READI Annual Report 2016 - 2017
READI Annual Report 2016 - 2017
Table of Contents
Executive Summary ............................................................................................................ I
Project Objective ........................................................................................................ ISynopsis IFinancial Matters ....................................................................................................... IIOperational Constraints ........................................................................................... IIOutcome Highlights – What the Data is Telling Us ............................................... IIREGARDING THE ULTIMATE OUTCOME: ....................................................................... III
1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality ........ III1100 Increased employment of female and male Indonesian accredited actuarial science and risk management graduates by Indonesian businesses, universities and government agencies ......... III1200 Strengthened actuarial science and risk management profession, with attention to gender equality, in Indonesia: ................ III
In Conclusion … ......................................................................................................... IV1.0 Introduction ........................................................................................................ 1
1.1 Project Summary/Description .................................................................. 11.3 Expected Results, Logic Model, Cross Cutting Themes ......................... 21.4 Logic Model ............................................................................................ 31.5 Crosscutting Themes .............................................................................. 31.5.1 Gender Equity .................................................................................................. 41.5.2 Climate Change Mitigation & Carbon Tracking ................................................ 51.5.3 Project Reach (Social Inclusion) ...................................................................... 6
2.0 Operations .......................................................................................................... 72.1 Implementation ....................................................................................... 72.1.1 Output-level Results ....................................................................................... 7
Output 1111: Technical assistance (TA) provided to partner universities to establish actuarial science and risk management streams of study ................................................................................... 7Output 1112: Actuarial Science Applied Research Program established and operated ..................................................................... 8Output 1113: Industry – University Task Force and associated working groups established and operated ......................................................... 9Output 1114: TA provided to selected universities to support development of actuarial science and risk management co-op programs ............................................................................................ 10
READI Annual Report 2016 - 2017
Output 1121: TA provided to partner universities for curriculum design – including review of international standards, course mapping and textbook review – that addresses material specified in Indonesian actuarial science professional exams ................................................ 11Output 1122: Lecturers and selected female and male practitioners supported to obtain actuarial credits and/or relevant graduate degrees ........................................................................................................... 12Output 1123: Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals ....................................................................... 13Output 1131: Actuarial science and risk management scholarship program targeted for female and male undergrad students designed and operated ...................................................................................... 14Output 1132: TA provided to employers to strengthen actuarial development programs for employees ............................................... 15Output 1211: TA provided to partners on delivery of high school math outreach programs with an actuarial science focus. .......................... 15Output 1212: Actuarial science and risk management awareness campaigns designed and implemented .............................................. 16Output 1213: Public interest in actuarial science and risk management promoted through research, publications and media ......................... 16Output 1221: International professional association and regulator linkages on profession-related topics facilitated for OJK, PPPK and PAI ..................................................................................................... 17Output 1222: Continuing Professional Development (CPD) seminars workshops and mentorships conducted for actuaries and other stakeholders ....................................................................................... 17Output 1223: TA provided to regulators and associations to strengthen organizational capacity ....................................................................... 18
2.2 Management Issues and Adjustments .................................................. 182.2.1 Adjustments to the Logic Model and PMF ..................................................... 182.2.2 Adjustments to the Risk Register ................................................................... 192.2.3 Human Resource Management ..................................................................... 192.2.4 Procurement .................................................................................................. 202.2.5 Banking Arrangements .................................................................................. 202.2.6 Handling of Cross Cutting Themes ................................................................ 212.3 Financial Report .................................................................................... 21
3.0 Outcomes ...................................................................................................................... 233.1 Progress toward READI Outcomes ...................................................... 23
Ultimate Outcome: 1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality ................................................................................... 23Intermediate Outcome 1100 Increased employment of female and male Indonesian accredited actuarial science and risk management
READI Annual Report 2016 - 2017
graduates by Indonesian businesses, universities and government agencies ............................................................................................. 25Immediate Outcome 1110 Strengthened linkages between industry and university for improved, gender equitable actuarial science education in Indonesia ....................................................................... 27Immediate Outcome 1120 Strengthened capacity of female and male actuarial science and risk management teaching professionals and institutions, with attention to gender equality, in Indonesia ................ 30Immediate Outcome 1130 Improved equitable access to actuarial science and risk management education for female and male university students and graduates in Indonesia ................................. 30Intermediate Outcome 1200 Strengthened actuarial science and risk management profession, with attention to gender equality, in Indonesia ............................................................................................ 32Immediate Outcome 1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and university students, teachers, and parents in Indonesia .................................................................... 33Immediate Outcomes 1220 Strengthened capacity of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia. ............. 34
3.2 Lessons Learned and Implications for future Project Activities ........................... 373.3 Proposed Adjustments or Implemented Changes .............................................. 38
4.0 Management Activities ................................................................................................. 39Appendix A: Map showing location of partner universities ............................................ 40Appendix B : Summary of Progress Against Outcome and Output Targets ............... 41Appendix C: Communications ........................................................................................... 54Appendix D:Result and Risk Management Tools (PMF, RR) ........................................... 58
Updated Project Measurement Framework ............................................................... 58Updated Risk Register ............................................................................................... 79
READI Annual Report 2016 - 2017
A Acronyms & Abbreviations
Acronym Definition
AAJI Asosiasi Asuransi Jiwa Indonesia (Indonesian Association of Life Insurance Agencies)
AAUI Asosiasi Asuransi Umum Indonesia (General Insurance Association of Indonesia)
AS Actuarial Science ASARF ASEAN
Actuarial Science Applied Research Fund Association of Southeast Asian Nations
AWP Annual Work Plan CA Contribution Agreement CEA Canadian Executing Agency
CPD Continuing Professional Development CIA Canadian Institute of Actuaries COO Canadian Outreach Officer
DIKTI Directorate General of Higher Education, Ministry of Research, Technology and Higher Education (Indonesia)
DFATD Department of Foreign Affairs, Trade and Development EF Education Fair (math outreach)
e.g., For example GAC Global Affairs Canada GE Gender Equity
GOI Government of Indonesia HS High School IAA International Actuarial Association
IPB Institut Pertanian Bogor (Bogor) ITB Institut Teknologi Bandung (Bandung)
ITS Institut Teknologi Sepuluh Nopember (Surabaya) IUTF Industry-University Task Force (formed under READI) LM Logic Model
MORTHE Ministry of Research, Technology & Higher Education MOU Memorandum of Understanding NTE no target established
OJK Otoritas Jasa Keuangan (Financial Services Authority), Ministry of Finance
PAI Persatuan Aktuaris Indonesia (Society of Actuaries of Indonesia) PIP Project Implementation Plan
PISA Program for International Student Assessment PMF Performance Measurement Framework
READI Annual Report 2016 - 2017
A Acronym Definition
PPPK Pusat Pembinaan Profesi Keuangan, Sekretariat Jenderal – Kementerian Keuangan
PSC Project Steering Committee POTW Problem of the Week
RBM Results Based Management READI Risk Management, Economic Sustainability and Actuarial Science
Development in Indonesia (“the project”) SAR Semi Annual Report SOA Society of Actuaries
Surya Universitas Surya (Serpong) TA Technical Assistance TAAS Think About Actuarial Science (career day math outreach activity)
UI Universitas Indonesia (Depok) UGM Universitas Gadjah Mada (Yogyakarta)
UPH Universitas Pelita Harapan (Karawaci) UWaterloo University of Waterloo WACE World Council and Assembly on Cooperative Education
WBS Work Breakdown Structure WIL Work Integrated Learning WG Working Group (under the READI Industry-University Task Force)
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E Executive Summary This is the second Annual Report of the five year, $15.53 million Risk Management, Sustainable Economic Development and Actuarial Science Development Indonesia (READI) project - implemented by the University of Waterloo (uWaterloo) in cooperation with the Otoritas Jasa Keuangan (OJK).
Project Objective The READI project’s objective is to establish Indonesia as a regional centre of actuarial excellence and to strengthen the actuarial profession in Indonesia. The project will achieve these objectives by working with high schools and universities, the insurance and pensions industry, Persatuan Aktuaris Indonesia (PAI)– Indonesia’s professional actuarial association – and relevant government agencies – to increase the number and quality of Indonesian actuarial science graduates available to Indonesian business, universities and government agencies.
Synopsis Year Two has been a formative period for the READI project. Organizationally, by the end of the reporting period, the project had finalized its Project Implementation Plan (August 2016), finalized and began implementing its gender equality strategy (see Section 1.5.1), had operationalized its climate change and mitigation and carbon tracking tool internally (see Section 1.5.2), reached out to a wider set of universities beyond Java with a view to including students, personnel and institutions in the project activities (see Section 1.5.3), become almost fully staffed (by January, see table in Section 2.2.3), established effective partnership arrangements with nine universities (see Appendix A map) and with PAI, and began work on a data management system to help track project results.
On the programming side, at the close of Year Two, the project had initiated several short courses and workshops (see 2.1.1 - Output 1123, 1221), provided advice to partner universities on stream of study development, course mapping, and lecturer upgrading (see 2.1.1 - Output 1111, 1121, 1122), established an Industry-University Task Force including four thematic working groups (see 2.1.1 - Output 1113), launched HS Math Outreach activities (see 2.1.1 - Output 1211, 1212), carried out a capacity assessment of the PAI (see 2.1.1 - Output 1223), and introduced the concept of cooperative education with faculty leaders (see 2.1.1 - Output 1123, 1114). A summary table showing progress against targets for READI Outputs and Immediate Outcomes is attached in Appendix B.
Early conceptual work was done during the year on the design of the project’s applied research component (see 2.1.1 - Output 1112, 1213) and its undergraduate scholarship program (see 2.1.1 - Output 1131). Both components are set to be launched early in the coming year facilitated by additional staffing support. Public awareness raising and knowledge management aspects are coming on stream with the hiring of a project officer with suitable expertise in late March 2017. Actuarial development programming for employees (see 2.1.1 - Outputs 1132) was also discussed and promoted in various stakeholder venues (IUTF, workshops, one-to-one consultations) with substantive efforts slated to begin early in the coming year, beginning with the production of a video documenting Manulife Indonesia’s highly-effective in-service actuary development program.
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E Collectively, these advances have provided the project with a strong technical and administrative foundation for implementation of an ambitious, robust program of activities during the April 2017 – March 2018 work plan period. All components of the project should thus be fully operational by Q1 of the AWP 2017-18 period.
Financial Matters During the reporting period, the total expenditure of $1.6m was 30% lower than the $2.4m budgeted. This under-expenditure is largely attributable to the delays faced recruiting the Indonesia-based team. Underspending was most notable on: student and trainee costs and admin costs. At the same time, spending on Indonesian and Canadian Consultants lines exceeded budgets. An explanation of variances is included in Section 2.3.
Operational Constraints Inevitably, there have been challenges. The most significant administrative constraint pertained to the project’s inability – for various reasons – to establish a bank account in Jakarta. The chronology of related challenges is described in Section 2.2.5. The team was also challenged by, and invested significant energy to address the need (perceived as well as advised by GAC) to revamp the READI Logic Model and Performance Measurement Framework (PMF). While extremely time-consuming, these efforts will support a more accurate and useful RBM-based framework for the project. Revisions to the Logic Model and PMF are described in Section 2.2.1 with the updated PMF is presented in Appendix C. No changes were required for the Risk Register following revisions made in February 2017 as part of the Annual Work Plan 2017-18 preparation process.
The project undertook additional baseline research to fill a number of information gaps in the project’s PMF. The baseline report is currently being finalized and will be available in July 2017.
Outcome Highlights – What the Data is Telling Us Interviews were conducted with senior administrators of math/science faculties, a sampling of organizations, as well as regulators and industry associations to collect quantitative data on aspects such as: faculty credentials, student enrolment and graduation, and alumni participation in the actuarial sciences workforce. As well, a national and international perception survey was carried out which provides two data points on several of the Project’s immediate and ultimate outcome indicators - November 2015 (reconstructed through retrospective inquiry) and May 2017. Key findings from the research are set out below and elaborated upon in Section 3.0. The indicator targets and survey data are presented against a four point scale where the following values and ratings apply:
• Range 1 = Poor • Range 2 = Fair • Range 3 = Good • Range 4 = Excellent
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E REGARDING THE ULTIMATE OUTCOME:
1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality
• Based on provisional criteria outlined in the PMF, there are no universities matching READI criteria for Centre of Excellence in actuarial science and risk management (as set out in the PMF) at the baseline. There is no indication that this has changed as of early 2017.
• Three international respondents - international association representatives - suggest that
Indonesia’s actuarial sciences profession can be most closely compared to that in Malaysia and Thailand. That said, observers recognized that access to actuarial science programs in Malaysia is still significantly better than in Indonesia at present. As above, no change in major trends in the Indonesia actuarial milieu were observed by respondents between 2015 and now.
• Among two international industry observers and about 60 national survey respondents
distributed across government, education, company, and associations, the majority assessed the quality of actuarial science teaching as “fair” to “good” with weighted averages of 3.0/4.0 (availability of university education in the actuarial sciences), and 2.5/4.0 (quality of teaching). Minor positive change since 2015 is noted (by just less than half of respondents) with references to new actuarial science programs coming on stream.
REGARDING THE INTERMEDIATE OUTCOMES:
1100 Increased employment of female and male Indonesian accredited actuarial science and risk management graduates by Indonesian businesses, universities and government agencies • The same respondents distributed across government, education, company, and
associations assessed the quality of actuarial science graduates as “fair” to “good with weighted averages of 2.1 to 2.5 on a four-point scale across four variables: depth of knowledge they possess, balance between practical and theoretical knowledge, evidence of communication skills, and evidence of business acumen (see Section 3.0). This rating figure is short of the end of project target (i.e. weighted averages between 3.0 and 4.0, that is with most respondents judging these variables as “good” or “excellent”). Most respondents, did not perceive a difference between quality of actuarial science graduates in the baseline year (2015) and early 2017, or were unable to make a judgement. Given the short time that READI has implemented capacity building activities, any discernable changes – which appear to be few at this juncture – that may have taken place cannot yet be reliably linked to READI.
1200 Strengthened actuarial science and risk management profession, with attention to gender equality, in Indonesia:
• At the beginning of 2016, PAI had 206 Fellows and 193 Associates registered. As of early 2017, this number had grown to 235 Fellows (32% female) and 251 Associates (30% female). This 22% increase in the total number of PAI associates and fellows indicates a promising upward trend.
• Fifty-nine survey respondents from industry, government and education sectors assessed the risk management profession as fair to good (1.4 to 2.8) on a four-point scale (poor to excellent) across five variables: presence of regulatory practices, quality
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E of continuing professional development, quality of professional actuarial examinations, supply of qualified actuarial professionals, and research capacity (see Section 3.0). Slightly less than half see a slight positive shift since 2015.
• Positive trends observed include: the presence of stronger regulations, increased interest in the actuarial sciences among students and within industry; new employment opportunities opening up; new university actuarial science programs are starting; the quality of PAI exams is improving (while still a work in progress); and more women are entering the profession.
• Respondents (about 70% of whom are male) observed that inclusion of both women and men in the actuarial profession is “good” to “excellent” (2.9 to 3.1) on the four-point (poor to excellent) scale across four variables: access to actuarial sciences education; how gender differences are portrayed in the curriculum; and policies and practices of the industry association. Patterns of response did not vary by gender. During the AWP 2017-18 period, READI will hold focus group discussions and undertake further survey work with women working in the actuarial milieu to cross-check these findings.
In Conclusion … Overall, the data related to READI’s intermediate and ultimate outcomes suggests that the project is being implemented at a time when the profession is gaining strength and momentum, suggesting that it is critical that READI learn from, reinforce and add-value to positive forces in play. The establishment of the READI Industry-University Task Force and its associated working groups as a vehicle for multi stakeholder collaboration should prove very valuable in this regard.
Over the past year, the READI project has succeeded in establishing key working relationships, building a strong team in Waterloo and Jakarta, operationalizing effective administrative and financial systems and procedures, and launching most capacity development components. Moving forward, the project is now well-positioned to implement a full-slate of capacity building and technical assistance activities and to greatly enhance project momentum and achievement of results.
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I 1.0 Introduction This annual report, covering the period 01 April 2016 to 31 March 2017, is the second annual report (AR) prepared for the Risk Management, Sustainable Economic Development and Actuarial Science Development Indonesia (READI) project. The Annual Report presents the results of activities during the above noted period and provides cumulative results as of the end of the 2016-2017 Fiscal Year.
1.1 Project Summary/Description The READI project ($15.53 million CAD over five years) is funded by Global Affairs Canada (GAC)1. The Project is implemented in cooperation with the Otoritas Jasa Keuangan (OJK), the Indonesia Financial Services Supervision Authority. The University of Waterloo, which has entered into a Contribution Agreement (CA) with the Government of Canada to provide technical and project management services for READI, serves as the Canadian executing agency (CEA) for the project. Manulife Financial Indonesia has generously provided $1m CAD in co-funding to support the project. Similarly, Sun Life Financial has provided $0.5 m CAD to support senior actuarial technical advice services provided by the University of Waterloo.
