What is the Actuarial Foundation of Canada (AFC)?
The AFC was founded in December 2003 to support youth education, consumer education, and research initiatives that utilize actuarial science and skills in the public interest.
Why is the Actuarial Foundation of Canada important?
The actuarial profession plays a unique and important role within our community as a whole. Our profession is something for which we can all be justly proud. At this time, however, a crisis is occurring across many professions and countries as professionalism is being called into question. Standards are being eroded and some have forgotten what it means to be professional. The public service focus of AFC programs and initiatives will reflect well on the image of individual actuaries, the actuarial profession, and the Canadian Institute of Actuaries (CIA).
What is the relationship between the Actuarial Foundation of Canada and the Canadian Institute of Actuaries?
In November 2001, the CIA Board authorized the development of the AFC. The CIA Board has an important governance role over the AFC without having direct oversight of its day-to-day activities. The CIA President and the CIA Immediate Past President are voting members on the AFC Board. The CIA Board must approve AFC bylaw changes and it annually reviews the AFC financial statements, budgets, audit and program reports and policy and procedure statements. The CIA Board agreed to provide office and incidental support to the AFC and to pay AFC legal and audit costs. The CIA’s $10,000 annual contribution, previously made to the Actuarial Education Research Fund, has been redirected to the AFC.
What is the relationship between the Actuarial Foundation of Canada and The Actuarial Foundation in the US?
The AFC promotes the same vision, goals, and objectives, adapted to a Canadian context, as those pursued by The Actuarial Foundation (TAF), the parallel US Foundation. The AFC leverages TAF successes by creating Canadian versions of successful TAF ideas, activities, and programs. With only minimal incremental volunteer effort and cost, the AFC can have a significant and highly effective impact. For more information on TAF programs visit its website www.actuarialfoundation.org