Overview of the Actuarial Foundation of Canada

What is the Actuarial Foundation of Canada (AFC)?

The AFC is a registered charity founded in 2003 to support youth education, financial literacy, and research initiatives that utilize actuarial skills in the public interest. The public service focus of the AFC is am important way that the actuarial profession is helping change Canadian lives for the better.
 

Why is the Actuarial Foundation of Canada important?

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 crisis is occurring across many professions and countries as 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).
 

What is the relationship between the Actuarial Foundation of Canada (AFC) and the Canadian Institute of Actuaries (CIA)?

In November 2001 the CIA Board authorized the creation of the AFC. Since then the CIA, its Board, and its membership have been stalwart supporters of the AFC, both financially and otherwise. Although the two organizations operate independently in many respects, there are some very important links. Often, one or more CIA Directors also serve as AFC Directors, which provides a vital communication and governance link. Each year, the AFC presents the CIA Board with a report on the foundation’s activities, financial results, new initiatives, and goals. Since the AFC’s inception in 2001, the CIA has provided it with valuable office and incidental support and paid its legal and audit costs. The Institute has also made significant cash donations.
 

What is the relationship between the Actuarial Foundation of Canada and The Actuarial Foundation in the U.S.?

The AFC promotes a vision, goals, and objectives similar to those pursued by the Actuarial Foundation in the U.S. (TAF) but adapted to a Canadian context. The two organizations work together to share successes, ideas, activities, and programs. Teleconferences between them facilitate this sharing of information. As TAF is a more established and larger organization, this link has provided valuable assistance to the AFC as it has developed. For more information on TAF’s programs visit its website www.actuarialfoundation.org.