The Project Implementation Plan (PIP) for READI, which provides the over-arching principles and directions for the project for the 2016 -- 2020 period, was approved by GAC in July 2016 and formally endorsed by the Project Steering Committee (PSC) in August 2016.
The READI project’s objective is to establish Indonesia as a regional centre of actuarial excellence and to strengthen the actuarial profession in Indonesia. The project will achieve these objectives by working with high schools and universities2, the insurance and pensions industry, Persatuan Aktuaris Indonesia – Indonesia’s professional actuarial association – and relevant government agencies – to increase the number and quality of Indonesian actuarial science graduates available to Indonesian business, universities and government agencies3. Working in collaboration with the OJK and other project partners, READI supports Canada’s foreign policy priority of promoting prosperity in Southeast Asia in alignment with Canada’s Global Markets Action Plan, in which Indonesia is a priority. A copy of the Project Logic Model (LM), which outlines the project’s results framework, is included below in section 1.4 below. A more detailed presentation of the project’s results chain and results measurement approaches is presented in the READI Performance Measurement Framework which is included as Appendix D. 1.2 Project Rationale
The READI project addresses a critical and focused development need – filling a deficit in qualified actuaries to help plan for and avoid significant risks to economic stability and growth for Indonesia. Financial crises over the past two decades have highlighted the importance of
1 The MOU signed between the governments of Canada and Indonesia for the READI project was signed by the Ambassador of Canada on behalf of the Department of Foreign Affairs, Trade and Development (DFATD) of Canada, which was subsequently renamed Global Affairs Canada (GAC). 2 As of February 2017, the READI project works with the following university partners: Institut Pertanian Bogor (IPB); Institut Teknologi Bandung (ITB); Institut Teknologi Sepuluh Nopember (ITS Surabaya); Universitas Gajah Mada (UGM); Universitas Indonesia (UI); Universitas Parahyangan (UNPAR); and Universitas Pelita Harapan (UPH); Universitas Prasetiya Mulia (PRASMUL); and Universitas Surya; 3 Along with the partner universities listed above, READI also collaborates closely with: the Pusat Pembinaan Profesi Keuangan (PPPK), Persatuan Aktuaris Indonesia (PAI), the Directorate General of Higher Education from the Ministry of Research, Technology and Higher Education; the Ministry of Education and Culture’s Directorate General of Primary and Middle Education; the Indonesian Association of Life Insurance Companies (AAJI); and the Indonesian Association of General Insurance Companies (AAUI).
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I a stable and trusted financial industry. Individual Indonesians, particularly those with limited means, rely on health, life and other insurance in times of crisis and need. The insurance market in Indonesia is growing consistently, by 8% in 2013 and about 15-20% in 2014, resulting in an on-going increased demand for actuaries. Indonesia presently faces a shortage of accredited actuaries, threatening the growth of the insurance and pension industry and presenting a risk to economic stability and growth for Indonesia. Actuaries provide an underpinning in risk assessment and assurance of sound business practice similar to financial auditors. Risk based regulation of the insurance and pensions industry, adopted by Indonesia following Canada’s lead, requires the professional understanding and oversight provided by accredited actuaries.
Understanding of and expertise in risk management and actuarial science is also important for public sector financial and management capacity, particularly at the national and regional levels. Access to more and better actuarial science graduates by government and business will improve transparency and security in management of public finances (e.g., pension and health insurance systems) and improve the trade and investment climate in Indonesia. Indonesia has enacted laws to provide appropriate oversight of the finance industry by trained actuaries but there is a very large gap between supply and demand for these highly educated and skilled people.
Project activities will enhance the capacity of educational institutions to meet clearly identified labour market demands and engage the private sector in providing students with appropriate, meaningful and structured workplace learning opportunities through to employment. More Indonesian actuarial science graduates with strengthened education acquired in Indonesia will support business growth, market expansion and productivity. Understanding of and expertise in risk management and actuarial science is also important for public sector financial and management capacity including oversight and regulation, particularly at the national and regional levels. Access to more and better actuarial science graduates by government and business will improve transparency and security in management of public finances (e.g., pension and health insurance systems) and improve the trade and investment climate in Indonesia. Project activities are also aligned with current Government of Indonesia development priorities.
1.3 Expected Results, Logic Model, Cross Cutting Themes The most recent version of the READI Logic Model is presented below. The Logic Model, which was updated in February-March 2017 to more accurately present the relationship between various levels of results, summarizes the development results targeted for the project. Achievement of planned Outputs (completed activities or services) will facilitate the achievement of Immediate Outcomes, which in turn are expected to contribute to the achievement of the Intermediate Outcomes. Throughout this process, it is recognized that a wide range of other (external) contributory factors may play a significant role, both positive and negative, in the achievement of targeted results. Outputs and Activities are numbered so that correlations can be easily made. The progress and results related to activities from April 2016 to March 2017 and related outputs are presented in Section 2.1.1.
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I 1.4 Logic Model
READI Logic Model (15April2017) Ultimate Outcome
1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality
Intermediate Outcomes (Results expected by the end of project)
1100 Increased equitable employment of female and male Indonesian accredited actuarial science and risk management graduates by Indonesian businesses, universities and government agencies
1200 Strengthened actuarial science and risk management profession, with attention to gender equality, in Indonesia
Immediate Outcomes (Short-term results)
1110 Strengthened linkages between industry and university for improved, gender equitable education in Indonesia
1120 Strengthened capacity of female and male actuarial science and risk management teaching professionals and institutions, with attention to gender equality, in Indonesia
1130 Improved equitable access to actuarial science and risk management education for female and male university students and graduates in Indonesia
1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and university students, teachers, and parents in Indonesia
1220 Strengthened capacity of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia.
Outputs (Completed activities)
1111 Technical assistance provided to partner universities to establish actuarial science and risk management streams of study 1112 Actuarial Science Applied Research Program established and operated 1113 Industry-University Task Force and associated working groups established and operated 1114 Technical assistance provided to selected universities to support development of actuarial science and risk management co-op programs
1121 Technical assistance provided to partner universities for curriculum design – including review of international standards, course mapping and textbook review -- that addresses material specified in Indonesian actuarial science professional exams 1122 Lecturers and selected practitioners (female and male) supported to obtain actuarial credits and/or relevant graduate degrees 1123 Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals
1131 Actuarial science and risk management scholarship program for female and male undergrads designed and operated 1132 Technical assistance provided to employers to strengthen actuarial development programs for employees
1211 Technical Assistance provided to partners on delivery of high school math outreach programs with an actuarial science focus 1212 Actuarial science and risk management awareness campaigns designed and implemented 1213 Public interest in actuarial science and risk management promoted through research, publications and media
1221 International professional association and regulator linkages on profession-related topics facilitated for OJK, PPPK and PAI 1222 Continuing Professional Development (CPD) seminars, workshops and mentorships conducted for actuaries and other stakeholders 1223 TA provided to regulators and associations to strengthen organizational capacity
1.5 Crosscutting Themes Actions to address cross-cutting issues such as gender equality (GE), climate change, carbon tracking and social inclusion have been incorporated into activities and sub-activities where ever practical. A summary of the status of cross cutting efforts is presented in this Section 2 to emphasize their importance within the overall project.
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I 1.5.1 Gender Equity
Progress on Implementation of Gender Equality Strategy The overall approach of the project is to explicitly integrate gender equality into all project components. To this end in the fiscal year 2016/2017, the project:
• Hired a Canadian Gender Advisor to provide gender inputs and technical advice on all project components and assist in the identification of an Indonesian Gender Advisor.
• Conducted a review of the project’s logic model, baseline study and Performance Measurement Framework from a gender equality perspective and made related revisions based on this review.
• As a team, discussed how gender could be integrated effectively and relevantly into each project component by each component lead.
• Revised the project’s Gender Equality Strategy.
The three gender equality objectives identified by this Strategy include:
• To advance women’s equal participation as decision makers with men in programs and activities associated with the project.
• To support the realization of women’s human rights in the formulation of policies and regulations affecting the involvement and success of women in the actuarial profession.�
• To reduce gender inequalities in access to and control over the resources and benefits of education and work in actuarial science and project activities.
While most of the 2016/2017 gender-related actions were designed to set a foundation for the proposed gender activities and results, the project also initiated several activities to work toward the achievement of the project’s gender equality objectives.
Gender Equality Strategy Actions taken Contribution to results/Observations
1. Increase awareness among decision makers on gender equality issues �in actuarial science & risk management teaching & profession
Drafted a background reflection paper on key gender issues related to actuarial science, risk management and insurance to help create increased awareness of what these issues are amongst decision makers and researchers in Indonesia. Platform to broadcast the paper to be developed in 2017/2018.
Identified that the Applied Research Working Group does not currently perceive that there are significant gender issues related to actuarial science, risk management and insurance, therefore a priority action for 2017/2018 will be to hold a sector-specific awareness session with this working group.
2. Create a compendium of best practices and data issues on gender equality and diversity in the actuarial profession and develop a platform to broadcast best practices, research and tools and make them available �to industry partners 3. Allocate a Senior Project Gender Advisor to help industry-university task force integrate gender equality and diversity issues into task force agendas where relevant as well as to provide related technical assistance to support follow-up actions.
Identified qualified candidates for the position of Indonesian Gender Advisor. Included drafting of TORs for this position based on the GE strategy, Logic Model, PMF and discussions with other team members.
Will set foundation for all key GE actions to be undertaken by project in 2017/2018.
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I
1.5.2 Climate Change Mitigation & Carbon Tracking Carbon tracking started in January 2017 and includes greenhouse gas (GHG) emissions for international and domestic air travel and hotel stays associated with the project, as well as fuel for the project vehicles. Emissions are calculated using international standards and emission factors. For January to March 2017, these emissions are 43.06 tonnes (CO2e). Based on a carbon price of $30 CND/tonne, this amounts to $1,291.65.
Internal offsetting activities for this carbon footprint included organization and plans to host a workshop on “The Role of Actuaries in Assessing Risks Associated with Climate Change” in Jakarta, Indonesia on May 9th, 2017.
Gender Equality Strategy Actions taken Contribution to results/Observations
4. Ensure that research projects funded by project integrate gender and diversity issues in research design.
Conducted review of project gender research fund criteria. Summarized reflection paper to outline potential areas of research on gender and actuarial science, risk management and insurance.
Project research fund integrates gender as one research methodology criteria for all research funded (e.g., collection and analysis of sex-disaggregated data for all themes). Project research fund includes distinct fund on Actuarial Science and Gender/Social Inclusion in Indonesia.
Summary Data 2017 Jan-Mar Carbon Price
JAN-FEB MAR TOTAL
Air travel 801.94 303.00 1,104.94
Fuel 53.84 6.45 60.29
Hotel stays 51.6 74.82 126.42
Total $907.38 $384.27 $1,291.65
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I Climate change is also an explicit area of focus for the READI applied research fund, initiated in 2017.
1.5.3 Project Reach (Social Inclusion) READI undertook targeted activities to address these important and longstanding education service access and quality inequities. The project supported and participated in an OJK-mediated 1,000 Actuaries outreach event held in Makassar, South Sulawesi. Meetings were also held with Universitas Hasanuddin, one of eastern Indonesia’s leading universities, to explore opportunities for collaboration and synergy. In early April, READI will participate in an outreach event in Banda Aceh, Sumatra. Opportunities for collaborating with the Asosiasi Asuransi Jiwa Indonesia (Indonesian Life Insurance Association) are also being discussed. If confirmed, this will allow the project to collaborate with AAJI, extending project reach to other universities and geographic areas in Java4.
4 The project continues to seek suitable university partners beyond Java. At present, few if any suitable candidates exist, but the READI project hopes to be to engage in substantial collaboration with a suitably-qualified university located outside of Java before the project period ends.
Presented in Tonnes CO2e and $$
Current Period (March) Emissions (tonnes) Carbon price (@$30/t)
Air Travel 10.10 $ 303.00 Fuel 0.22 $ 6.45 Hotel Stays 2.49 $ 74.82 12.81 $ 384.27
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II
2.0 Operations This section reports on progress on activities and outputs, and provides a financial update as of 31 March 2017. It provides a comparison of actual to planned activities, outputs and expenditures. Specifically, it looks at implementation aspects, management considerations and adjustments, and financial issues.
2.1 Implementation Progress regarding activities and sub-activities outlined in AWP 2016-2017 is described below using the numbering from the READI Logic Model (LM) and the Performance Measurement Framework (PMF) (see Appendix D).
During the latter portion of the 2016/2017 fiscal year, both the Logic Model and the PMF were carefully reviewed to address a number of results chain inconsistencies. It was determined by READI, with the agreement of GAC, that modifications to both documents were required. These modifications were approved during the March 2017 Project Steering Committee Meeting. The READI team is confident that few changes are likely to be required in future, and if any are needed, they should be quite minor. All reporting in this report is based on the updated LM and PMF.
Activities and sub-activities have been placed under the most appropriate Output statement as per the Logic Model.
Quantitative data was drawn from the READI project management databases and/or inventories of project results and products. Virtually all qualitative data and information was obtained via surveys and focus groups discussions (FGDs) with key project stakeholders. As per the PMF, READI reports on the various results indicators on a semi-annual, ongoing or annual basis. Accordingly, this report presents quantitative and qualitative data for all indicators. The indicator targets and survey data are presented against a four point scale where the following values and ratings apply:
• Range 1-2 = Poor to Fair • Range 2-3 = Fair to Good • Range 3-4 = Good to Excellent
2.1.1 Output-level Results
Output 1111: Technical assistance (TA) provided to partner universities to establish actuarial science and risk management streams of study
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1111-1 Number of universities receiving TA to support establishment of AS steams of study
0 6 3 universities
3 NO 50%
READI Annual Report 2016 – 2017 Page 8
II
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1111-2 Effectiveness of the TA provided to support establishment of AS streams of study
N/A 70%* NTE** NTE NO To be reported in
2017-18 Midyear Report
*of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive **NTE = no target established
Progress in Achieving Planned Results The project continues to provide technical assistance and guidance to partner universities to help them to assess and design actuarial science curricula to maximize alignment with international standards and Persatuan Aktuaris Indonesia (PAI) professional exams. Two new potential partners, UnPar and PrasMul, expressed an interest during this year in being READI partners. As part of that evaluation, both their respective curricula were evaluated before being accepted as project partners. Recommendations for enhancing the actuarial science curriculum were made to both universities.
One of the challenges in establishing AS streams of study is the ability of universities to hire new lecturers. READI has been in communications with the Director General of Learning & Student Affairs, DIKTI via Ibu Parisyanti, and are working on having a meeting with the Director General for Institutionalization of Knowledge, Technology and Higher Education (Direktorat Jenderal Kelembagaan Ilmu Pengetahuan, Teknologi, dan Pendidikan Tinggi), DIKTI as both departments play important roles in regulating how university lecturers are hired, retained and trained. Once Ibu Parisyanti is able to confirm a date upon which Pak Intan, Dirjen Learning & Student Affairs can meet with READI university partner deans of MIPA/STEM, we will organize the meeting.
Note: As the work with most project stakeholders started in earnest only during the latter part of the reporting period, insufficient time has lapsed to allow for meaningful perception data to be collected. A similar situation exists for perception data related to technical assistance provided for other project outputs. Accordingly, stakeholder feedback will be collected and reported in the April – September 2017 Semi Annual Report.
Output 1112: Actuarial Science Applied Research Program established and operated
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1112-1 Number of papers/technical reports produced
0 40 papers/
technical reports
0 0 NO 0%
1112-2 Perception of quality and value of program by stakeholders
0 70% *
NTE NTE NO To be reported in 2017-18
Midyear Report
READI Annual Report 2016 – 2017 Page 9
II *Positive shift in several or more of the variables noted in footnote 9 on a “poor” to “excellent” scale. By close, majority of respondents provide combined scores in the “good” to “excellent” range for variables in footnote 9
Progress in Achieving Planned Results The details of the Applied Actuarial Science Research Program were developed in the third and fourth quarter of this fiscal year with a first draft of the Program produced in early February. By the end of March, most of the details had been worked out and a first Call for Papers was in production.
Output 1113: Industry – University Task Force and associated working groups established and operated
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1113-1 Number of industry-university task forces established
0 1 task force / 4 working groups
1 task force 4 working
groups
1 task force 4 working
groups
YES 100%
1113-2 Effectiveness of the TA provided in support of creating and operating an industry-university task force and associated working groups
0 70%* NTE NTE YES To be reported in 2017-18
Midyear Report”
* of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
Progress in Achieving Planned Results To strengthen linkages between industry and university education in Indonesia, the Industry-University Task Force (IUTF) has been formed and operationalized to identify strategies and solutions to help overcome the challenges hampering actuarial science education in Indonesia. The IUTF stakeholders include READI project partner universities, DIKTI, life and general insurance companies, AAJI and AAUI, PAI, OJK and READI project team members. Attendance and participation at the inaugural January 2017 meeting was excellent.
