Candidate Questionnaire

Sharon Giffen, FSA 1984, FCIA 1984
Semi-Retired
Brief description of current work:
Independent Board Members consider and oversee the strategy, the risk-taking activities and the CEO of the company. I serve on various Board Committees as well, with accountability for Audit and Finance, Risk and Compliance, and Governance.
Primary Area of Practice:
Risk Management, Other
Other Areas of Practice:
Individual Life Insurance, Mortgage Insurance, Pension Risk Transfer, Health Benefits, Travel Insurance
Professional Background
Provide a description of your professional background and the type of work you have performed. Explain how these experiences have prepared you as an Elected Board Member and qualify you in carrying out the strategic direction of the SOA.
At Foresters Financial, a multi-national insurance organization, I held several C-suite positions – Chief Actuary, Chief Financial Officer, Chief Risk Officer, Chief Compliance Officer and CEO of Foresters Life Insurance Company (Canadian subsidiary). In these roles, I lead my team in reporting to and working closely with the Board of Directors.
That work inspired me to pursue a late career change to serve as a member of Boards of Directors starting in 2016. Leveraging my actuarial background, I serve on four boards in different insurance businesses – Mortgage Insurance, Pension Risk Transfer, Health Benefits / Travel Insurance and Individual Life Insurance. Previously, I also served on the board of a General Insurance (Property/Casualty) company.
This breadth of experience prepares me well for leading the SOA. For the bulk of my career, my work was in individual life insurance, where I led teams in pricing and marketing, valuation, reporting and capital management and in risk management. As we look to the future, I believe that SOA members will continue to be employed in diverse businesses. My experience demonstrates that our training can prepare actuaries well for both traditional and non-traditional roles. I value teamwork, both in those who report to me and in my peers.
As CFO, CEO and as a Board Member, I have been actively involved in the development of strategic plans and the implementation of initiatives to generate the desired outcomes. This work has been rewarding to me and my experience could add value to the process at the SOA.
Volunteer and Governance Experience
Describe how your volunteer and governance experiences would strengthen your contributions to the SOA Board, the SOA, and strategic plan execution. List your relevant volunteer experience. Include the name of the organization, your role, and approximate dates.
I have been a long-term actuarial volunteer. I served on exam committees from the 1985 to 2003.
I have served and had leadership roles for:
- Actuaries Section of the NFCA (2004-2007), President - 2007
- Toronto Actuaries Club (2003-2006), President - 200
- Smaller Insurance Companies Section (2009-2012) – Chair 2011; currently a “friend” of the section CIA Board - 2012-2015; Chair, Risk Committee
- CIA Presidential Term - 2016-2019; President 2017/8
- Various CIA and SOA committees and task forces - 2008-2022
- CIA Gold Volunteer Award 2019
- SOA Board of Directors – 2019-2022; Chair, Risk Committee; Chair, Governance and Policy Committee
- Frequent speaker at SOA, CIA and other industry organizations
I have also volunteered outside the actuarial profession:
- Foresters Financial, playground builds, radiothon, donation drives and more (2000-2016)
- Walk to Conquer Cancer, team captain; benefiting Princess Margaret Hospital (2016)
- Opera Atelier, Chair, Audit and Finance (2011-2019), Chair of Board (2021-2023)
What I have learned from these experiences is that a group of dedicated volunteers can make a difference!
In my experience, leading volunteers is different from leading in a corporate role. A volunteer leader has very limited or no “position” authority, only their enthusiasm and influence to get things done. I have brought that attitude to all my volunteer work – along with deep gratitude for the time and expertise people will give to work they believe in.
Leadership/Managing Change
Describe a significant project that you led in the workplace or in your volunteer activities. Describe how you addressed changes that were proposed, whether changes were made, or were not made after considering all options. How did you influence alignment in the final outcome, and what were the biggest challenges you had to overcome?
As President of the CIA, I led an initiative to update governance practices for the Institute. It was a major revision to separate the functions of the CIA that are relevant to its mandate of setting the interests of the public above the interests of the profession apart from the education and research functions. This is similar to the separation in the US between the Academy and the SOA’s functions. The basic idea was that functions of the CIA where public interest could be affected should have public oversight.
While this type of structure was advised by the CIA’s governance consultant, it was not a change that was clearly popular with the membership. We had much criticism that somehow non-actuaries could set actuarial standards of practice –misinformation at its finest!
Working together with a board committee and head office staff, we developed a straw-man structure, then sought membership input. Input was considered, and revisions made. I hosted “town hall” conference calls to explain the original design, then a summary of the input received and the changes proposed. This process was iterated until the committee and the Board felt we had a structure and mandate that answered the vast majority of the objections raised.
