ‘The Remarkable Future’ encourages us all to think beyond the boundaries of our current and traditional roles, and to inspire us to explore new and innovative ways to ensure actuaries adapt and grow in a world where change is getting faster, technological advances are ever more rapid and the world has never been more connected.  

Many delegates have already taken on the challenge of considering our place in this remarkable future, resulting in many interesting and thought-provoking presentations in the programme. We’ve also lined up a number of NZ’s most inspiring individuals as plenary speakers, including Malcolm Law (a man who ran 7 great walks in 7 days, and ran 50 marathons over 50 mountains in 50 days – all whilst raising hundreds of thousands of dollars for charity!), Ian Taylor (one of New Zealand's most renowned innovators) and Lance Burdett (a crisis negotiator for the NZ police who now coaches on personal resilience and enhanced communications).

The networking functions embrace the best of what Queenstown has to offer. Monday evening’s ‘A Taste of Queenstown’ dinner at a waterfront location (including an optional pre-dinner jet boat ride!) will allow guests to sample food and wine sourced from the Otago region. Tuesday afternoon is free for delegates to enjoy Queenstown their way with optional activities including abseiling waterfalls, mountain biking down Queenstown’s iconic skyline, cruising on the historic TSS Earnslaw or simply taking the afternoon to explore what the area has to offer. Following the activity afternoon, we will all ride the gondola up to Skyline Queenstown to enjoy a spectacular sunset over Lake Wakatipu and the Remarkables mountain range while feasting on the mouth-watering Gala dinner.

We can’t wait to welcome you all to Queenstown, and the 2018 NZSA Conference!

To register, please visit http://www.nzsaconference.co.nz/nzsa18/registration/.

2018 NZSA Conference

Workplace Culture

Dame Margaret Bazley began her report on the Independent Review of Russell McVeagh with an apt reminder:

He aha te mea nui o te ao? What is the most important thing in the world?
He tangata, he tangata, he tangata. It is the people, it is the people, it is the people.

The theme of the importance of people in building an effective team and a strong company culture was clear throughout the report. Many of Dame Margaret’s findings and recommendations were specific to Russell McVeagh, but there is value is considering them in the context of our own companies, and the wider actuarial profession to identify where there is potential for improvement, or to highlight areas of strength and not lose focus on these. Some of the key takeaways from the report are:

Strong People Management

Similar to those in the law profession, actuaries are highly regarded for our technical skillset. As our careers progress, our roles as actuaries can shift from highly technical, to people management and strategic roles. It is vital for the development of the profession that actuaries in these roles have strong people management skills. This ensures actuarial analysts and actuaries have adequate and appropriate levels of guidance and career support.

Workplace culture

A number of the recommendations related to implementing cultural shift in the workplace. Key considerations included:

  • Providing staff with a safe mechanism through which to raise concerns about the work environment with the comfort this would not hinder career progression.
  • Promotion of work-life balance ensuring staff are not working overtime for prolonged periods of time, and the importance of senior leaders being role-models in this space.
  • Increasing awareness of unconscious biases and advice to avoid this affecting key decisions.

Celebrating Success

The pathway to becoming an actuary is clearly marked with some key milestones: namely passing exams. Given the challenging nature of the exams, I believe it is important to celebrate success and recognise the hard work involved. The Independent Review doesn’t specifically address celebrating success, rather there is commentary about company events. The celebration of exam success is a key event in our actuarial careers and it is important to reflect on how we celebrate.

The report is a reminder for us not to be complacent as a profession, or in our individual organisations. Take the time to critically assess your workplace culture from different perspectives, and take care of each other.

For those of you interested reading the full report, it is available here.

Event Reports


Women's networking event

The first NZSA women's networking events were held on August 29th and 31st in Auckland and Wellington respectively. Women with a range of backgrounds and experience shared their stories, opinions and advice in a panel discussion, led by Andrea Gluyas. It was a wonderful opportunity for us to hear from women who have such a wealth of knowledge and different perspectives to share. Some of the key takeaways for me were:
  • Be a strong advocate for yourself in taking control of your career, whether in performance reviews,contract negotiations, or other key areas
  • Have someone in your network you can discuss your career with. This might be a mentor, a manager or a role model
  • Be open to stepping outside your comfort zone and taking on challenges - fight through any self doubt
  • Take advantage of opportunities as they arise. This might include seemingly sideways moves but this breadth of experience will be valuable and may lead places you wouldn't otherwise have considered
A big thank you to all the women who took the time to speak to us.

What we're reading…

The Actuaries Institute has recently published the second edition of its Climate Change blog
Sapiens: A Brief History of Humankind by Yuval Noah Harari - recommended by Bill Gates and Barack Obama, this is "the thrilling account of our extraordinary history - from insignificant apes to rulers of the world", written in an easy-to-read and slightly wry style.
Factfulness: Ten Reasons We're Wrong About the World - and Why Things Are Better Than You Think - also recommended by both Bill Gates and Barack Obama, this books shows we systematically get the answers wrong to many questions about global trends, and what's really going on. Read Australian actuary Jennifer Lang's review here.
If you have read something recently you think other members would enjoy, please email the editor.

Upcoming events

  • 2018 NZSA Appointed Actuaries workshop
    19 September, Auckland
    Further information will be sent to Appointed Actuaries in due course.

More information and registration details for upcoming NZSA events are available on the website

 

Members' News

New members

Fellow
Robert Batley, Taylor Fry
Samuel Steward, Suncorp
Brett Riley, Arch LMI PTY Ltd
Lee-Ann du Toit, Deloitte
Student
Richard Zhou, PwC
Georgia Knowles, Pwc
If you have any thoughts on a newsworthy item for our next newsletter or feedback on previous newsletters, please contact the editor: Editor@actuaries.org.nz
Copyright © 2018 New Zealand Society of Actuaries, All rights reserved.


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