Four working groups have been formed to increase the efficiency and productivity of IUTF, including Recruitment & Development of Actuarial Science Lecturers, Applied Actuarial Science Research, Co-operative Education Programs and Math Outreach & Public Education on Actuarial Science. Each working group will lead in identifying key challenges and opportunities related to the respective topics and will recommend strategies and efforts to help mitigate related challenges or exploit untapped opportunities. As active members of the actuarial science community, working group members will also help to link the READI project with industry, higher education and government actors who are well-positioned to support achievement of project objectives.
The membership in the four working groups has been finalized, and was subsequently expanded when further industry representatives came forward. Two of the working groups – Applied Research, and Math Outreach have been moving forward via email exchanges. The Lecturer Retention & Development Working Group will follow-up on and move forward once
READI Annual Report 2016 – 2017 Page 10
II the project’s collaboration with the Dirjen Learning & Student Affairs, and Dirjen IPTEK & DIKTI can be solidified. As mentioned, the Lecturer Retention & Development WG will also provide advice and support for setting up mentoring undertakings for lecturers.
In April 2017, the READI team surveyed 15 (8m, 7f) IUTF members to obtain their feedback regarding the technical assistance provided by READI and the progress of the IUTF during its first 3 to 4 months of existence. Using a four-point scale, respondents rated the “clarity of purpose” of the IUTF with an average score of 3.60 (or “excellent”). “Quality of planning” of IUTF events was rated at 3.33 (“excellent”), with “progress to date” rated as 3.00 (on the cusp between “good” and “excellent”. Secretariat support provided by the READI team was rated at 3.47 (“excellent”) with “IUTF routines and culture” coming in at 3.07, or just into the “excellent” category. Comments and suggestions related to the IUTF included the following:
• Communications & media: Continue utilizing social media such as WhatsApp to promote and maintain on-line communications and progress. A suitable chat/email group to provide updates to other IUTF members and working groups5. More time for discussions in the working groups to allow the working groups to prepare the best possible action plans. Need to ensure regular engagement and support with working groups early on – probably need more contact to build momentum.
• Insurance Industry: Work to increase the involvement of industry representatives. More socialization of project objectives and activities to industry representatives could support this process. Focus on integrating the needs of industry with the skills & knowledge that student interns/coop workers can offer.
• IUTF members drawn from universities: Need to be fully supported by their university so that they can confidently engage in the work.
Output 1114: TA provided to selected universities to support development of actuarial science and risk management co-op programs
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1114-1 Number of universities and companies receiving TA for the development of co-op programs
0 7 universities
15 companies
9 universities
5 companies
9 universities
5 companies
NO 64%
1114-2 Effectiveness of the TA provided in support of creating co-op programs
N/A 70% NTE NTE NO To be reported in 2017-18
Midyear Report
*of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
Progress in Achieving Planned Results In January and February 2017 visits were made to all 9 partner universities and 5 employers in Jakarta, Bandung and Yogyakarta for socialization, awareness-raising and a preliminary study of existing internship programs. The employers included, Manulife, Sun Life, AAUI, Prudential, and AXA. The Indonesia Ministry of Research, Technology and Higher Education was also visited for the same purpose. These sessions raised awareness and provided a comprehensive understanding of Cooperative Education and Work Integrated Learning (WIL) program systems both from the perspective of the university and industry. This allowed for the
5 Note a quarterly IUTF Newsletter will be published beginning in Q1 of the AWWP 2017-18 period.
READI Annual Report 2016 – 2017 Page 11
II establishment of expectations of the Co-op program from the university and industry’s point of view while building linkages between university partners and employers. Two Universities, Prasetiya Mulya and UPH have subsequently stepped forward and expressed an interest in piloting co-op programs. On the industry side, Manulife, Prudential, Sun Life, Zurich and several other companies have also indicated an interest in hosting co-op students.
In April 2017, a dozen key contacts (lecturers, administrator, business leaders, actuaries, etc.) – all of which are members of the READI Industry-University Task Force – were asked to comment on the quality of the technical assistance support provided to date. At the time of writing, stakeholder feedback is still coming in. Some preliminary data is however available, as summarized below.
Regarding TA support for cooperative education, six (3 female, 3 male), four of five answering the question indicated that READI and its stakeholders are working well together on developing co-operative education scenarios, but that progress is slower than expected. One respondent indicated that progress had exceeded expectations. Commenting on the task, one respondent mentioned the challenge of demonstrating the value of the model to insurance companies, which is needed to elicit their participation.
Output 1121: TA provided to partner universities for curriculum design – including review of international standards, course mapping and textbook review – that addresses material specified in Indonesian actuarial science professional exams
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1121-1 Number of universities for which actuarial science and risk management courses are verified as addressing material specified in Indonesian actuarial science professional exams
0 9 university partners
7 7 NO 78%
1121-2 Effectiveness of the TA provided in support of curriculum design
N/A 70% NTE NTE NO To be reported in 2017-18
Midyear Report * of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
Progress in Achieving Planned Results Work in this area continues, some of it on-going and somewhat informally, to support Universities with mapping some of their courses to SoA/IFoA exams. For example, UPH is working on getting additional VEE from SOA, as well as accreditation from IFoA.
READI Annual Report 2016 – 2017 Page 12
II Output 1122: Lecturers and selected female and male practitioners supported to obtain actuarial credits and/or relevant graduate degrees
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1122-1 Number of (f/m) lecturers and practitioners supported financially through the project to obtain professional actuarial credits
0 30 (at least 50% female)
1 female 1 NO 3%
1122-2 Number of (f/m) lecturers and practitioners supported through the project to obtain a Master’s degree in actuarial science, statistics or mathematics
0 19* 1 female 1 NO 5%
*lecturers and practitioners supported to completer an actuarial science and risk management graduate degree (at least 10 females)
Progress in Achieving Planned Results One candidate (Giovani Gracianti) successfully completed the MActSci program during the 2015/16 academic year. As the project did not have any full-time staff in late 2015 – early 2016, the project was not able to recruit any candidates for the current 2016/17 in-take. Giovani Gracianti, who now works part-time with the project, worked hard to help identify and support nine applicants for the 2017/2018 academic year. Four have been accepted, and an additional candidate may be accepted in July 2017 pending the results of her English competence test. One otherwise very good applicant was not accepted as his mathematics background was deemed insufficient. READI will work with him to see if he can upgrade his math skills and apply again next year. The four other candidates were refused due to weakness with English (most common problem) or weak math pre-application test performance. So, we will have four, maybe five people in the MActSci program September 2017. That will bring the total to 5 or 6 against a target of 20.
READI aims to do even better for the 2017/18 in-take and thus have already started planning our communication strategy and will soon produce supporting communication materials, which we will broadcast via the Industry-University Task Force, during READI meetings and training events, and via social media. The target for the 2018/19 in-take is 8 to 9 lecturers. If that can be achieved, it will bring the cumulative total to 13-15 lecturers, leaving a target of 5-6 for the 2019/20 in-take. Keep in mind that the uWaterloo MActSci program only accepts about 20 students/year, so uWaterloo cannot accept a huge number of applicants from the READI project. Eight to nine applicants from Indonesia is probably the maximum possible.
READI Annual Report 2016 – 2017 Page 13
II Output 1123: Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1123-1 Number of short courses taught by visiting lecturers
0 25 3 3 NO 12%
1123-2 Number of workshops delivered by visiting experts to teaching professionals
0 12 2 2 NO 17%
1123-3 Number of lecturer-months of (f/m) Indonesian lecturers participating in study and exposure visits
N/A 24* NTE NTE NO 0%
*lecturer-months (with 50% female participation)
Progress in Achieving Planned Results
To strengthen the capacity of actuarial science and risk management teaching professionals in Indonesia, actuarial science mentoring is provided through short courses, e-courses and workshops.
The READI Online Course Portal for all online learning program was launched at the end of October to integrate e-learnings into the face-to-face teaching. Three online e-courses have been developed by uWaterloo to support actuarial science training: Introduction to Financial Mathematics, Introduction to Statistics and Introduction to Probability. 40 participants have been enrolled into the online courses. In order to be enrolled into the courses, participants need to register on the READI website to express their interest. Partner associations can also send the list of participants who need enrollment to the online courses. All registered participants are provided with personal credentials to access the online courses
Three short courses that were designed to correspond to Indonesian and international actuarial science professional credits, were held in Jakarta in 2016 and 2017. In total, there
Institution Female Male Grand Total
Government Agency
Ministry of Finance (KEMENKEU) 5 5
Financial Services Authority (OJK) 1 1 2
Government Agency Total 1 6 7 Partner University
Institut Pertanian Bogor (IPB) 3 2 5
Institut Teknologi Bandung (ITB) 6 5 11
Institut Teknologi Sepuluh November (ITS)
3 3 6
Universitas Gajah Mada (UGM) 4 2 6 Universitas Indonesia (UI) 7 1 8
Universitas Khatolik Parahyangan (UNPAR)
3 2 5
Universitas Pelita Harapan (UPH) 3 5 8
Universitas Prasetiya Mulya (UPM) 2 1 3
Universitas Surya 2 1 3
Partner University Total 33 22 55 Grand Total 34 28 62
READI Annual Report 2016 – 2017 Page 14
II have been four short courses with a total participation level of 62 people, 55 lecturers from the nine universities and seven government agency participants.
Participants of the short courses are requested to complete a “self-assessment quiz” to measure their current levels of knowledge on the topics. The instructions suggest that the participants should use the self-assessment quiz as a measuring tool to determine their level of preparation and identify any areas of strength and weakness. Participants are strongly encouraged to strengthen their area(s) of weakness by reviewing the relevant material in the 3 online courses under the READI portal.
A combination of teaching instruction in English and Bahasa Indonesia was employed in the third short course to result in better teaching effectiveness. The short courses typically comprise about 30 lecturers, with an equal number of male and female lecturers. The next three short courses – on Actuarial Mathematics – will be held in May and July, with a third short course in January 2018. The short courses prepare lecturers to sit for PAI exams. The project reimburses lecturers for any successful PAI exams.
Output 1131: Actuarial science and risk management scholarship program targeted for female and male undergrad students designed and operated
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1131-1 Number and value of scholarships awarded, by target student population (gender, home location)
0 $1.9 million
NTE NTE NO 0%
1131-2 Number of undergrad student-years completed by scholarship students
0 250* NTE NTE NO 0%
*student-years completed by scholarship students (125 female)
Progress in Achieving Planned Results READI Actuarial Science Undergraduate Scholarships will be provided to university students and graduates in Indonesia to improve their access to actuarial science and risk management education. READI conducted a survey of existing undergraduate scholarship programs at several partner universities and AAJI and developed recommended package scenarios. The READI project will work with university partners to identify suitably qualified, deserving actuarial science programs or stream students as recipients of the READI Undergraduate Scholarship. The READI project will produce a complete set of terms of reference and operating principles for the Undergrad Scholarship Program, and will confer with university partners to consolidate and finalize the TOR. Selection of scholarship recipients will be undertaken in cooperation with university partners with program roll-out slated for late May/early June 2017.
READI Annual Report 2016 – 2017 Page 15
II Output 1132: TA provided to employers to strengthen actuarial development programs for employees
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1132-1 Number of employers receiving TA for actuarial development programs
0 50 NTE NTE NO 0%
1132-2 Effectiveness of the TA provided in support of strengthening actuarial accreditation programs
N/A 70%* NTE NTE NO no related activities yet
*of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
Progress in Achieving Planned Results No work was planned against this indicator in 2016/2017.
Output 1211: TA provided to partners on delivery of high school math outreach programs with an actuarial science focus.
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1211-1 Number universities receiving TA on delivery of HS math outreach
0 9 0 2 NO 22%
1211-2 Effectiveness of the TA provided in support of HS math outreach
N/A 70%* NTE “good” (anecdotal)
NO To be reported in 2017-18
Midyear Report *of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
Progress in Achieving Planned Results The project collaborates with partner universities to support and enrich their outreach activities, along with education and outreach activities undertaken by interested insurance companies, the Life Insurance Association of Indonesia (AAJI) and the Society of Actuaries Indonesia (PAI). READI collaborated with the University of Indonesia’s annual LOGIKA event, which enabled the project to expose hundreds of students and parents to innovative mathematics teaching techniques and the actuarial science profession.
Mathematics Teacher Training also occurred on the 30th of March with 13 mathematics teachers (7 m & 6 f) at the Universitas Pelita Harapan. The Mathematics teachers were
exposed to new mathematics problem solving techniques taught through fun activities and gained an increased familiarity with the READI mathematics outreach program.
Assessing TA support for high school math outreach provided by the project, four key informants from partners indicated that the READI team was working well together, and with sensitivity to gender differences (3). They also noted however that progress is slower than expected – this perhaps because activities were not launched until mid-January 2017 after the
READI Annual Report 2016 – 2017 Page 16
II Math Outreach Program Officer had been hired and operationalized. Some respondents suggested that deeper engagement with the university is needed to intensify commitment (working more closely with the universities’ own outreach activities). Use of a virtual communication platform was also suggested to help keep the working group engaged between meetings.
Output 1212: Actuarial science and risk management awareness campaigns designed and implemented
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1212-1 Number and type of marketing campaigns by target group (e.g., university students, parents, AAUI) with attention to gender
0 15* 0 0 NO 0%
1212-2 Effectiveness of the TA provided in support of awareness programming
N/A 70%** NTE NTE NO To be reported in 2017-18
Midyear Report *Up to 3 annual marketing campaigns with a gender lens **of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
Progress in Achieving Planned Results No activities against this result were planned for the 2016/2017 fiscal year. Given the fact that no formal awareness campaign activities were launched during the reporting period, it is not surprising that four key informant partners surveyed, who self-identified as “peripherally involved”, observed that while it is important to pursue, progress engaging universities is slower than expected. Faculty member’s time constraints was noted as a factor. This perception should change in the coming months as a number of major awareness raising activities are launched by the project.
Output 1213: Public interest in actuarial science and risk management promoted through research, publications and media
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1213-1 Number type of publications/media initiatives launched
0 25 * NTE NTE NO No related activities yet
1213-2 List of themes represented
N/A 50%** NTE NTE NO No related activities yet
* papers or multimedia products **At least 50% of knowledge products incorporate gender, climate change, or social inclusion themes
Progress in Achieving Planned Results During the reporting period, the READI team developed the framework for the applied research program with the intent of launching it in May 2017. It was decided that initially the themes of the program would reflect the cross cutting themes of gender equity and climate change along with research specific to actuarial science. It is expected that when the research
READI Annual Report 2016 – 2017 Page 17
II papers are completed, they will give rise to topics that can be the subject of a wider range of media initiatives or public interest papers.
Output 1221: International professional association and regulator linkages on profession-related topics facilitated for OJK, PPPK and PAI
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1221-1 Number of workshops involving national and/or international bodies addressing professional topics
0 5* 1 1 NO 20%
1221-2 Number of professional meetings involving Indonesian and international regulators and actuarial associations
0 10** 1 1 NO 10%
*workshops with (50% females) **professional meetings (50% females)
Progress in Achieving Planned Results In line with the priorities of the annual work plan, the project reached out to existing and new partners and other stakeholders. READI Collaborated with OJK on September 26th in a workshop “Global Trends in Actuarial Education and Professional Development”, held in Jakarta and which included industry, government, association and university representatives (101 participants with 63 men and 38 women). Participation of representatives from the Society of Actuaries (SOA), Institute and Faculty of Actuaries (IFoA) and the Indonesian Association of Actuaries (PAI) was particularly appreciated. A copy of the press release for the workshop has been posted on the READI website. It was also presented on the UWaterloo’s Bulletin.
Output 1222: Continuing Professional Development (CPD) seminars workshops and mentorships conducted for actuaries and other stakeholders
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1222-1 Number of professional seminars and workshops conducted
0 20* 0 0 NO 0%
1222-2 Number of female and male participants
0 400** 0 0 NO 0%
* seminars, workshops ** participants (at least 200 females)
Progress in Achieving Planned Results Efforts were made towards holding both CPD seminars and workshops through discussions with AAUI and OJK. Progress, however, was limited in this area as neither organization had the time, given other priorities, to undertake the level of planning required to achieve a successful CPD session. Both OJK and AAUI have requested the project’s assistance to help
READI Annual Report 2016 – 2017 Page 18
II prepare and deliver seminars to make the business case for use of actuarial expertise in general (non-life) insurance companies. Other work will be undertaken in the coming year, possibility incorporating webinar or web-based materials that could allow for more flexibility for the participants.
Output 1223: TA provided to regulators and associations to strengthen organizational capacity
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1223-1 Number of organizations supported
0 1 (PAI) 0 0 NO 0
1223-2 Effectiveness of the TA provided in support of capacity building to regulators and associations
0 70%* NTE NTE NO To be reported in Midyear
Report
*of survey and interview respondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
Progress in Achieving Planned Results The READI Actuarial Capacity Building Expert conducted a participatory assessment of the capacity development needs of the Persatuan Aktuaris Indonesia and produced a draft three-year plan to enhance the PAI’s capacity. Key findings included the need to:
• hire an Executive Director to help drive organizational strengthening and improved members services efforts;
• develop a more robust continuous professional development (CPD) program and to closely monitor member’s CPD efforts;
• increase PAI revenue to enable the organization to offer a better menu of CPD opportunities; and
• enhance communication with members via an improved website populated with more content and resources.