This process was conducted over almost three years and culminated in a positive membership vote to change the By-Laws of the CIA to implement the Actuarial Profession Oversight Board, a separate board with membership of both actuaries and non-actuaries. They now oversee the process of standard-setting (not the standards themselves!), continuing qualification requirements, the discipline process and tribunal panel.
Lessons learned:
- Soliciting input broadly will surface issues that no one on the committee considered – I value diverse thinking.
- Patience and persistence in the right balance are necessary in key to making substantive change – I never considered giving up even in light of early opposition.
- You will never be able to satisfy everyone – We would never be able to achieve unanimity; the strong majority vote was a great outcome.
Diversity
What should the SOA’s goals be in the area of diversity, equity and inclusion? You can read more about current efforts by the organization at www.soa.org/programs/diversity-inclusion.
The SOA’s goal should be to have membership that reflects the populations that our work affects – the population of all of our geographies. Leadership should further reflect the membership. The SOA’s diversity report in interesting reading - our growth outside the US and Canada has markedly improved overall diversity of race/ethnicity, however, this has not yet translated to leadership. The research to discover the underlying causes of underrepresentation is also critical. Overall, I believe that the SOA is moving in the right direction in terms of reducing barriers to entry to the actuarial profession in the US. However, there are different issues in other countries where the membership is growing that need to be addressed.
Additionally, the SOA needs to expand efforts around Inclusion and Belonging. Even as barriers are reduced and there is a more diverse membership, in the future we will need to make further efforts to ensure that diverse candidates, members, volunteers and leaders are valued – including ideas that may not align with historical SOA practice. Encouraging diverse thinking is critically important. Getting to the best decisions requires conscious effort to mitigate our unconscious biases. When we have effective Inclusion and Belonging, this will no longer be an active issue to manage. In the meantime, efforts must be redoubled.
International
The SOA has been growing internationally. How would your experiences help the SOA further the needs of the membership outside of North America?
As a Canadian, I am not an “International” actuary; however, I have had some experience in working and dealing with the profession in countries other than Canada. As the President of the Canadian Institute of Actuaries, I traveled for International Actuarial Association meetings, where I met leaders from other actuarial associations around the world to learn the key issues they were facing. Some such issues were common to North America, while others were unique to others’ circumstances.
Overall, the SOA’s international growth is significant, and is critical to the growth of the profession. It is important to design and implement all the SOA’s efforts in actuarial qualification, continuing education and research with an international mindset. The profession benefits from qualifications that are consistent technically and grounded in local business contexts. It is even more critical that continuing education and research are designed and implemented locally for the maximum benefit of members.
Emerging
The SOA needs to continue to attract the brightest students to our actuarial profession and now there are more technical career options available. What do you recommend that the SOA do to continue to attract the right people to the actuarial profession?
The SOA has done well in recent years to improve the visibility of the profession. The Affiliate membership for students, teachers, parents and other influencers is a great way to engage relevant and interested parties, and to deliver real value to Affiliates. The work now will be to expand the reach of these initiatives and ensure no systemic barriers exist. Additionally, the changes to the qualification pathway are important, ensuring that travel time does not increase, even as the SOA incorporates education in new tools and techniques.
Both traditional and non-traditional roles should be highlighted to ensure Affiliates, candidates and Associates see a career path that is representative of their interests. While the foundational technical skills are universally important tools in the actuarial skill set, they should not be seen as limiting the potential of an actuary to succeed in any business.
Personal Experience
Share a personal experience, trait, or characteristic that will help the membership to better understand you and your candidacy.
Timing. Why am I running this year? For the sake of good governance, every year is important to have a great PE of the SOA. In 2024, I anticipate the passing of a new strategic plan to update the 2022 to 2024 plan. In the next term, it will be important for the Board to monitor the execution of that plan and form the background for the next plan.
Travel! Together with my husband, I have traveled in my “semi-retirement” years. This has included some remote destinations – the Arctic, Antarctica, the Gulf of Bothnia – and some more traditional destinations – Europe and the Caribbean. We have enjoyed the immersive experience of staying longer to learn about local peoples’ lives.
Moving across the country. In 2021, my husband and I had our dream retirement home in BC completed and we moved from Toronto. From purging the accumulation of 30 years of “stuff”, to transporting pets by plane, two driving trips to BC, and a first-hand view of the impact of climate change in wildfires and atmospheric rivers, our resilience and sense of humor has been tested. We are grateful to love our new home.