Individual Accountability Framework
The Individual Accountability Framework from the perspective of actuary on the Board
What does the CBI Individual Accountability Framework (“IAF”) mean for an actuary on the Board, whether that be the actuary who is a non-executive director (“NED”) or the actuary who is an independent non-executive director (“INED”)?
Whilst the CBI decided to defer the introduction of the SEAR component of the IAF for (I)NEDs until 1 July 2025, the Director’s Interest Group of the Society of Actuaries consider that that there are some important points that any actuary who is an (I)NEDs should be considering.
The IAF seeks to underpin sound governance across the financial sector. A key cornerstone of how this will be achieved is by setting out the good practices expected of firms and individuals and ensuring that there is clarity around roles and responsibility of individual key role holders.
The concept of reasonable expectations is embedded throughout the framework. This includes, in particular, the principle that where reasonable steps have been taken to achieve an outcome, that these will be sufficient to discharge the relevant obligation.
If you are currently a NED\INED, or if you aspire to take on such a role, then you will be interested to hear what our panel of speakers have to say. The session will cover; the function of a Board as a “collective” versus the role of a (I)NED under IAF; what constitutes “reasonable steps” for an actuary who is an (I)NED and how do you demonstrate that “reasonable steps” have been taken; will a different standard apply to different Board members depending on their background e.g. the actuary; what can we learn from the UK experience.
Important Information:
Members: The buddy system is in place for this event, therefore you are welcome to invite up to two non-members along with you, free of charge, as your guests to this event. You will need to record their name under your reservation.
Non-members: If you are not coming along with a member of the SAI under the buddy system, there is a charge of €50 to attend.
Eoin Caulfield is Head of Insurance at William Fry. His practice involves a combination of regulatory and transactional work. He advises on matters including M&A, distribution and outsourcing, new authorisations, enforcement actions, asset management and own funds.
Eoin is a member of the Insurance Institute of Ireland and the British Insurance Law Association. He has been an officer on the International Bar Association's insurance committee. He is an Affiliate Member of the Society of Actuaries in Ireland.
Mike Frazer is an actuary with an executive background in life and life reinsurance, and as a regulator. He is currently an independent non-executive director of a health insurance group, a non-life insurer and a non-life reinsurance company, and is independent chair of a master trust. He also works as a consultant in the insurance practice of William Fry.
Kevin Murphy is Chairman of Urbeo Residential Fund ICAV ,Canada Life Assurance (Europe) plc and AXA Pension Fund Ireland Limited and non-executive director of the Legal and General Assurance Society(UK), , Canada Life Insurance Holding Company Ltd and ECCU Assurance Dac. Kevin retired from Irish Life in 2013 as Group CEO. Kevin is an actuary by profession.He is the past President of the Society of Actuaries of Ireland , past Chairman of the Irish Association of Investment Managers and a past President of the Irish Insurance Federation.He is currently Chairman of Insurance Ireland INED Council