Beginning in May 2017, READI will work with the PAI executive to begin prioritising and operationalizing the various recommendations included in the PAI capacity development plan.
Also during the reporting period, plans were initiated to conduct a workshop which would have OJK meet with OSFI, its Canadian equivalent. It was not possible to ascertain a date and efforts to hold the meeting will be reinitiated during the upcoming fiscal year. Consideration is being given to a webinar format that would be less time-consuming for both parties.
2.2 Management Issues and Adjustments
2.2.1 Adjustments to the Logic Model and PMF During Year One, a considerable number of refinements were made to the LM and the PM. Only a few were substantive. There was no change to the scope of the project and, by and large, targets remained unchanged. Refinements were reviewed by GAC and approved at the Project Steering Committee meeting in March. The types of refinements are summarized below.
READI Annual Report 2016 – 2017 Page 19
II • Syntax adjustments were made to conform to RBM guidelines. • In several instances (e.g. 1114) output claims exceeded what is within READI’s
sphere of control. Output statements were therefore reworded to represent completed packages of work. In several instances, they now describe technical assistance provided to university partners or other stakeholder groups.
• Some indicators (and associated target commitments) originally pegged at the output level are now attached to associated immediate outcomes.
• While, in the interests of streamlining several outputs and associated indicators were removed all together.
• At the same time a new output was created to reflect READI’s sharpening focus on capacity development activities among regulators and associations - most notably PAI. In the early stages of project design it was thought that focusing the international standards of IFoA and SoA would be the best approach. It has become clear though that PAI already mirrors those standards in many respects and that the focus should be on supporting the PAI to apply those standards in the best possible way.
• In the PMF, sources, methods and responsibility columns were updated now that staff in place.
2.2.2 Adjustments to the Risk Register There were no significant changes to risks during the reporting period.
2.2.3 Human Resource Management
Team Members and Consultants for READI Jakarta Team During the reporting period, the following people were recruited for the following positions:
Name Position Date Bill Duggan Field Director August 6, 2016 Ivonne Rawis Field Office Manager September 1, 2016 Lina Widjaja Indonesian Field Finance Officer September 19, 2016 Rosalin Field Administrative & Technical Support Assistant August 23, 2016 Dian Augustini Indonesian Cooperative Education Officer October 10, 2016 Mindawati Azmi Indonesian Math Outreach Officer October 3, 2016 Tita Rakhmita Indonesian Program Institutional Development and Training Officer October 24, 2016 Giovani Gracianti Actuarial Science Training Specialist October 29, 2016 Yves Guerard Actuarial Capacity Building Specialist January 6, 2017 Theresia Erni Communication & Knowledge Management Expert March 21, 2017 Rizal Driver November 24, 2016
READI Team Human Resources at uWaterloo During the reporting period, the following people were recruited for the following positions:
Name Position Date
Jean Lowry Project Director May 24, 2016 Laura Wilson Project Officer February 22, 2016 Bill Jennings Finance Officer May 16, 2016 Scott Davis Canadian Co-operative Education Officer June 23, 2016 Jeff Anderson Canadian Outreach Officer June 7, 2016
READI Annual Report 2016 – 2017 Page 20
II Name Position Date
Ken Seng Tan Chief Actuarial Advisor (READI) and Sun Life Fellow in International Actuarial Science
Continuous from 2015
Colin Rankin Canadian Environment Specialist October 18, 2016 Dana Peebles READI Gender Specialist – Canada October 18, 2016 Philip Cox READI Canadian RBM Specialist October 18, 2016 Readwin Information Services Consulting Inc (John Readwin & Darryl Hein)
Canadian Management Information System Consultants January 9, 2017
2.2.4 Procurement At the beginning of the reporting period the office in Jakarta had not yet been opened nor staffed and the office in Waterloo was fully staffed only in May 2016. Procurement was initially based on an exchange of emails between the READI project officers in Waterloo and the GAC Project Officer.
With the mobilization of the Field Director in August and staffing of the Jakarta office starting in late August, a more formalized process for procurement was initiated, based on a “list of materials for approval”. The first LMFA was produced September 30, 2016 and was submitted to the GAC Project Team Leader for approval. Procurement proceeded after that against the LMFA.
In cases where unforeseen equipment or other project management assets arose, the project engaged in an exchange of letters to obtain GAC approval for procurement.
2.2.5 Banking Arrangements In August 2016, while in Jakarta, the project leaders met with Commonwealth Bank’s Head of Financial Institution Sales to confirm the process and documents required to open a bank account. Detailed information was provided to uWaterloo Finance for completion. In the interim, the contact at Commonwealth Bank (CB) resigned and was replaced with a more junior staff member.
In October, the READI Indonesian Finance Officer met with the new Bank representative and a month later drafts of all the bank account application information was sent to Commonwealth by uWaterloo Finance. In response CB provided comments and requested additional letters and authorizations from uWaterloo that required a uWaterloo Board of Governors resolution. On December 24th, the second draft of the account application documents were sent to CB. In early January 2017, two things occurred which brought the process to a halt, first CB interpreted the resolution which gave Bill Duggan ‘cheque signing’ approval literally, as they assumed his authority was restricted to that act only as opposed to the wider interpretation the Board of Governors had intended. Secondly, in late February, CB advised that their legal people viewed the Board of Governors as ‘the beneficial owner’ of the University and demanded passport and home addresses of senior members of the Board (e.g., Mayors of Kitchener and Waterloo). As a volunteer Board, uWaterloo diligently guards the privacy of the members and thus refused to provide the information to CB. Despite follow up discussions with CB, they held firm to their position on both matters.
During February and March 2017, the READI Jakarta office consulted with other banks, including BNI, CIMB, UOB and Mandiri to see if their account opening requirements were more
READI Annual Report 2016 – 2017 Page 21
II flexible. BNI was not interested in engaging in discussions. CIMB’s information requirements were the same as Commonwealth Bank’s as were UOB’s. Mandiri Bank appeared to be a bit more flexible but, despite repeated requests, never provided a definitive answer.
The Project Steering Committee was advised March 20, 2017 of the problems associated with opening the account. Mr. Edy Setiadi, Deputy Commissioner IKNB II for the Otoritas Jasa Keuangan (OJK), and Co-Chair of the READI Project Steering Committee, instructed one of his senior staff to contact a senior representative of the Mandiri Bank to see if some sort of compromise solution could be reached to facilitate opening of the bank account. During the remainder of the months multiple attempts were made by OJK to set up a meeting with a Bank Mandiri representative without success.
2.2.6 Handling of Cross Cutting Themes The READI project team is strongly in favour of full integration of cross cutting themes into the overall project as opposed to having a set of activities related to the various themes. As such gender equality, reach and climate change have been fully integrated into all project activities. The design of the Applied Research Grant Fund, for example, has specifically referred to the three themes as being of particular interest in terms of supporting proposals on those subjects as they relate to Actuarial Science. The READI website has also been designed to hold information on the various themes and our consultants have prepared background pieces and research pieces which are posted on the website.
2.3 Financial Report Delays were experienced in recruiting and onboarding Canadian (1.1) and Jakarta based staff (1.2) resulting in significant under expenditures (6% and 43%) in the latter category in particular. The Field Director was hired in August 2016 but did not get settled in Jakarta until September.
The budget forecast presented above was based on the Interim Project Director’s initial proposals, before the PIP was completed and current staff hired. The forecasted budget for Canadian subcontractors (1.4) did not consider the level of effort required to make necessary progress on the RBM and database components, as well as in the gender and environment areas. The variance on that line was 278%.
The local subcontractors (1.4) budget line forecast did not anticipate the need and cost for an actuary to undertake the capacity building needs assessment of PAI. As an actuary, his fees were significant but deemed necessary to ensure that PAI would accept the recommendations and follow through with them. This logic seems to be paying off. The forecast was exceeded by 84%.
READI Annual Report 2016 – 2017 Page 22
II
Expenses against 1.6.2 were higher (12%) than expected because of under budgeting of educational allowances in the forecast which was prepared prior to hiring the field director.
The forecast for 1.6.3 combined the activities of 1.6.3 and 1.6.4. Three were no new Master’s students enrolled at uWaterloo in the reporting period so the budget was underspent (97%).
As noted above, the budget for 1.6.4 was initially combined with 1.6.3. There were fewer planned courses and events during the reporting period due to delays in ramping up and staffing the project. None of the forecasted budget was spent (0%).
Saving against line 1.6.7 were significant (94%) as the expected field office rental cost were not needed as OJK volunteered to provide space for free.
Project: READIEnd Date: December 31, 2020UW Account: 3000-500-105-1428-105360-XXXX-0000-000Period: 01-Apr-16 to 31-Mar-17
FOR ANNUAL (Form B)
Category Budget Actuals VarianceVariance %
1.1 Employees based in Canada 624,100 587,607 36,493 6%1.1 Canadian Personnel on long-term assignment overseas 187,200 107,618 79,582 43%1.2 Remuneration - Local Employees 197,560 115,239 82,321 42%1.4 Canadian subcontractors 34,000 128,565 (94,565) -278%1.4 Local subcontractors 40,000 73,526 (33,526) -84%1.6.1 Travel Costs 170,000 178,113 (8,113) -5%1.6.2 Benefits & allowances for overseas assignment 149,000 166,247 (17,247) -12%1.6.3 Students and Trainees Training Costs 534,000 16,220 517,780 97%1.6.4 Other Training Costs - 56,856 (56,856) 0%1.6.5 Recipient Country Government Employees - - - 0%1.6.6 Goods, Assets and Supplies 40,000 42,550 (2,550) -6%1.6.7 Administration Costs Directly Related to the Project 150,000 9,175 140,825 94%1.6.8 Other Direct Costs identified under the Project - - - 0%1.7 Allowance for Indirect/Overhead Costs 255,103 177,806 77,297 30%1.8 Costs not Eligible for Overhead - - - 0%Total Direct Costs 2,125,860$ 1,481,715$ 644,145$ 30%Total Overhead 255,103$ 177,806$ 77,297$ 30%Grand Total 2,380,963$ 1,659,521$ 721,442$ 30%
Per Contribution Agreement 2017 FY: April 2016 - March 2017
READI Annual Report 2016 – 2017 Page 23
III
3.0 Outcomes This section examines progress at the outcomes end of READI’s results chain. For each immediate and intermediate outcome, quantitative and qualitative evidence is provided to show movement from baseline conditions to present state. These are referenced to the indicators outlined in the PMF. There appear to be positive trends afoot in the development of the actuarial profession in Indonesia, but at this early stage in the project, it would be a stretch to make anything more than claims of contribution. Clearly, other factors are in play. Nevertheless, the section provides some commentary on progress toward and prospects for the realization of these outcomes. Included are lessons learned from Year One implementation and a summary of implications of what has been learned on practice in the remainder of the Project.
3.1 Progress toward READI Outcomes Ultimate Outcome: 1000 Indonesia recognized as a centre of excellence in actuarial science and risk management, with attention to gender equality
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1000-1 No. of Indonesian university departments or faculties offering actuarial programs recognized as centres of excellence in actuarial science and risk management with attention to gender equity assessed against criteria established by READI
No programs
recognized
1 by 2019, 2 by project
end
0 None, but some progress evident
No 0
1000-2 Perception of Indonesian and international professional’s active in actuarial science of the quality and gender equity of Indonesia’s actuarial science and risk management education.
Between “Fair” and “Good” *(see below)
Positive shifts over time **
No target
set
Between “Fair” and “Good” on
(see below)
No Range of weighted average scores
between 1.9 and 2.6 across
variables *(2 to 3) on a four- point scale on three sets of variables **majority assess variables in the “Good” to “Excellent” range (3 to 4)
Progress Toward/Achievement of Planned Results: As the READI project was still in the early stages of project set-up, staff recruitment and launching of technical assistance efforts during 2016/2017, there is little influence, if any, on progress toward creating Centre’s of Excellence. At the same time, the data shows positive steps toward the Ultimate Outcome. The READI team believes that these changes have to do with favourable external factors – including growth in the profession world wide, policy change in Indonesia favouring the development of the sector, and the increasing presence of
READI Annual Report 2016 – 2017 Page 24
III externally trained actuaries demonstrating their value added in teaching and in practice settings. What can be said, is that the READI has convened a range of actuarial science stakeholders to develop a vision on AS education creating, perhaps, a sharpened understanding of future prospects.
At project start up, none of the partner universities was recognized as a “centre of excellence in actuarial science and risk management with attention to gender equality”. While ITB has long offered a master’s program in actuarial science, and the University of Indonesia’s Faculty of Economics and Business has offered a concentration on actuarial science within its Master of Management program since the late 1990s, neither university is viewed as a “centre of AS/risk management excellence” as many key centre of excellence criterion (such as research capacity) have yet to be satisfied. IPB just launched its undergraduate AS program, and Surya University has approval for, yet not yet launched their AS program but, as yet, both universities are a long way from AS/risk management centre of excellence status. To date, most actuaries have graduated from Math and Statistics programs and there is a gap between what is taught and real-world situations.
In the baseline data survey three sets of variables were used to assess the perception of professionals, the quality of actuarial science and risk management education and its gender equity. Results of the survey, from 59 respondents are presented below.
In response to the question “Have you observed a change in the quality and gender equity of Indonesia’s actuarial science and risk management education”, nearly 24% of the 55 respondents felt that there has been no change, 40% reported some positive change, and 33% said that they could not provide an opinion.
Changes noted since late 2015 included the following:
• More universities are launching actuarial science study programs or study streams. • The quality of AS teaching is slowly improving. • University lecturers are attending more seminars and training events. • University collaboration with PAI is increasing (at several state universities).
1000-2 Perception of Indonesian and international professionals active in actuarial science of the quality and gender equity of Indonesia’s actuarial science and risk management education
Sub-indicator
Average Score (4-pt scale, n = 59)
Syllabus alignment with PAI accreditation 2.6 (fair to good) Teaching practices
Instructional techniques 2.6 (fair to good) Knowledge of content 2.6 (fair to good)
Engagement of teaching institutions with industry 1.9 (poor to fair) Have you observed any
changes in the status of the actuarial science and risk management profession since 2015? Response %
n = 59 No 23.7 % Yes 40.7 % Cannot say 35.6 %
How well does the profession address the inclusion of both women and men in the profession with regard to... Sub-indicator
Average Score
(4-pt scale, n = 59)
Access to actuarial science education 3.0 (good) Portrayal of gender differences in curriculum 3.1 (good to
excellent) Equitable career development opportunities 3.1 (good to
excellent) Gender-equitable policies & practices in industry 2.9 (fair to
good)
READI Annual Report 2016 – 2017 Page 25
III • More multi-stakeholder discussions and collaboration are evident (e.g. the READI-
supported Industry-University Task Force)
Recommendations offered to help strengthen the quality and gender equity of Indonesia’s actuarial science and risk management education included:
• Hire more committed young lecturers. • Hire more female lecturers as an example to help promote the AS career to women. • Encourage AS lecturers to obtain PAI Associate or Fellow accreditation. • Provide opportunities for AS lecturers to co-teach in countries with a more developed
AS milieu. • Improve the sharing of actuarial science knowledge and lessons learned between
countries. • Provide incentives and benefits to actuarial science lectures to encourage them to
remain as full-time lecturers. • Provide more opportunities for lecturers to attend seminars, and training and
simulation events. • Improve the English language abilities of lectures. • Translate key AS textbooks into Indonesian. • Invite more practicing actuaries to serve as guest lecturers. • Provide scholarships to enable AS lecturers to undertaken PhD studies.
Intermediate Outcome 1100 Increased employment of female and male Indonesian accredited actuarial science and risk management graduates by Indonesian businesses, universities and government agencies
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1100-1 Number of female and male actuarial science graduates in Indonesia who obtained nationally or internationally recognized credentials during the 2016 – 2020 period.
0 150 (50% female)
0 1
No 8 (6m, 2f)
1100-2 Number of female and male actuarial science graduates employed by relevant Indonesian businesses, universities or government agencies within six months of graduating during the 2016 – 2020 period.
N/A 200 0 4** (3m, 1f)
No 4** (3m, 1f)
1100-3 Perception by Indonesian business, universities, government agencies of the availability and quality of actuarial science graduates
Between “Fair” and “Good” (2 to 3)
“Good” to “Excellent” range (3
to 4)
No target set
Between “Fair” and “Good” (see below)
No Range between 1.9
and 2.6
*in several or more of the variables noted in footnote #4 of the PMF on a “poor” to “excellent” scale ** To date, this data available from UPH only. READI is working to regularly obtain this data from all nine university partners.
READI Annual Report 2016 – 2017 Page 26
III
Progress in Achieving Planned Results Graduates have been entering the actuarial profession for a long time with degrees in mathematics and statistics. Since 2015 though, when there was a single AS graduate, there has been a notable increase in the number emanating from partner universities. The numbers for all participating universities are forthcoming; from UPH the increase is eight-fold with at least half of these individuals now working in the private sector.
