CPD – Info on Upcoming Events and the New IFoA Scheme

The actuarial CPD landscape has changed considerably since our last update, with many events understandably being postponed or cancelled due to COVID-19.  However, the IFoA and other organisers have done an admirable job of moving a large number of the planned conferences and events online, with regular webinars now being run to help us all complete our CPD requirements from home.

Things are changing on the CPD requirements front too.  Last month, the IFoA set out the results of their consultation process on changes to the CPD regime that ran earlier this year.

In this article, we’ll take a brief look at some of the key changes being introduced as part of the new CPD scheme, as well as providing a summary of some upcoming CPD events that have piqued our interest at APR.

Changes to the IFoA CPD Scheme Announced

On the 18^th June, the IFoA released the final version of the CPD scheme for the 2020/21 year, with changes coming into force in September 2020.  This includes many of the changes that were mooted as part of the consultation earlier in the year, plus a small number of further tweaks following the review of responses.  The new approach aims to modernise and simplify the CPD process and moves to a more outcomes-focused approach.

The key differences between the current CPD scheme and the new scheme are summarised below:

• The CPD year is moving from a July-June cycle to a September-August cycle, more in line with the IFoA membership year.
• The old (and complex) CPD category system has been replaced, with the CPD scheme applying to all members other than a small list of exemptions: student members; Quality Assurance Scheme (QAS) members (ie those working for a QAS-accredited company); and non-practising members (including retired members and those on a career break). Those on maternity or sickness leave will be treated as non-practising for that period.  Where a member’s status changes over the course of the year, their CPD requirement will be calculated on a pro-rata basis.
• The definition of CPD activities has been broadened to capture a wider range of learning, including development relevant to future roles rather than just your current role.
• The basic requirement of 15 hours per year is the same (with additional requirements for Practising Certificate holders), as is the requirement to complete 2 hours of CPD related to professional ethical issues (the Stage 3 Professional Skills Training). However, there is no longer an explicit requirement to complete 5 hours of CPD from “external events”.  These types of activity, however, are still encouraged to be undertaken to gain exposure to a wider range of views than you may get from solely within your own organisation.
• Reflective Practice Discussions (RPDs) are being introduced to consider how your learning outcomes from your CPD activities over the year have been applied to your work and to discuss your plans for future learning and development. You should complete an RPD every year with an “appropriate person”, who may be a peer, manager, or someone else with an understanding of your actuarial work and development.  You may also be selected to conduct one of these discussions with a member of the IFoA team.
• You must continue to keep a record of your CPD activities to support your RPD. The IFoA are keeping their online recording system available for this, but its use is optional.
• CPD records will no longer be audited, but you will be asked to complete a declaration of compliance with the scheme as part of your annual membership renewal.

Overall, the changes are positive, with the expanded and more forward-looking CPD activity definition, combined with the reflective practice discussions, likely to lead to more meaningful learning and development taking place, and helping to ensure that actuarial skills keep pace with business and technological changes.

However, there are still some unknowns in the new scheme, such as the intended form and operation of the reflective practice discussions, in particular those being conducted by the IFoA.  Further details and guidance related to the new scheme are expected to be published in the coming months leading up to the new scheme coming into force, so we should find out more then.

Upcoming CPD events

As part of the transition between the previous CPD scheme and the new scheme, the deadline for meeting the 2019/20 CPD requirements was extended to the 31^st August.  However, the IFoA have confirmed that if you have already met your requirement for 2019/20, any CPD carried out in July or August 2020 can be used towards your 2020/21 total instead.

So, whether you are looking to pick up the last few hours for this year or looking to make an early start for next year, here are a few upcoming events that have piqued our interest at APR.

July

• PHC Conference webinar: Impactability Modelling for Population Health Management.  Monday 20^th July, 14:00 – 15:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/phc-conference-webinar-impactability-modelling-population-health-management
• Mortality and Longevity Webinar: ‘Researching research’ – how to make use of medical research papers.  Wednesday 22^nd July, 09:00 – 10:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/mortality-and-longevity-webinar-researching-research-how-make-use-medical-research-papers
• Mortality and Longevity Webinar: Towards Precision Insurance: dynamic hazards modelling in Big Data.  Thursday 23^rd July, 12:00 – 13:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/mortality-and-longevity-webinar-towards-precision-insurance-dynamic-hazards-modelling-big-data
• Twitter Sentiment Analysis: What does Social Media tell us about coronavirus concerns in the UK?  Friday 24^th July, 11:00 – 12:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/twitter-sentiment-analysis-what-does-social-media-tell-us-about-coronavirus-concerns-uk
• Modelling Dangers – What to look out for in Terms of Poor Model Selection and Calibration.  Monday 27^th July, 17:00 – 18:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/modelling-dangers-what-look-out-terms-poor-model-selection-and-calibration
• Finance and Investment Webinar: ESG forays into fixed income.  Tuesday 28^th July, 10:00 – 11:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/finance-and-investment-webinar-esg-forays-fixed-income
• CILA Webinar – Are we in the Era of Actuarial Data Science Modelling?  Wednesday 29^th July, 09:00 – 10:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/cila-webinar-are-we-era-actuarial-data-science-modelling
• CILA Webinar – The Capital Management Toolkit.  Wednesday 29^th July, 11:00 – 12:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/cila-webinar-capital-management-toolkit

August

• CILA Webinar – Developing and Executing a Climate Risk Strategy.  Monday 3^rd August, 12:00 – 13:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/cila-webinar-developing-and-executing-climate-risk-strategy
• PHC Conference webinar: Mental Health Underwriting – updating for current medical practice.  Tuesday 4^th August, 10:00 – 11:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/phc-conference-webinar-mental-health-underwriting-updating-current-medical-practice
• PHC Conference webinar: Engagement and innovation for the next generation consumer.  Wednesday 5^th August, 10:00 – 11:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/phc-conference-webinar-engagement-and-innovation-next-generation-consumer
• Mortality and Longevity Webinar: Beyond control – what could be our next big health threat?  Monday 10^th August, 09:00 – 10:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/mortality-and-longevity-webinar-beyond-control-what-could-be-our-next-big-health-threat
• PHC Conference webinar: Learnings from our first climate-change related disclosures (TCFD).  Thursday 13^th August, 15:00 – 16:00.
  • Webinar, £15 for IFoA members, £35 for non-members.
  • https://www.actuaries.org.uk/learn-develop/attend-event/phc-conference-webinar-learnings-our-first-climate-change-related-disclosures-tcfd
• NoCA event – Implications of IFRS17 on actuarial processes.  Friday 28^th August, 12:00 – 13:00.
  • Teleconference.
  • Free to attend (after signing up to NoCA, also free).
  • https://www.noca.uk/events/implications-of-ifrs17-on-actuarial-processes/

Ross Gordon

July 2020