Institute and Faculty of Actuaries - UK to promote the Certified Actuarial Analyst Qualification (CAA) in Ghana
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.