In the baseline data survey four variables were used to assess the perception by Indonesian business, universities, government agencies of the availability and quality of actuarial science graduates. Results of the survey, from 59 respondents are presented below.
While 35% of the 59 respondents felt that there has been a positive shift in the quality of actuarial science graduates since late 2015, 26% felt that there had been no observable changes and 39% of respondents said that they could not provide an opinion. These scores in relation to the project target, suggest where there is scope for improvement through stream of study, curriculum development and work place (Co-operative Education) learning.
Positive changes observed included the following:
• Graduates are obtaining associate and fellow accreditation at a younger age. • Mathematics and actuarial science graduates are now viewed as having a high level
of competence with many actuaries being groomed to become president director or director within insurance companies.
• AS graduates are benefitting from the practical experience provided by internships.
Ninety-eight percent among 53 respondents felt that there is no discernable difference between the quality of male and female AS graduates, with only 2% (one respondent) feeling that there is a difference. It was however noted that there are proportionately more female actuaries at junior levels within companies, and more men at senior levels. During the AWP 2017-18 period, the READI project will conduct research to study this issue.
Recommendations to improve the quality of AS graduates included the following:
• Mandatory internships. • AS co-operative education programs. • More case studies, practical assignments and projects during AS study programs. • More opportunities to attend national seminars and workshops. • Scholarships to support AS students and AS lecturers. • Better address the needs and priorities of industry in AS curricula and syllabus. • Continue to increase and promote industry-university cooperation. • Provide more continuous professional development opportunities for AS lecturers. • Emphasis on math outreach efforts in order to attract the best and the brightest to AS
studies. • More female leaders as role models in the PAI.
1100-3 Perception by Indonesian business, universities, government agencies of the availability and quality of actuarial science graduates
Sub-indicator
Average Score (4-pt scale, n = 59)
Depth of knowledge of AS graduates 2.5 (fair to good) Balance between theoretical and practical knowledge
2.2 (fair to good)
Evidence of communication skills 2.1 (fair to good) Evidence of business acumen 2.1 (fair to good)
READI Annual Report 2016 – 2017 Page 27
III Immediate Outcome 1110 Strengthened linkages between industry and university for improved, gender equitable actuarial science education in Indonesia
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1110-1 Number of sustainable linkages6 established between industry and universities involving the actuarial profession
a small number of linkages
10 by end of project
2 5 NO 50%
1110-2 Perception of effectiveness of Industry-University Task Force and working groups by stakeholders
0 Majority of respondents rate as “good” to “excellent” five variables*
No target set
Majority of respondents rate as “good” to “excellent”*
Close – but room for improvement in these formative stages, as noted in comments
Range between 3.0 and 3.6 across variables
1110-3 Number of co-op programs that meet criteria established by project (duration, number of placements, nature of work and compensation)
0 3 co-op programs by project end
concepts introduced - all partners
8 NO ~20%
1110-4 Number co-op terms offered by employers and utilized by students (m/f)
0 270 co-op terms (50% by females)
0 0 NO 0%
*i.e. a weighted average score of between 3 and 4 on a 4 point scale
6 READI’s working definition of “Sustainable industry-university linkages” refers to: working groups or committees formed and active; regular/annual events held; or joint initiatives undertaken.
READI Annual Report 2016 – 2017 Page 28
III Progress in Achieving Planned Results
In the baseline data survey two sets of variables were used to assess the perception of the effectiveness of the IUTF. Results of the survey, from 55 respondents and 49 respondents respectively are presented below.
Changes observed since late 2015 include the following:
• Previously lots of initiatives, but fragmented • OJK is now helping to promote actuarial science • Previously there were fewer internship
opportunities
Examples of changes that have occurred, which cannot be attributed to the READI project include:
• UGM working with Allianz, AXA, Manulife and Jasindo
• Prudential support for the UI MM Actuarial Science stream
• PAI outreach • Scholarships from insurance companies • Some universities-insurance company MoUs for collaboration • Student internship opportunities • PAI-university equivalency arrangements and PAI exam centres
READI project has facilitated increased communication and collaboration between industry, universities, OJK, PPPK and PAI. On January 12, 2017, the first formal industry university linkage was achieved in the form of the Industry-University Task Force (IUTF). Thirty-five (16 F and 19M) participants collaborated to begin working to identify strategies and solutions to help overcome challenges hampering actuarial science development in Indonesia. A further four working groups were subsequently established; 1) Applied Actuarial Science Research, 2) Mathematics Outreach and Public Awareness, 3) Co-operative Education, and 4) Recruitment and Development of Actuarial Science Lecturers. As such five of the 10 industry – university linkages expected by end of project have already been achieved. In summary project initiated changes include:
• IUTF and its four working groups; • Industry speakers at university outreach events; and • Industry and university representatives considering co-op education activities
7 READI’s working definition of “Sustainable industry-university linkages” refers to: working groups or committees formed and active; regular/annual events held; or joint initiatives undertaken.
1110-1 Number of sustainable linkages7 established between industry and universities involving the actuarial profession
Sub-indicator % (n = 55)
Knowledge of Industry-University cooperation initiatives
16.3%
No knowledge of Industry-University cooperation initiatives
83.6%
Sub-indicator Industry-University initiatives (n = 49)
No change perceived since late 2015 (base line)
14%
Change perceived since late 2015
61%
Unable to say 25%
READI Annual Report 2016 – 2017 Page 29
III IUTF member feedback on the effectiveness of the IUTF and associated working groups is quite positive. The 15 IUTF members surveyed at the end of Year Two rated the Task Force as follows:
• clarity of purpose – 3.6 (“good” to “excellent”) • quality of IUTF planning – 3.3 (“good” to “excellent”) • progress to-date as – 3.0 (“good”) • IUTF secretarial support – 3.5 (“good” to “excellent”) • IUTF routines and culture – 3.1 (“good” to “excellent”)
Finding the time to attend is the biggest challenge. In the working groups, about half said they felt “engaged in activities”, while as many are named on working groups but are not yet sure how to contribute
Recommendations to strengthen the IUTF included the following:
• Further strengthen the socialization of the IUTF to industry and others with interests and supportive networks
• Ensure that IUTF members from universities are well supported by their leadership • Don’t just rely on face to face meetings to get engagement - go virtual • Develop activities that integrate industry needs with student capabilities, keep focused
at a working group level, work in stages and model success - e.g. demonstrating (adaptations of) Co-op programming
Several respondents noted that it is difficult to find the time to participate in the IUTF and IUTF working group meetings. For this reason, READI is endeavouring to hold as many virtual (Skype) meetings as possible for the various working groups since this eliminates the need for travel, which can be extremely time-consuming in the Jakarta area.
With regard to university – industry cooperation (ref. 1110-3 and 1110-4), survey respondents have not perceived much engagement (cooperation between the two was assessed as “poor” to “fair” by survey respondents in May 2017). Between January and March 2017, the READI team held meetings and workshops to explain co-operative education concepts and potential benefits to university, industry and GoI higher education department partners. While internship programs have long-existed at various universities and within the insurance industry, co-operative education as it is practiced at uWaterloo and other Canadian higher education institutes is unknown in Indonesia. A number of insurance sector partners – particularly multinational companies – are keenly interested in hosting co-op students. While many READI partner university partners are intrigued by the various advantages that co-op education offers to students, employers and to the universities themselves, most remain quite cautious on the concept as the longer degree study periods required for co-op programs (5.5 to 6 years as opposed to a standard four-year degree program) conflict with current Badan Akreditasi Nasional Perguruan Tinggi (National University Accreditation Body) key performance indicators which assess universities based on producing graduates within a 4-4.5 year period. While interested in the co-op education concept, the Directorate General of Learning and Student Affairs within Kemenristekdikti also remains cautious and recommends a shortened hybrid version of uWaterloo’s co-op education lifecycle to enable universities to produce graduates in 4-4.5 years. Despite these challenges, two universities, Universitas Prasetiya Mulya and Universitas Pelita Harapan have indicated that they wish to develop and launch co-operative education programs with both universities beginning to take concrete steps to develop workable models. Universitas Sepuluh Nopember – Surabaya has also indicated a strong interest in co-op education, but has yet to take any concrete steps to seriously begin exploring options.
READI Annual Report 2016 – 2017 Page 30
III Immediate Outcome 1120 Strengthened capacity of female and male actuarial science and risk management teaching professionals and institutions, with attention to gender equality, in Indonesia
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target Achieved (Yes/No)
Cumulative to Mar 2017
1120-1 Number of (f/m) lecturers at participating Indonesian universities who have: a) attained at least four professional actuarial credits or, b) attained associate status and above of an actuarial organization
a) 1 b) 0
a) 15 b) 2
B) ) 1
C) b) 0*
No target
D) ) 1
a) 1 b) 0
NO 0%
1120-2 Number of (f/m) lecturers who have an advanced degree in a field related to actuarial science and risk management
0 15*** 1 1 NO 7%
1120-3 Number of professional actuarial credits earned by those supported
0 80**** 1 1 NO 1%
*lecturers(f/m)haveattainedatleastfourprofessionalactuarialcredits**lecturers(f/m)haveattainedassociatestatusandaboveofanactuarialorganization***lecturersandpractitionerscompletewithagraduatedegree****professionalactuarialcreditsobtainedbythosesupported
Progress in Achieving Planned Results At the time of project start-up only one lecturer at READI partner universities had attained at least four professional actuarial credits and similarly only two lecturers had PAI associate or fellow status. One part-time lecturer from UPH was supported by the project to complete the uWaterloo one-year MActSci program in 2015-16.
Immediate Outcome 1130 Improved equitable access to actuarial science and risk management education for female and male university students and graduates in Indonesia
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1130-1 Number of (f/m) students enrolled in actuarial science streams in Indonesian universities
< 40 students in 2 Masters streams (UI, ITB).*
600 students**
No target To be reported in Midyear Report
NO ~15%
READI Annual Report 2016 – 2017 Page 31
III
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1130-2 Number of actuarial science and risk management streams of study established and recognized in Indonesian universities
2 masters in actuarial science programs (UI, ITB)
4 undergraduate streams of study (among participating universities)
No target 3 in development - additional 4 with intent to establish
NO 75%
1130-3 Number of companies with a) newly formed, or b) strengthened actuarial development programs
N/A 10 companies
0 0 NO 0%
1130-4 Number of participants (f/m) in employer actuarial science student development programs
N/A 50 people (at least 50% female)
0 0 NO 0%
1130-5 Number actuarial science credits earned by scholarship students, by target student population (gender, home location)
N/A 5,000 actuarial science credits earned (2,500 by females)
0 0 NO 0
* No under-graduate actuarial science streams approved and with enrolled students **(at least 300 female) -includes all students enrolled in identifiable actuarial science streams at identified participating universities
Progress in Achieving Planned Results In 2015, there were two streams of study in the actuarial sciences and risk management. By May 2017 there are an additional three in development and a further four intending to establish programs of study. Data from three participating universities (so far) indicates that since 2015 nearly 70 students (32 males and 35 females) have enrolled in actuarial science degree programs, building on the baseline of less than 40. These numbers will be finalized once all partner universities have reported in.
Very little work has been done to date on the actuarial development program - an initiative to support companies in assisting their staff in preparing for professional upgrading. Less than five firms are known to have such programs in place (baseline number forth coming). By the close of the project, ten firms are projected to have programs in place supporting a combined total of 50 staff. Activities are expected on this component in Year Three.
The same is true for the scholarship program. It will be launched in Year Three.
READI Annual Report 2016 – 2017 Page 32
III Intermediate Outcome 1200 Strengthened actuarial science and risk management pro-fession, with attention to gender equality, in Indonesia
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1200-1 Perception of actuarial profession in Indonesia among industry, actuaries and regulatory bodies, including sensitivity to gender balance/ experiences
Between “Fair” and “Good” (2 to 3)
Positive shifts over time – “Good” to “Excellent” range (3 to 4)
No target set
Between “Fair” and “Good”
No Range between 1.4 and 2.8 across variables
1200-2: Number of ASAI and FSAI accredited actuaries registered with Persatuan Aktuaris Indonesia (PAI).
206 Fellows 193 Associates
230 Fellows 250 Associates
No target set
24 Fellows 57 Associates
NO 24 Fellows 57 Associates
Progress in Achieving Planned Results An additional 80 actuarial professionals have registered with PAI since January 2016 (gender break down forthcoming). This is seen as a positive trend, though one that is beyond the project to influence much at this early stage.
In the baseline data survey six variables were used to assess the perception of the actuarial profession in Indonesia among industry, actuaries and regulatory bodies, including sensitivity to gender balance / experience. Results of the survey, from 59 respondents are presented to the right.
Nearly half of the respondents noted change since 2015. Comments about the state of the profession point to: the limited (albeit improving) presence of education opportunities in country, an increased profile of late as shown by the number of people sitting for PAI exams, improved on-line access to resources on actuarial practices, a continuing shortage of actuarial expertise being brought to bear on actuarial research, and the external influence on practice of multinationals operating in the country.
1200-1 Perception of actuarial profession in Indonesia among industry, actuaries and regulatory bodies, including sensitivity to gender balance/ experiences
Sub-indicator
Average Score (4-pt scale, n = 59)
Existence of practical regulations 2.4 (fair to good) Quality of CPD in AS profession 2.5 (fair to good) Quality of AS professional exams 2.8 (fair to good) Supply of qualified actuarial professionals 1.8 (poor to fair) Research capacity in AS milieu 1.4 (poor to fair)
READI Annual Report 2016 – 2017 Page 33
III Immediate Outcome 1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and university students, teachers, and parents in Indonesia
Indicator
Baseline
Targets Established Achievement Project period Year
2016/17 Apr-Mar 2016/17
Project Target
Achieved (Yes/No)
Cumulative to Mar 2017
1210-1 Awareness of the actuarial profession in Indonesia among: a) high school (HS) students (f/m) and their families, b) university students, with attention to gender issues
a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science
a) 50% of students targeted, b) a positive shift
No targets
a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science
NO a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science
1210-2 Number of (f/m) students participating in HS outreach activities (including Initial School Visit, Think About AS session, Problem of the Week distributions), and math competitions
0 50,000 (25,000 each f/m) 5000 math competitions (2500 @f/m)
0 1,574 students (809m, 765f)
NO 1,574 students (809m, 765f)
Progress in Achieving Planned Results At the close of Year Two, baseline research was underway to gauge the level of actuarial science awareness of Math/Statistics students at participating universities. In the research, nearly 300 students and staff were engaged in a conversation as they walked through their Math or Statistics faculty buildings. In the “encounter”, they were asked to describe what an actuary is and then answer a few questions about what they think an actuary does, and about the profession as a career choice. The READI team considers this as valid baseline data given that very little of what READI has accomplished to date would be influencing student perceptions. There is no appreciable difference in survey responses, by gender (slightly more women proportionally, provided robust definitions).
READI intends to repeat the study at the mid-point and again at the end of the project. The projects expects to see a positive perception shift over that time as the High School Math Outreach initiative gains traction along with other outreach/awareness raising activities. Details of the baseline research effort will be available in the baseline data report. Of note here is that just over 30% of Math/Statistics students described what an actuary is in anything more than cursory terms, confirming that much work needs to be done to raise awareness regarding the profession.
Regarding High School Math Outreach, the project Math Outreach officer travelled throughout Indonesia and delivered outreach talks and events about actuarial sciences to increase awareness of the actuarial profession by selected target groups including high school and university students, teachers, and parents. During the “Think about Actuarial Science” events held at various public and private schools in Bandung between Jan and March 2017, READI
READI Annual Report 2016 – 2017 Page 34
III reached out to 1,574 (809 male, 765 female) high school students and 112 (50 male, 62 female) parents to demonstrate that Math is fun, relevant, and leads to exciting careers. The number of the participants is increasing on a daily basis.
In early January, work against this Output began in earnest with a “Think About Actuarial Science” Talk show, January 7, 2017 directed at high school students and their parents. 693 students (438m & 255f) along with 67 parents (30m & 37f) attended the event at the Universitas Indonesia. Students and parents were enthusiastic to know more about: (1) role of an actuary, (2) career opportunities and (3) how to become an actuary.
From January to March 2017 schools in Jakarta, Bogor, Bandung and Malang were visited and a “Think About Mathematics” program was delivered. 727 students (318m & 419f) and 32 teachers (13m & 19f) participated. Strong interest in READI’s math outreach to schools program was exhibited and in response bilingual math outreach materials were developed with more in the pipeline.
On March 30th, READI collaborated with Universitas Pelita Harapan (UPH) in an outreach activity directed at high school students, the “TAAS Talk show: “Actuary Role in General” with 153 students (100m & 53f) participating. READI also trained 13 teachers (7 male & 6 female). The activity enhanced collaboration with UPH and exposed students to the actuarial profession.
