Remarks to the Canadian Institute of Actuaries by Julie Dickson, OSFI

Ottawa, Ontario – June 30, 2011 – I recently read an article that Micheline Dionne penned, called “The Actuary – Technician or Professional”. Among other things she noted that professionals go beyond the numbers and make their views known on overall risks, especially if they suspect that their employers or clients do not appreciate the full extent of the risks they are taking. The article drove home the point to me that the actuarial profession is looking at the right questions when it considers its future. I notice that some other professions are also thinking about their future and how they fit in with business, add value, and increase influence.

OSFI’s expectations are rising in line with the lessons being learned from the crisis. Your profession has an opportunity to play a major role in this regard.

In my view, there are five areas in which your profession could enhance its role:

  • Role of the profession;
  • Compliance;
  • Objectivity;
  • Global responsibility; and
  • Local responsibility.

Let me expand on each of these.

Read full remarks here.

About OSFI

OSFI is an independent agency of the Government of Canada. It reports to the Minister of Finance. For more information visit www.osfi-bsif.gc.ca.