The Actuarial Society of Kenya (TASK) has called upon members to uphold the highest of standards of professionalism in the financial industry.
During a two-day workshop on Ethics and Professionalism organized by TASK and International Actuarial Association (IAA), delegates were advised to bring credibility to the profession in the East African region as a way to bolster confidence especially in the insurance sector.
“We are telling our members that not only do they have responsibility to the shareholder, they also have responsibility to the policyholder,” said Sundeep Raichura, TASK’s council member, at Villa Rosa Kempinski in Nairobi where the workshop took place.
This comes at a time when TASK boasts an improved number of registered fellows, which stand at 46.
Most of the attendants were chief actuaries, actuarial managers, head of actuarial functions, consulting actuaries and risk managers operating in the regional market.
The workshop implored financial services professionals to be bold and fair in pursuing professional standards and values, and must speak out when principles are not being observed.
“Actuaries are leading the way in promoting professionalism in the financial services industry. Through the workshop, members are reinforced with importance of professional standards and their effective regulation,” said Richard Galbraith, Institute and Faculties of Actuaries (IFoA)’s representative on the International Actuarial Society (IAA), during the workshop.
TASK has published code of professional conduct and disciplinary procedure that will guide the manner at which actuarial professionals should carry out their trade in the regional market.
“We are leading the way in promoting professionalism in the actuarial profession and beyond. I am proud how TASK is promoting best practice amongst its members, and of the oversight it provides,” said James Olubayi, TASK’s president.
The society has challenged other industry bodies, regulators and businesses to join the debate on professionalism across the financial services world. It wants to see more engagement on sharing best practice, and believes that collaboration is the key to maintaining the highest of standards across the sector.
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