In December 2016, READI joined OJK and PAI representatives in a 1,000 Aktuaris event in Makassar. 114 students and university lecturers participated in the event (48 male & 66 female). The project will continue to support OJK 1,000 Actuaries outreach and public education activities whenever possible. In addition, through periodic meetings and workshops, the READI project will continue to raise the project’s profile with other GoI partners including the Directorate General of Higher Education/Ministry of Research, Technology and Higher Education, the Ministry of Finance, and the Ministry of Education and Culture.
Immediate Outcomes 1220 Strengthened capacity8 of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia.
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved
(Yes/No)
Cumulative to Mar 2017
1220-1 Perception of the capacity of the PAI, OJK and PPPK to promote and support the development of the actuarial profession in Indonesia, with attention to gender issues.
PAI - ratings between 2.6 and 3.1 “good” to “excellent
PAI-ratings between 2.6 and 3.1 good to excellent
No target 0 NO PAI - ratings between 2.6 and 3.1 “good” to “excellent
8 Among others, variables associated with the capacity of the Indonesian actuarial profession include: public perceptions of the importance of the profession, leadership of the profession in Indonesia in relations with international bodies, domestic policy influence, services to members (e.g., white papers, website, member professional development), capacity to support member compliance with standards, ability to maintain own compliance with IAA standards, attention given to the participation of women and men in the insurance and risk management profession.
READI Annual Report 2016 – 2017 Page 35
III
Indicator
Baseline
Targets Established Achievement Project period
Year 2016/17
Apr-Mar 2016/17
Project Target
Achieved
(Yes/No)
Cumulative to Mar 2017
1220-2 Progress against capacity building plan (PAI)
Intent to build capacity
Identified capacity building activities implemented by PAI
Capacity assessment completed with action plan
Draft assessment ready for discussion at PAI
NO PAI~10%
*shift in several or more of the variables noted in footnote 9 on a “poor” to “excellent” scale **Identified capacity building activities implemented by PAI
Progress in Achieving Planned Results During this fiscal year an evaluation of capacity building needs of PAI was undertaken and recommendations made to help address gaps. As the senior management of PAI are all volunteers with other full-time jobs, the evaluation strongly recommended the hiring of an Executive Director to lead PAI and take some of the burden off the volunteer directors. READI has agreed to fund the Executive Director position for a limited time, contingent upon PAI developing a sustainable financial plan that will allow PAI to cover all associated costs by the project end-date. Along with the Executive Director position, the evaluation recommended a number of capacity development initiatives all of which have received preliminary (but not yet formal) approval from senior PAI representatives. This includes the following capacity building initiatives:
• Strengthen continuous professional development (CPD) activities and monitoring of PAI member’s CPD activities and status;
• Develop a more robust management information system;
• Improve the PAI website and offer more on-line content and resources;
• Develop and adopt a new strategic plan for the 2018-2020 period;
• Increase membership fees to help strengthen PAI financial resources and operational options;
• Create study groups to support working students and associates;
• Consider providing access to uwaterloo e-courses for PAI members;
• Promote the presence of actuaries in selected public-sector institutions (e.g. BPJS); and
• Support development of actuarial science research in Indonesia.
READI Annual Report 2016 – 2017 Page 36
III In the baseline data survey, nine variables were used to assess the perception of the capacity of the PAI to promote and support the development of the actuarial profession in Indonesia, with attention to gender issues (so far, baseline research has been restricted to PAI as this is where commitments have been made to engage in a concerted capacity building process).
Results of the survey, from 47 respondents are presented below with the baseline focused exclusively on PAI.
About 90% of respondents “agreed” (39.1%) or “strongly agreed” (50%) that women and men are treated equitably by the PAI, with 10% “unable to say”.
A quarter of respondents said that they observed a change between 2015 and now. About a third (31.9%) said the opposite. The remainder said they weren’t able to say. Examples of changes included:
• A new vision, mission. Full time committed secretariat. Younger leadership. • More women acting as PAI administrators/board members. • PAI playing a more
visible role in promoting actuarial science.
Survey respondents recommended the following to reinforce or strengthen the capacity of PAI:
• More informal meetings to provide a venue for PAI members to trade knowledge and experience. This would be particularly useful for young, newly-accredited actuaries.
• More training and seminars.
• A clear PAI work plan supervised by an active board of directors (pengurus).
• Deeper levels of cooperation with universities and industry.
• Promotion of actuarial research by offering incentives and rewards.
• Help to increase the managerial skills of actuaries. • Training to actuarial science lecturers and students. • Strengthening the PAI’s human resources to provide more capacity to accelerate the
PAI’s development and support provision of services to members, • Improving the quality of exams, professional development and standards of practice. • Increasing interactions with general (non-life) insurance companies.
1220-1 Perception of the capacity of the PAI, OJK and PPPK to promote and support the development of the actuarial profession in Indonesia, with attention to gender issues (focus only on PAI)
Sub-indicator Average Score
(4-pt scale, n = 47)
Relevance of PAI to people in the actuarial profession 3.1 (good to excellent)
Leadership provided by PAI to international bodies on behalf of the profession in Indonesia
3.0 (ggod)
PAI responsiveness to requests made to PAI, OJK and PPPK
2.6 (fair to good)
PAI’s level of professionalism 2.8 (fair to good)
PAI visibility to external audiences with whom it communicates
2.8 (fair to good)
PAI’s influence on government policy related to the profession
3.0 (good)
Quality of PAI services provided to members 2.7 (fair to good)
Capacity to support member compliance with standards
2.7 (fair to good)
PAI ability to maintain compliance with IAA standards 2.8 (fair to good)
READI Annual Report 2016 – 2017 Page 37
III 3.2 Lessons Learned and Implications for future Project Activities Several lessons learned have been gathered over the reporting period which have been considered and addressed.
Theme Context Implications for Future Activities
Communications The communication needs of all of the stakeholders (industry, university, uWaterloo, OJK, Global Affairs Canada) are different and require materials for the specific target audiences.
An overall communications strategy, preferably web based, is needed to ensure that all team members in Canada and Jakarta are not duplicating efforts and are all in alignment with respect to target dates.
Complexity of Operations
Large bureaucracies such as uWaterloo and OJK move at a relatively slow pace.
Significant advance planning is required to ensure targets are met.
Master’s Degree Program at uWaterloo
With no new applications occurring in this reporting period, considerable effort was spent in trying to understand why interest was so low and how to address it.
Early promotion of the program with prospective candidates, financial support for English language training, additional scholarship funding, and active recruitment all necessary to increase numbers.
On Line Learning Significant carbon credits can be achieved through delivery of on line courses as opposed to in person course delivery. The mechanics and interest though in the on-line courses is yet to be fully assessed.
Assuming there is a high level of interest among both Indonesian lecturers and students, further support may need to be provided, preferably through industry donors, to put enough courses on line to allow them to be used as training materials for the PAI exams. Additional course support materials, with practical examples and relevant subjects, would also enhance the teaching process.
Co-operative Education Programs in Indonesia
The educational system in Indonesia leaves only a couple of months during the summer during which most Universities can offer co-operative learning opportunities. Discussions with DIKTI and the Deans of all partner universities are needed to urge for structural changes or flexibility in the curriculum. Without such changes only the highly flexible private universities or public universities with sufficient seniority can effectively pilot co-op models – and even their models will likely be of a “hybrid” nature until strong proof of the efficacy of the co-op education can be clearly demonstrated in Indonesia.
The focus has moved away from training all partner universities in comprehensive co-op program delivery to only those that are showing serious interest in becoming early adopters of co-op education. Due to Badan Akreditasi Nasional and DIKTI regulations, most universities are very hesitant to try piloting full-fledged co-op education models (e.g. similar to those used in Canada), as they fear losing the “A” level accreditation. Similarly, many Indonesian parents see completing undergraduate studies within a four-year period as the ideal. For these reasons, it is clear that the project will have to work with interested universities to experiment and pilot various “hybrid co-op education models”, and endeavour to demonstrate the many benefits of the co-op education model to students, parents, university administrators, industry representatives and GoI institutions overseeing higher education. As such, an incremental approach to introducing co-operative education models appears to be both necessary and prudent.
READI Annual Report 2016 – 2017 Page 38
III 3.3 Proposed Adjustments or Implemented Changes In the early stages of project design, it was thought that focusing on SOA and IFoA in terms of international standards would be the best approach. In discussions with the PAI, it was decided that PAI, in and of itself, met international standards and thus the focus has shifted to ensuring that the standard that needs to be met in Indonesia by Indonesian actuaries, is that of PAI. READI’s work with it’s partner Indonesian Universities is therefore now in alignment with PAI standards and accreditation of courses by PAI is the desired outcome.
READI Annual Report 2016 – 2017 Page 39
IV 4.0 Management Activities The following Table presents the key capacity development and project management activities approved for 2016/2017 and the status of implementation of respective activities as of March 31, 2017. This Table will not be repeated in future Annual Reports as all of the activities will have been either fully integrated (i.e., gender equality and climate change) or will have been completed.
Activities Report for Fiscal Year 2016/2017
WBS# Immediate Outcome
Planned Outputs Outputs & Activities Actual % Completion End FY
Remarks
Cross Cutting Themes, Management, Administration and Reporting are effective and efficient
Cross Cutting Themes, Management, Administration and Reporting are effective and efficient
90% See below
10 Offices staffed Staffing action 100% 20 Goods, assets and supplies
procured in Canada and Indonesia
Offices effectively equipped through a robust procurement process, renting when possible
100%
30 READI Project provides secretariat and technical support to the PSC, Technical Committee and Task Forces
Annual PSC & TC meetings, University Industry Task Force Meetings
100%
40 Work plans, budgets and reports prepared and submitted as per CA Appendix D
PIP, AWP, 1st Annual Report, Midyear Report (for each year)
100%
50 Project results and risks monitored and assessed, RBM understood and practised.
RBM Developed and Implemented
95% Baseline data validation pending
60 Apply gender equity principles to achieve gender equality
Gender Equity Strategy Implemented
43% Indonesian specialist to be hired
70 Implement the project in a climate friendly way while engaging actuaries and risk managers in a program focused on climate and development
Environment and Climate Program Developed and Delivered
93% Climate change program launch in May 2017
READI Annual Report 2016 – 2017 Page 40
App.
Appendix A: Map showing location of partner universities
No. Name State or Private
Location
1 Institut Teknologi Sepuluh November (ITS) State Surabaya, East Java 2 Universitats Gadjah Mada (UGM) State Yogyakarta, Central Java 3 Institut Teknologi Bandung (ITB) State Bandung, West Java 4 Institut Pertanian Bogor (IPB) State Bogor, West Java 5 Universitas Indonesia (UI) State Jakarta 6 Universitas Pelita Harapan (UPH) Private Karawaci, Banten 7 Surya University Private Serpong, Banten 8 Universitas Parahyangan Private Bandung, West Java 9 Universitas Prasetiya Mulya private Serpong, Banten
READI Annual Report 2016 – 2017 Page 41
App.
Appendix B : Summary of Progress Against Outcome and Output Targets WBS# Immediate
Outcome Indicators Baseline
Data Planned
2016/2017 Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
1110 Strengthened linkages between industry and university for improved, gender equitable actuarial science education in Indonesia
1110-1 Number of sustainable linkages established between industry and universities involving the actuarial profession
a small number of linkages
2 5 Exceeded target
5 10 50%
1110-2 Perception of effectiveness of Industry-University Task Force and working groups by stakeholders
0 No target set
Majority of respondents rate as “good” to “excellent”
No target set for Year 1
Range between 3.0 and 3.6 across variables
Majority of respondents rate as good to excellent
~50%
1110-3 Number of co-op programs that meet criteria established by project (duration, number of placements, nature of work and compensation)
0 concepts introduced - all partners
8 Cooperative Education concepts introduced; dialogue with 2 universities
8 3 ~20%
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
1110-4 Number co-op terms offered by employers and utilized by students (m/f)
0 0 0 Design options under consideration - 2 universities
0 270 0%
1120 Strengthened capacity of female and male actuarial science and risk management teaching professionals and institutions, with attention to gender equality, in Indonesia
1120-1 Number of (f/m) lecturers at participating Indonesian universities who have: a) attained at least four professional actuarial credits or, b) attained associate status and above of an actuarial organization
a) 1, b) 0
a, b) no target established (NTE)
a) 1, b) 0
1 additional lecturer has attained between 1 and 3 credits
a) 1, b) 0
a) 15, b) 2
0%
1120-2 Number of (f/m) lecturers who have an advanced degree in a field related to actuarial science and risk management
0 1 1 1 15 7%
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
1120-3 Number of professional actuarial credits earned by those supported
0 1 1 1 80 1%
1130 Improved equitable access to actuarial science and risk management education for female and male university students and graduates in Indonesia
1130-1 Number of (f/m) students enrolled in actuarial science streams in Indonesian universities
<40 NTE To be reported in
Midyear Report
To be reported in Midyear
Report
600 ~15%
1130-2 Number of actuarial science and risk management streams of study established and recognized in Indonesian universities
2 NTE 3 in development additional 4 with intent to
establish
3 4 ~75%
1130-3 Number of companies with a) newly formed, or b) strengthened actuarial development program
N/A 0 0 0 10 0%
READI Annual Report 2016 – 2017 Page 44
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
1130-4 Number of participants (f/m) in employer actuarial science student development programs
N/A 0 0 0 50 0%
1130-5 Number actuarial science credits earned by scholarship students, by target student population (gender, home location)
N/A 0 0 0 5000 0%
1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and
1210-1 Awareness of the actuarial profession in Indonesia among: a) high school (HS) students (f/m) and their families, b) university students, with attention to gender issues
a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science
No target a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science
a) ~4% of initial sampling of HS students b) ~32% "good", 49% "fair", 19% "poor" understanding among university Math/Science
a) 50% of students targeted, b) a positive shift
n/a
READI Annual Report 2016 – 2017 Page 45
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
university students, teachers, and parents in Indonesia
1210-2 Number of (f/m) students participating in HS outreach activities (including Initial School Visit, Think About AS session, Problem of the Week distributions), and math competitions
0 0 1574 809m 765f
1574 809m 765f
50,000 (25,000 each
f/m) 5000 math
competitions (2500 @f/m)
3%
1220 Strengthened capacity of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia
1220-1 Perception of the capacity of the PAI, OJK and PPPK to promote and support the development of the actuarial profession in Indonesia, with attention to gender issues.
