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 AFC
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 minor professional
crisis is occurring across many professions and countries and 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).
How to contribute
Contributions to the foundation can be made by completing the contribution form and sending it to the CIA Secretariat along with your payment. There is also an option to contribute shares to the foundation. If you would like to make a contribution of shares, please follow the procedures as outlined in the share donation document.
The AFC-Sponsored Programs 2006/2007
One of the primary objectives of The Actuarial Foundation of Canada (AFC) is to advance the knowledge and education of Canadians in the area of personal financial management. In support of this goal, the AFC provides funding for a number of important programs that are aimed at applying actuarial skills in the public interest. Specific initiatives supported in 2006 and 2007 include:
Dollars with Sense
- The AFC funding supports the delivery of the Dollars with Sense program for Grade 7 students in central Ontario, in partnership with Junior Achievement of Central Ontario. This program is designed to equip students with the financial literacy skills needed to make informed decisions for the future. Led by experienced business volunteers, students learn about money management, simple investment strategies and making informed decisions.
The Economics of Staying in School
- The AFC provides funding to support the delivery of The Economics of Staying in School program for grade 8 students in Quebec, delivered through Les Jeunes Entreprises du Québec. The program helps students develop positive attitudes towards education and the future, and explore the relationship between education and personal goals.
Recognition of Excellence in Data Management
- In partnership with the Youth Science Foundation Canada, the AFC provides funding for six awards acknowledging excellence in the youth science movement in Canada. The Actuarial Foundation of Canada Awards, presented at the annual Canada-Wide Science Fair, are given to outstanding projects that demonstrate effective use of mathematics, database manipulation and statistical analysis in investigating or solving complex problems. Two awards are given under each age category (junior: grades 7 and 8; intermediate: grades 9 and 10; and senior: grades 11, 12 and CÉGEP).
- Through the Centre for Education in Mathematics and Computing at the University of Waterloo, the AFC supports MathFrog (Math Fun, Resources and On-line Games), a collection of on-line resources for mathematics education for grades 4 to 6. Funding is provided for expenses related to field-testing with students and teachers, and workshop for teachers.
Collision Scene Investigation
- Developed with support from the AFC, the “Collision Scene Investigation” is one of the modules available under the Science-in-a-Crate program provided by the Science Alberta Foundation. Linked to components of math and physics curricula, it contains seven scientific activities that students use to reconstruct a collision and ultimately determine who is at fault. In doing so, students make use of a range of mathematic analysis techniques.
2006 Stochastic Modeling Symposium
- The AFC participated in the 2006 Stochastic Modeling Symposium organized by the Canadian Institute of Actuaries Committee on Investment Practice by awarding a prize in the amount of $5,000 to the author of a winning paper honored with the “Outstanding Paper Award.”
What is the relationship
between the AFC and the CIA?
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 AFC 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. The AFC
is just beginning to prepare its own website in conjunction with the
CIA. For more information on TAF programs visit its website www.actuarialfoundation.org.
Who is involved
in the AFC?
The AFC is now operational with a full complement of directors
and committees. The AFC’s Directors are Allan Brender (Chairperson), Hélène Pouliot (Treasurer), Christian-Marc Panneton (Secretary), Shiraz Bharmal, Dave Dickson, Robert Dowsett, MIke Hale (ex officio) Ronald Harasym, Curtis Huntington, Josephine Marks, James Murta (ex officio), David Oakden, David Promislow, Robert Sharkey.
What is the AFC’s
role regarding Actuarial Research?
The AFC promotes actuarial research initiatives, such as
papers, books, and symposiums, aimed at meeting tomorrow’s challenges.
By sharing our unique problem-solving skills in a wide community of
research, actuaries can promote the public good.
The cooperation between TAF and AFC is perhaps best illustrated by the $100,000 donation from the AFC to the Actuarial Science program at the University of Manitoba on behalf of the James Anderson Memorial Foundation. TAF and the AFC worked closely together in coordinating this donation from a designated fund of TAF. The donation attracted matching funds from the government of Manitoba for a total donation of $200,000. Several annual bursaries to actuarial students will be funded by these donations.
What is the
AFC doing about Youth Education?
The AFC is a major sponsor of a project in conjunction with the Science Alberta foundation to develop accident scene investigation materials for use in high schools. This material involves the application of statistical and data collection techniques by police officers in accident investigations.
What does the
AFC plan to do about Consumer Education?
The AFC, like TAF, promotes the application of actuaries
and their unique skills to Consumer Education initiatives aimed at
filling gaps in consumer’s knowledge and understanding of both
personal and social financial issues. These initiatives underscore
the actuarial profession’s commitment to the public good.
The priority Consumer
Education project being studied by the AFC is to adapt and distribute
a number of Consumer Education retirement and benefits documents
created by TAF to the Canadian context. The first two documents are “Seven
Life-Defining Financial Decisions” and “Making Your Money Last
for a Lifetime.”