Oversight responsibilities
APOB appoints members and provides direct, independent oversight pertaining to the work of the following entities:
Actuarial Standards Board
ASB directs and manages the actuarial standard-setting process of the CIA and adopts standards of practice in all areas of actuarial practice.
Professionalism and Credential Monitoring Board
PCMB directs and manages the CIA’s continuing professional development qualification standard setting and compliance monitoring processes, oversees its criminal conviction disclosure process, provides interpretation of its Rules of Professional Conduct and provides input and advice pertaining to the CIA’s qualification requirements and education programs from a professionalism and public interest perspective.
Professional Conduct Board
PCB handles the CIA’s disciplinary matters.
Tribunal Panel
The Tribunal Panel is made up of at least 15 Fellows of the CIA (FCIAs) who have agreed to be available for appointment to a disciplinary tribunal or an appeal tribunal as needed.
APOB also provides the CIA Board with its public-oriented perspective on other CIA activities managed by the CIA councils which report to the CIA Board.
Building relationships
In addition to the relationships maintained by APOB (and through the boards it oversees) with various councils and committees within the CIA, APOB also maintains relationships with federal and provincial pension and insurance regulators.
While the profession is self-regulating, a number of federal and provincial Acts require certain documents to be approved by FCIAs. When legislation changes, often the profession’s Standards of Practice also need to change. Regulators often depend on the actuarial profession to adapt its standards, as the regulations themselves are not specific on actuarial matters. Canada’s actuaries are also involved in advocating legislative change to governments in response to demographic or business necessities.