PAI - rating s between 2.6 and 3.1 of 4 good to excellent
No target 20% of respondents said, "no change" since 2015
Capacity building assessment and plan in formation at the end of 2016
PAI - rating s between 2.6 and 3.1 of 4
PAI ratings between 2.6 and 3.1 good to excellent
Incremental at this point
1220-2 Progress against capacity building plan (PAI)
Intent to build capacity
Capacity assessment completed with action plan
Draft assessment ready for discussion at PAI
on target Agreement on activities and targets
Identified capacity building activities implemented by PAI
PAI ~10%
READI Annual Report 2016 – 2017 Page 46
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
1111 Technical assistance (TA) provided to partner universities to establish actuarial science and risk management streams of study
1111-1 Number of universities receiving TA to support establishment AS steams of study
0 3 3 3 6 50%
1111-2 Effectiveness of the TA provided in support of establishing AS streams of study
N/A NTE NTE No Targets Established
NTE 70% 0%
1112 Actuarial Science Applied Research Program established and operated
1112-1 Number of papers/technical reports produced
0 0 0 0 40 0%
1112-2 Perception of quality and value [1] of program by stakeholders (applicants/ recipients)
0 NTE NTE 0 70% 0%
1113 Industry – University Task Force and associated
1113-1 Number of industry-university task forces or working groups established
0 1 task force 4 working
groups
1 task force 4 working
groups
1 task force 4 working
groups
1 100%
READI Annual Report 2016 – 2017 Page 47
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
working groups established and operated
1113-2 Effectiveness of the TA provided in support of creating and operating an industry-university task force and associated working groups
0 NTE NTE NTE 70% To be reported in
Midyear report
1114 TA provided to selected universities to support development of actuarial science and risk management co-op programs
1114-1 Number of universities and companies receiving TA for the development of co-op programs
0 9 universities
& 15 companies
9 universities & 5
companies
9 universities & 5 companies
7 Universities 15
companies
64%
1114-2 Effectiveness of the TA provided in support of creating co-op programs
N/A NTE NTE To be reported in Midyear
report
70% 0%
1121 TA provided to partner universities for curriculum design – including review of international standards, course
1121-1 Number of universities for which actuarial science and risk management courses are verified as addressing material specified in Indonesian
0 7 7 7 9 78%
READI Annual Report 2016 – 2017 Page 48
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
mapping and textbook review – that addresses material specified in Indonesian actuarial science professional exams
actuarial science professional exams
1121-2 Effectiveness of the TA provided in support of curriculum design
N/A NTE NTE To be reported in Midyear
report
70% 0%
1122 Lecturers and selected female and male practitioners supported to obtain actuarial credits and/or relevant graduate degrees
1122-1 Number of (f/m) lecturers and practitioners supported financially through the project to obtain professional actuarial credits
0 1 1 1 30 3%
1122-2 Number of (f/m) lecturers and practitioners supported through the project to obtain a Masters degree in actuarial science, statistics or mathematics
0 1 1 1 19 5%
READI Annual Report 2016 – 2017 Page 49
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
1123 Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals
1123-1 Number of short courses taught by visiting lecturers
0 3 3 3 25 12%
1123-2 Number of workshops delivered by visiting experts to teaching professionals
0 2 2 2 12 17%
1123-3 Number of lecturer-months of (f/m) Indonesian lecturers participating in study and exposure visits
N/A NTE NTE 0 24 0%
1131 Actuarial sci-ence and risk management scholarship program targeted for female and male undergrad students designed and operated
1131-1 Number and value of scholarships awarded, by target student population (gender, home location)
0 NTE NTE 0 1,900,000 0%
1131-2 Number of undergrad student-years completed by
0 NTE NTE 0 250 0%
READI Annual Report 2016 – 2017 Page 50
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
scholarship students
1132 TA provided to employers to strengthen actuarial development programs for employees
1132-1 Number of employers receiving TA for actuarial devel-opment programs
0 NTE NTE 0 50 0%
1132-2 Effectiveness of the TA provided in support of strengthening actuarial accreditation programs
N/A NTE NTE 0 70% 0%
1211 TA provided to partners on delivery of high school math out-reach programs with an actuarial science focus
1211-1 Number universities receiving TA on delivery of HS math outreach
0 0 2 2 9 22%
1211-2 Effectiveness of the TA provided in support of HS math outreach
N/A NTE 0 To be reported in Midyear
report
70% 0%
READI Annual Report 2016 – 2017 Page 51
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
1212 Actuarial science and risk management awareness campaigns designed and implemented
1212-1 Number and type of marketing campaigns by target group (e.g., university students, parents, AAUI) with attention to gender
0 0 0 0 15 0%
1212-2 Effectiveness of the TA provided in support of awareness programming
N/A NTE NTE To be reported in Midyear
report
70% 0%
1213 Public interest in actuarial science and risk management promoted through research, publications and media
1213-1 Number type of publications/media initiatives launched
0 NTE NTE No related activities yet
25 0%
1213-2 List of themes represented
N/A NTE NTE No related activities yet
50% 0%
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
1221 International professional association and regulator linkages on profession-related topics facilitated for OJK, PPPK and PAI
1221-1 Number of workshops involving national and/or international bodies addressing professional topics
0 1 1 1 5 20%
1221-2 Number of professional meetings involving Indonesian and international regulators and actuarial associations
0 1 1 1 10 10%
1222 Continuing Professional Development (CPD) seminars workshops and mentorships conducted for actuaries and other stakeholders
1222-1 Number of professional seminars and workshops conducted
0 0 0 0 20 0%
1222-2 Number of female and male participants
0 0 0 0 400 0%
1223 TA provided to regulators and
1223-1 Number of organizations supported
0 0 0 0 1 0%
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WBS# Immediate Outcome
Indicators Baseline Data
Planned 2016/2017
Target
Actual 2016/2017
Target
2016/2017 Variance
Comments
Cumulative Against EOP
Target
Expected EOP Target
% Completion
associations to strengthen organizational capacity
1223-2 Effectiveness of the TA provided in support of capacity building to regulators and associations
0 NTE NTE To be reported in Midyear
Report
70% 0%
READI Annual Report 2016 – 2017 Page 54
App.
Appendix C: Communications About the Project Actuarial expertise is essential to sustainable management of government supported public
health, social assistance and pension programs. Indonesia presently faces a shortage of
accredited actuaries, threatening the growth of the insurance and pension industry and
presenting a risk to economic stability and growth for Indonesia. The Risk Management,
Economic Sustainability and Actuarial Science in Indonesia (READI) project addresses a
critical and focused development need – filling a key human resources gap and addressing a
significant risk to economic stability and growth for Indonesia. The project will help ensure a
path away from poverty and towards sustainable economic growth by increasing the number
and quality of Indonesia actuarial science graduates available, encompassing and building
linkages among three pillars of the actuarial profession - business, education and government,
and deepening the understanding of actuarial science and risk management as a profession
to the public. The project funding is undertaken with the financial support of Government of
Canada provided through the Department of Global Affairs Canada (GAC). Manulife Financial
Indonesia has generously provided one million CAD in co-funding to support the project.
Similarly, Sun Life Financial has provided one half million CAD to support senior actuarial
technical advice services provided by the University of Waterloo.
As University of Waterloo is recognized as one of the top actuarial schools in the world and
one of Canada’s best and most innovative universities, it is chosen to serve as the Canadian
Executing Agency (CEA) of the project. In 50 short years, the University of Waterloo has
become known for the breadth and quality of our academic programs, the partnerships we
have with industry through co-operative education, the quality and achievements of our
students and graduates, our high rankings in international competitions for students, and the
teaching and research accomplishments of our professors. As home to the world's largest
post-secondary co-operative education program, Waterloo embraces its connections to the
world and encourages enterprising partnerships in learning, research, and commercialization.
The project is housed in the Department of Statistics and Actuarial Science at the University
of Waterloo. The Department of Statistics and Actuarial Science is home to one of the world’s
largest undergraduate and graduate programs in actuarial science and more than 40 research
active full-time faculty working in diverse and exciting areas. The Department offers a vibrant
research environment for a wide range of areas including foundations of statistics, analysis of
longitudinal and life history data, computational inference, finance, risk management, ruin
theory, survey methods, industrial statistics, interdisciplinary collaborative work.
The project’s objective is to establish Indonesia as a regional centre of actuarial excellence.
Project activities are designed to enhance the capacity of educational institutions to meet
clearly identified labour market demands and engage the private sector in providing students
with appropriate, meaningful and structured workplace learning opportunities through to
employment. Project efforts will supplement the Otoritas Jasa Keuangan (OJK)’s 1,000
Actuaries program by providing gender-equitable opportunities and support for innovative,
high-quality actuarial science education, certification and professional development. The
project is working with a range of key stakeholders including high schools and universities, the
insurance and pensions industry, Indonesia’s professional actuarial association, and
government agencies to reach this goal. An Industry-University Task Force has been
established with the support and facilitation of the READI project to identify strategies and
solutions to help overcome the challenges hampering the actuarial science profession in
Indonesia. READI efforts to increase public awareness regarding the READI project, the
READI Annual Report 2016 – 2017 Page 55
App.
important roles that actuaries play in economic development and the compelling career
opportunities that exist for actuaries in Indonesia.
Actuarial science is the application of statistics, probability, and risk theory to real-life financial
problems involving future uncertainty. Actuaries provide an underpinning in risk assessment
and assurance of sound business practice similar to financial auditors. Risk based regulation
of the insurance and pensions industry, adopted by Indonesia following Canada’s lead,
requires the professional understanding and oversight provided by accredited actuaries.
Understanding of and expertise in risk management and actuarial science is also important
for public sector financial and management capacity, particularly at the national and regional
levels. Access to more and better actuarial science graduates by government and business
will improve transparency and security in management of public finances (e.g., pension and
health insurance systems) and improve the trade and investment climate in Indonesia.
The READI project will help ensure a path away from poverty and towards sustainable
economic growth by helping to build the capacity of universities in Indonesia to train actuaries
who can work towards these goals. Project activities will enhance the capacity of educational
institutions to meet clearly identified labor market demands and engage the private sector in
providing students with appropriate, meaningful and structured workplace learning
opportunities through to employment. More Indonesian actuarial science graduates with
strengthened education acquired in Indonesia will support business growth, market expansion
and productivity.
The READI project communicates information to the public through math outreach activities,
education and career fairs, university open houses, workshops, seminars, short courses and
conferences with the support of various media including brochures, web and social media
based content and videos. The project also incorporates the promotion of climate change,
gender and social inclusion among all project activates to contribute to poverty reduction and
sustainable economic growth. A comprehensive website gives the public access to a wealth
of information on the project’s activities and progress. The project also has an extensive
outreach program to ensure that individual high school students, university students, students’
parents, university, industry and organizations understand the project objectives and activities
and ultimately, contribute in the project.
Strategies and Activities to Promote Public Awareness of the READI Project in Indonesia READI efforts to increase public awareness regarding the READI project, the important roles
that actuaries play in economic development and the compelling career opportunities that exist
for actuaries in Indonesia, will focus on a select number of target groups. This will include:
• high school students participating in READI outreach activities;
• parents of high school students attending education and career fairs;
• high school mathematics teachers and guidance counsellors;
• undergraduate students who exhibit the requisite mathematics abilities, discipline and
interest to study actuarial science;
• mathematics and science lecturers at READI partner universities;
• researchers interested in applications of actuarial science including risks associated
with climate change and gender dimensions related to the actuarial science milieu; and
• general insurance companies and members of the General Insurance Association of
Indonesia (AAUI).
READI Annual Report 2016 – 2017 Page 56
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To support these efforts, the project will produce a variety of public education materials using
various media. This will include: printed materials such as pamphlets and brochures; web and
social media based content; and a series of short, “catchy” videos. These materials will be
used to support public education efforts through math outreach activities, career fairs,
university open houses, workshops, seminars and conferences.
The project will also collaborate with partner universities to support and enrich their outreach
activities, along with education and outreach activities undertaken by interested insurance
companies, the Life Insurance Association of Indonesia (AAJI) and the Society of Actuaries
Indonesia (PAI). The project will continue to support OJK 1,000 Actuaries outreach and public
education activities whenever possible. In addition, through periodic meetings and
workshops, the READI project will continue to raise the project’s profile with other GoI partners
including the Directorate General of Higher Education/Ministry of Research, Technology and
Higher Education, the Ministry of Finance, and the Ministry of Education and Culture.
Strategies and Activities to Promote Public Awareness of the READI Project in Canada To increase awareness of the READI project and access to the progress of the project, a
mixed method approach has been adopted for public awareness raising efforts in
Canada. The approach harnesses the strength of the internet and the University of Waterloo’s
reach and networks to promote and facilitate participation opportunities. The methods used
include:
• Production and regular updating of the READI website;
• UWaterloo Daily Bulletin;
• Faculty and department pathway pages; and
• Press release with project partners.
READI Website The READI website was launched in September 2016. The project has increased its use of
social media and other online and multimedia communications tools to strengthen its outreach
to the publics. Tracking of website usage is not available for 2016/2017, however, analytics
will be put in place to monitor usage and will be reported in the 2017/2018 midyear and annual
reports.
The website provides access to all of the project’s notices and publications, surveys, applied
research/public interest papers, research fund, backgrounders, and videos. Educational
content about the project covers general interest topics such as the actuarial science
professional, gender equality, climate change and social inclusion. The READI project
collaborates with GAC and industry to promote the news posted on the READI website.
The project continues to improve its website user experience. Web content is modified and
updated as needed to support both ongoing work and special communications activities.
Examples include major updates to website information on the call for Proposals and the
online communications content made available to support the launch of the applied research
program and the outreach events. The project management team provides quarterly,
semiannual and annual updates on the project progress to GAC, which allow the stakeholders
to receive details as to the expected deliverables and provide external perspectives on facing
issues, which assists in updating our stakeholders on project progress, key goals and activities
in a timely manner.
READI Annual Report 2016 – 2017 Page 57
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Daily Bulletin Milestones of the project will be suggested to be featured on UWaterloo’s Daily Bulletin, an
electronic news bulletin issued daily. The Daily Bulletin is also available as an e-newsletter,
mailed to subscribers each working day. All UW faculty and staff are automatically subscribed
to the e-newsletter. Students, retirees, and general community readers are invited to subscribe
to the e-newsletter by adding their email address on the e-newsletter subscription page. The
Daily Bulletin’s e-newsletter goes out to 3,815 subscribers. As for web traffic, the Daily
Bulletin’s website receives an average of 2,000 page views on a day to day basis.
Faculty and Department Pathway Pages Milestones of the project will be delivered on the homepages of the Faculty of Mathematics
and the Department of Statistics and Actuarial Science at UWaterloo to increase awareness
of targeted audience in the Mathematics field.
Press Releases and Media Engagement Sun Life Financial Asia (Sun Life Asia) and University of Waterloo have announced Professor
Ken Seng Tan as the recipient of the Sun Life Fellowship in International Actuarial Science.
As the Sun Life Fellow in International Actuarial Science, Professor Tan will serve as the Chief
Actuarial Advisor for the READI project (Risk Management, Economic Sustainability and
Actuarial Science Development in Indonesia) that University of Waterloo is currently
implementing with the Government of Canada, the Financial Services Authority of Indonesia
(‘OJK’) and other partners.
https://uwaterloo.ca/risk-management-economic-sustainability-actuarial-science-
development-indonesia/news/prof-ken-seng-tan-named-sun-life-fellow-international
READI Annual Report 2016 – 2017 Page 58
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Appendix D: Result and Risk Management Tools (PMF, RR) Updated Project Measurement Framework
EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1000 Indonesia recognized as a centre of excellence in actuarial science and risk manage-ment with attention to gender equality1
1000-1 No. of Indonesian university departments or faculties offering actuarial programs recognized as centres of excellence in actuarial science and risk management with attention to gender equity assessed against criteria established by READI
No departments or faculties recognized as “center of AS excellence”
1 by 2019, 2 by project end
In-country and international published docu-ments
Institute publications
Review of university AS/Risk Management program against Centre of Excellence Criteria.
Document reviews
Baseline
Mid-term
Five-year
Project Director/Field Director
1 The READI project is still finalizing the criteria that will be used to assess “centres of actuarial science/risk management excellence”. Proposed assessment criteria include the following: 1) The Department/Faculty must offer an Actuarial Science stream; 2) The Department/Faculty must have two full-time lecturers who demonstrate a “substantial commitment to actuarial science.” At least one of these lecturers must be Associate/Fellow of an actuarial association, and at least one must have a PhD in a related field; 3) The Department/Faculty must demonstrate some ongoing scholarship in Actuarial Science; 4) a co-op education/work integrated learning program or professional internship; and 5) an active research program.
READI Annual Report 2016 – 2017 Page 59
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1000-2 Perception of Indonesian and international professionals active in actuarial science of the quality and gender equity of Indonesia’s actuarial science and risk management education2.
fair – good
(see baseline data study for details)
Positive shifts over time in several or more of the variables noted in footnote 2 on a “poor” to “excellent” scaler. Positive shift on a question that compares the quality of Indonesian actuarial science education to comparative ASEAN countries
Surveys and interviews with stakeholder groups (industry, government, educators, professionals) including leaders and members of PAI and international actuarial associations
On-line survey with follow up key informant interview
Baseline
Mid-term
Five-year
Project Director/Field Director with consultant support
1100 Increased equitable employment of female and male Indonesian accredited actuarial
1100-1 Number of female and male actuarial science graduates in Indonesia who obtained nationally or internationally recognized credentials during
0
150 (50% female) Key contacts in partner universities, government, associations (PAI, AAUI, AAJI) and
Key informant interviews with senior administrator /HR contacts
Baseline
Mid-term
Project Director/Field Director with consultant support
2 Variables associated with the strength of actuarial science and risk management education include: syllabus alignment with accreditation exam, faculty teaching practices to deliver of content, faculty knowledge of AS content, engagement of teaching institutions with industry, management of the teaching institution, understanding /awareness of and attention to gender equity/diversity issues in teaching/learning, attention to climate risk and risk management in teaching/learning
READI Annual Report 2016 – 2017 Page 60
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
science and risk management graduates by Indonesian businesses, universities and government agencies
the 2016 – 2020 period3.
Indonesian companies
Five-year
1100-2 Number of female and male actuarial science graduates employed by relevant Indonesian businesses, universities or government agencies within six months of graduating during the 2016 – 2020 period.
0
(@ 31Dec2016)
200
Key contacts in partner universities, government, associations (PAI, AAUI, AAJI) and Indonesian companies
Key informant interviews with senior administrator /HR contacts using checklist of data needs (hiring data direct for each entity, and hiring data as tracked by universities or associations for alumni/members)
Baseline
Mid-term
Five-year
Project Director/Field Director with consultant support
3 Note that apart from one uWaterloo MActSci scholarship recipient who was granted IFoA credits based on her MActSci program performance, READI’s support for and influence on achievement nationally or internationally recognized credentials did not begin until the 2017/18 academic year at which time the Undergraduate Scholarship Program began reimbursing AS program students for successfully taking PAI exams.
READI Annual Report 2016 – 2017 Page 61
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1100-3 Perception by Indonesian business, universities, government agencies of the availability and quality of actuarial science graduates4
Fair
(see baseline data report for more details)
majority of respondents provide combined scores in the “good” to “excellent” range for variables
Partner institutions
DIKTI
PAI
AAJI, AAUI
Indonesian companies
On line survey Baseline
Mid-term
Five-year
Project Director/Field Director with consultant support
1200 Strengthened actuarial science and risk man-agement pro-fession, with attention to gender
1200-1 Perception of actuarial profession in Indonesia among industry, actuaries and regulatory bodies, including sensitivity to gender balance/ experiences
Between fair and good
Majority of respondents provide combined scores in the “good” to “excellent” range for variables
Partner institutions
DIKTI
PAI
AAJI, AAUI
Local industry
On line survey Baseline
Mid-term
Five-year
Project Director/Field Director with consultant support
4 Quality refers to having sufficient, relevant knowledge and skills, and to being gender sensitive.
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
equality, in Indonesia5 1200-2: Number of
ASAI and FSAI accredited actuaries registered with Persatuan Aktuaris Indonesia (PAI).
