World news story
UK to promote the Certified Actuarial Analyst Qualification (CAA) in Ghana
The Institute and Faculty of Actuaries will be visiting Ghana to promote their world class qualification and help Ghana build its actuarial capacity.
Representatives from the Institute and Faculty of Actuaries (IFoA) will be visiting Ghana on the 30th of November and 1st of December 2016 to meet a number of companies from the ‘financial services and other industries in Accra with the aim of promoting the actuarial profession and actuarial qualifications to local employers and influencers in Ghana.
The Department for International Trade (DIT) at the British High Commission in Accra will be hosting a reception at the Residence of the British High Commission on their behalf.
According to the World Bank, a shortage of actuarial resources is an issue of concern to both insurers and supervisors. They highlight that one of the possible steps towards a solution could be the IFoA’s newly developed “Certified Actuarial Analyst” or “CAA” qualification. In endorsing the IFoA’s qualification, the World Bank believes that the CAA will be useful to insurance supervisors looking to introduce enhanced actuarial roles as part of their regulatory system.
The IFoA is keen to engage with regulators, government officials and the insurance/financial services sector in Ghana to promote the IFoA’s world class qualifications, and in particular how the CAA could help Ghana build its actuarial capacity. The IFoA recently partnered with American’s Society of Actuaries (SoA) to oversee, deliver and promote the CAA, as a public interest joint venture organization, CAA Global.
The CAA is designed to give those working in actuarial support roles, and in the broader financial services sector, a path to acquire sound technical skills and to bring them into a regulatory framework that will help assure public confidence in the work that they are doing. The CAA also facilitates the growth in actuarial capacity in emerging markets where it is just starting to develop.
The creation of the joint venture supports the IFoA’s original objective for the CAA initiative, which is to establish the CAA as a consistently recognised and sought after global qualification.This joint working also supports the delivery of the IFoA’s and the SOA’s common objectives to advance, in the public interest, all matters relevant to actuarial science and to promote the actuarial profession.
Commenting on this, IFoA President, Colin Wilson, said:
The joint venture will help establish the CAA as a global brand for the whole actuarial profession, and we look forward to welcoming other actuarial associations who would like to participate in the initiative.
President of the SOA, Craig Reynolds, said:
The CAA is an innovative development that will enhance the skills of actuarial support professionals in traditional roles and throughout the broader financial services sector, as well as promote accessibility to the profession, on a global scale.
The objective of IFoA is to conduct a process of consultation with other actuarial associations around the world to develop an accreditation system that enables them to become destination organisations for qualified CAAs. In this way the CAA will truly become a global qualification for the actuarial profession.
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally. We represent and regulate over 28,000 members worldwide for the benefit of the outside world and oversee their education at all stages of qualification and development throughout their careers.
Under its Royal Charter the IFoA has a duty to put the public interest first. Further information about the IFoA can be found at [www.actuaries.org.uk]
The Society of Actuaries (SOA) is a tax-exempt non-profit professional society headquartered in the United States, serving members and students around the world. With roots dating back to 1889, the SOA is the world’s largest actuarial professional organization with more than 27,000 actuaries as members and more than 35,000 students currently taking following its educational pathway.
Through research and education, the SOA’s mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. Its vision is that actuaries will be highly sought-after professionals who develop and communicate solutions for complex financial issues.
About the Department for International Trade
- The Department for International Trade is responsible for promoting UK trade across the world and attracting foreign investment to our shores.
- DIT works to promote UK exports of goods and services, to support a growing economy that creates wealth for all, supports jobs and meets our wider national interests, deliver the best international trading framework for the UK outside the EU, including through building our capacity to negotiate and administer a national trade policy as well as maximize opportunities for wealth creation through supporting Foreign Direct Investment, with a renewed focus on outward FDI (overseas direct investment).
Paul Reynolds +44(0)7961 957 487 / +44(0)20 7632 1468 firstname.lastname@example.org $A