206 Fellows,
193 Associates
230 Fellow
250 Assocaites
PAI
Key informant interview with senior admin.
Baseline
Mid-term
Five-year
Field Director with consultant support
1110 Strengthened linkages6 between industry and university for improved, gender
1110-1 Number of sustainable linkages8 established between industry and universities involving the actuarial profession
A small number of linkages
10 Partner institutions
DIKTI
PAI
AAJI, AAUI
Local industry
On line survey
Baseline
Mid-term
Field Director with consultant support
5 Variables to be checked include: a) Presence of regulatory practices, b) Quality of Continuing Professional Development in the Actuarial Sciences, c) Quality of professional actuarial examinations, d) Supply of qualified actuarial professionals, e) Research capacity in the Actuarial Sciences, f) Attention to gender/diversity in career advancement, policies and practices of industry associations 6 A linkage is a formal agreement to co-operate, cemented with the creation of a joint body or a collaborative undertaking. It could be a task force, working group, or a joint research initiative. 8 READI’s working definition of “Sustainable industry-university linkages” refers to: working groups or committees formed and active; regular/annual events held; or joint initiatives undertaken.
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
equitable actuarial science education in Indonesia7
Five-year
1110-2 Perception of effectiveness of Industry-University Task Force and working groups by stakeholders9
0 Majority of survey and interview re-spondents rate the variables as “good” or “excellent”
Participants on the IUTF from industry, universities and government
Online survey with debriefing workshop
Annual
PO – Capacity Development and Training
1110-3 Number of co-op programs that meet criteria established by project (duration, number of placements, nature of work and compensation)
0 3 co-op programs – by project end
Participating institution reports and key contacts
Tracking status of participating institutions:
a) plan to actual
b) against agreed Co-op Program Criteria
Annual
PO – Co-op Education
1110-4 Number of co-op terms offered
270 co-op terms (50% by females)
Count of Coop terms offered and # of
7 Variables associated with strengthened linkages include: visibility, clarity of purpose, scope of topics, formality of culture, representativeness (f/m), effectiveness, innovativeness, responsiveness, sensitivity to gender equity/diversity in the profession. 9 Effectiveness variables for the IUTF include: level of participation, breadth of representation, sharpness of focus, quality of planning, progress against plan, availability of secretariat support, and coherence of organizational structure.
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
by employers and utilized by students.
students enrolled
1120 Strengthened capacity of female and male actuarial science and risk management teaching professionals and institutions, with attention to gender equality, in Indonesia
1120-1 Number of (f/m) lecturers at participating Indonesian universities who have: a) attained at least four professional actuarial credits or, b) attained associate status and above of an actuarial organization
a) 1
b) 0
a)15 lecturers (f/m) have attained at least four professional actuarial credits b)2 lecturers (f/m) have attained associate status and above of an actuarial organization
Participating institution reports and key contacts
Analysis of project and participating institution reports; interactions with key contacts using checklist of data needs
Annual
Field Director/ Chief Actuarial Advisor with consultant support
1120-2 Number of (f/m) lecturers who have an advanced degree in a field related to actuarial science and risk management
0 15 lecturers and practitioners complete with a graduate degree
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1120-3 Number of professional actuarial credits earned by those supported
0 80 professional actuarial credits obtained by those supported
1130 Improved equitable access to actuarial science and risk management education for female and male university students and graduates in Indonesia
1130-1 Number of (f/m) students enrolled in actuarial science streams in Indonesian universities
<40 students in 2 Masters streams (UI, ITB).
-600 students (at least 300 female) -includes all students enrolled in identifiable actuarial science streams at identified par-ticipating univer-sities.
Participating institution reports and key contacts
Analysis of enrollment data; key informant interviews with partner contacts using checklist of data needs
Annual
Chief Actuarial Advisor with consultant support
1130-2 Number of actuarial science and risk management streams of study established and recognized in partner universities
Two masters in actuarial science pro-grams (UI, ITB), One draft Bachelor’s program in approval process (Surya)
4 undergraduate streams of study (among participating universities)
Participating institution reports and key contacts
Analysis of project and participating institution reports; interactions with key contacts using checklist of data needs
Annual
Chief Actuarial Advisor with consultant support
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1130-3 Number of companies with a) newly formed, or b) strengthened actuarial development program
NA
10 companies Insurance companies
Key informant interviews with key contacts using checklist of data needs
Baseline
Mid-term
Five-year
Field Director with consultant support
1130-4 Number of participants (f/m) in employer actuarial science student development programs
NA 50 people (at least 50% female)
Insurance companies
1130-5 Number actuarial science credits earned by scholarship students, by target student population (gender, home location)
N/A 5,000 actuarial science credits earned (2,500 by females)
Scholarship Mgmt. Database
Review reports from data base, follow up with students, as needed
Real time
Scholarship/ Research Officer
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1210 Increased awareness of the actuarial profession, including attention to related gender issues, by selected target groups including high school and university students, teachers, and parents in Indonesia
1210-1 High school and university students and their families’ awareness and associated perceptions of actuarial profession in Indonesia with attention to gender issues
Initial average recognition rate (HS student) is about 4% equally distributed between genders
Anticipate about 50% recognition rate (f/m) in targeted schools
High School Students & families
Question posed at beginning of each school visit (session), number count of students recognizing what an Actuary is, broken down by gender, grade
Real time (with each school visit)
PO – Math Outreach
University student recognition (f/m) to be determined in baseline study
University student recognition (f/m) to be determined once baseline is known
Students and faculty using the Math and Science buildings
Transect walk through math/science buildings
Baseline
Mid-term
Five-year
Field Director with consultant support
READI Annual Report 2016 – 2017 Page 68
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1210-2 Number of (f/m) students participating in HS outreach activities (including Initial School Visit, Think About AS session, Problem of the Week distributions), and math competitions
0 50,000
(25,000 each f/m)
Math comp:
5,000 (2,500f/2,500m)
Partners and Team/ Math Outreach data base
Review reports from data base
Real time (with each event)
PO – Math Outreach
1220 Strengthened capacity10 of the PAI, OJK and PPPK to develop the actuarial profession in Indonesia.
1220-1 Perception of the capacity of the PAI, OJK and PPPK to promote and support the de-velopment of the actuarial profession in Indonesia, with attention to gender issues.
PAI ratings between 2.5 and 3.1, good to excellent
PAI ratings between 2.6 and 3.1, good to excellent
Partner institutions
- DIKTI
- PAI
- AAJI, AAUI
- local industry
On line survey Baseline
Mid-term
Five-year
Field Director with consultant support
10 Among others, variables associated with the capacity of the Indonesian actuarial profession include: public perceptions of the importance of the profession, leadership of the profession in Indonesia in relations with international bodies, domestic policy influence, services to members (e.g., white papers, website, member professional development), capacity to support member compliance with standards, ability to maintain own compliance with IAA standards, attention given to the participation of women and men in the insurance and risk management profession.
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1220-2 Progress against capacity building plan (PAI)
Intent to build capacity
Identified capacity building activities implemented by PAI
Executive Director/Chair of the Board
Key informant interview
Annual
1111 Technical assistance (TA) provided to partner universities to establish actuarial science and risk management streams of study
1111-1 Number of universities receiving TA to support establishment AS steams of study
0 6 Team Simple count Annual
Chief Actuarial Advisor
1111-2 Effectiveness of the TA provided in support of establishing AS streams of study
N/A 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
TA recipient key contacts
On-line survey Annual
1112 Actuarial Science Applied
1112-1 Number of papers/technical reports produced
0 40 papers/ technical reports
In-country and international published doc-uments
Review reports from data base
Real time
Scholarship/Research Officer
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
Research Program established and operated
1112-2 Perception of quality and value11 of program by stakeholders (applicants/ recipients)
0 70%
Team
Recipients
On line survey Baseline
Mid-term
Five-year
1113 Industry – University Task Force and associated working groups established and operated
1113-1 Number of industry-university task forces established
0 1 task force/ 4 working groups
Team Simple count Real time
PO –Capacity Building & Training
1113-2 Effectiveness of the TA provided in support of creating and operating an industry-university task force and
0 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
TA recipient key contacts
On-line survey Annual
11 Perceptions variables associated with “quality” and “value” of the research program include: clarity of purpose, relevance, visibility, clarity of eligibility requirements, ease of making an application, responsiveness of program to inquiries, support provided to recipients, promotion/dissemination of knowledge products, treatment of gender equity and diversity in relation to the actuarial sciences in Indonesia.
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
associated working groups
1114 TA provided to selected universities to support development of actuarial science and risk management co-op programs
1114-1 Number of universities and companies receiving TA for the development of co-op programs
0 9 universities
15 companies
Team Simple count Real time
PO – Co-op Education
1114-2 Effectiveness of the TA provided in support of creating co-op programs
N/A 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
TA recipient key contacts
On-line survey Annual
PO – Co-op Education
1121 TA provided to partner universities for curriculum design – including review of international standards,
1121-1 Number of universities for which actuarial science and risk management courses are verified as addressing material specified in Indonesian actuarial science professional exams
0 9 university partners Team Review reports from the data base
Real time
Chief Actuarial Advisor
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
course mapping and textbook review – that addresses material specified in Indonesian actuarial science professional exams
1121-2 Effectiveness of the TA provided in support of curriculum design
N/A 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
TA recipient key contacts
On-line survey
Annual
1122 Lecturers and selected female and male practitioners supported to obtain actuarial
1122-1 Number of (f/m) lecturers and practitioners supported financially through the project to obtain professional actuarial credits
0 30 (at least 50% female)
Participating institution reports and key contacts
Analysis of participating institution reports, reports from data base, and key informant interviews with partner contacts
Annual
Field Director
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
credits and/or relevant graduate degrees
1122-2 Number of (f/m) lecturers and practitioners supported through the project to obtain a Master’s degree in actuarial science, statistics or mathematics
0 19 lecturers and practitioners supported to completer an actuarial science and risk management graduate degree (at least 10 females)
Project database
Review reports from data base, and key informant interviews with partner contacts
Annual
Field Director/Project Director
1123 Actuarial science mentoring provided through short courses, e-courses and workshops to selected female and male teaching professionals
1123-1 Number of short courses taught by visiting lecturers
0 25 courses Team
Review reports from data base
Real time
PO –Capacity Building & Training
1123-2 Number of workshops delivered by visiting experts to teaching professionals
0 12 workshops
1123-3 Number of lecturer-months of (f/m) Indonesian lecturers participating in study and exposure visits
NA 24 lecturer-months (with 50% female participation)
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1131 Actuarial sci-ence and risk management scholarship program targeted for female and male undergrad students designed and operated
1131-1 Number and value of scholarships awarded, by target student population (gender, home location)
0 $1.9 million in scholarships awarded
Team/Scholarship Database
Review reports from data base
Real time
Scholarship/ Research Officer
1131-2 Number of undergrad student-years completed by scholarship students
0 250 student-years completed by scholarship students (125 female)
1132 TA provided to employers to strengthen actuarial development programs for employees
1132-1 Number of employers receiving TA for actuarial development programs
0 50 employers Team Review reports from data base
Real time
PO – Capacity Development and Training
1132-2 Effectiveness of the TA provided in support of strengthening actuarial accreditation programs
N/A 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
TA recipient key contacts
On-line survey Annual
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
1211 TA provided to partners on delivery of high school math out-reach programs with an actuarial science focus
1211-1 Number universities receiving TA on delivery of HS math outreach
0 9 university partners Team Review reports from data base
Real time
PO – Math Outreach
1211-2 Effectiveness of the TA provided in support of HS math outreach
N/A 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
TA recipient key contacts
On-line survey Annual
1212 Actuarial science and risk management awareness campaigns designed and implemented
1212-1 Number and type of marketing campaigns by target group (e.g., university students, parents, AAUI) with attention to gender
0 15 Team Review reports from data base
Real time
Field Director
1212-2 Effectiveness12 of the TA provided in support of
N/A 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective,
TA recipient key contacts
On-line survey Annual
12 Effectiveness criteria will include: clarity of messages conveyed; audience engagement achieved (interesting or dull); and targeting of appropriate audiences;
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
awareness programming
timely and gender sensitive
1213 Public interest in actuarial science and risk management promoted through research, publications and media
1213-1 Number type of publications/media initiatives launched
0 25 papers or multimedia products
Team Review reports from data base
Real time
PO - Knowledge Management (advised by PI)
1213-2 List of themes represented
N/A At least 50% of knowledge products incorporate gender, climate change, or social inclusion themes
1221 International professional association and regulator linkages on
1221-1 Number of workshops involving national and/or international bodies addressing professional topics
0 5 workshops with (50% females)
Team Review reports from the data base
Real time
PO Capacity Building & Training Officer
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
profession-related topics facilitated for OJK, PPPK and PAI
1221-2 Number of professional meetings involving Indonesian and international regulators and actuarial associations
0 10 professional meetings (50% females)
1222 Continuing Professional Development (CPD) seminars workshops and mentorships conducted for actuaries and other stakeholders
1222-1 Number of professional seminars and workshops conducted
0 20 seminars, workshops
Team Review reports from data base
Real time
PO Capacity Building & Training Officer
1222-2 Number of female and male participants
0 400 participants (at least 200 females)
Team Review reports from data base
Real time
1223 TA provided to regulators
1223-1 Number of organizations supported
0 1 (PAI) Team Simple count Real time
PO Capacity Building &
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EXPECTED RESULTS
INDICATORS BASELINE DATA
TARGETS (by project end unless other-wise noted)
DATA SOURCES
DATA COLLECTION METHODS
FREQ.
RESP.
and associations13 to strengthen organizational capacity
1223-2 Effectiveness of the TA provided in support of capacity building to regulators and associations
0 70% of survey and interview re-spondents (f/m) assess TA to be relevant, effective, timely and gender sensitive
TA recipient key contacts
On-line survey Annual
Training Officer
13 Associations receiving TA may include: Persatuan Aktuaris Indonesia (PAI), Otoritas Jasa Keuangan (OJK), Pusat Pembinaan Profesi Keuangan (PPPK), Asosiasi Asuransi Jiwa Indonesia (AAJI) and/or Asosiasi Asuransi Umum Indonesia (AAUI).
READI Annual Report 2016 – 2017 Page 79
App.
Updated Risk Register
RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high
Risk Definition Risk Response Investment LM Result Statement
Jan. 2016 Initial Ass’t
Sept. 2016 Changes,
Comments
Feb. 2017 Changes,
Comments
March 2017 Changes,
Comments
Operational Risks
OP1 Availability of Canadian and Indonesian personnel to participate in project activities is low due to work obligations at home institutions
• Engage multiple university partners
• Alternative partner strategy will broaden pools of expertise and increase availability of appropriate personnel
• Schedule major uWaterloo faculty inputs for times convenient to faculty member and project stakeholders.
1110 Strengthened linkages between industry and education 1120 Strengthened teaching of actuarial science and risk management in Indonesia
L = 1 I = 2
No changes UWaterloo faculty scheduling challenges reduced from low (2) to very low risk (1)
No changes
OP2 Indonesian higher education regulations and operational norms pose significant challenges to
• As initial step, seek active support from Directorate General of Higher Education
• Provide global co-op education outcome information to relevant government agencies (DIKTI), university
1110 Strengthened linkages between industry and education 1120 Strengthened teaching of actuarial science and risk management in Indonesia
L = 2 I = 2
No changes No significant change yet. Risk persists but strong support from Director General of Learning & Student Affairs
No changes
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App.
RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high
Risk Definition Risk Response Investment LM Result Statement
Jan. 2016 Initial Ass’t
Sept. 2016 Changes,
Comments
Feb. 2017 Changes,
Comments
March 2017 Changes,
Comments introducing study program innovations and change, including co-op
leadership, lecturers, students and parents to increase receptivity and accelerate implementation
• Use multiple partner approach to spread risk. Work with private and state universities.
• Flexible and iterative implementation process. Begin with hybrid models if necessary.
• Exposure visits to Canada for senior DIKTI and partner university representatives to increase confidence in the benefits of co-op model.
bodes well for piloting of co-op program models at 2-3 universities. New university partner Prasetiya Mulya highly committed to piloting co-op education approach.
Financial Risks
FIN1 Interruptions or delays in funding
• Financial management system includes contingency funding mechanism
1100 Increased availability of Indonesian trained actuarial science and risk management graduates to Indonesian
L = 1 I = 2
No changes Impact increased from 1 to 2 until project bank
No changes
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RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high
Risk Definition Risk Response Investment LM Result Statement
Jan. 2016 Initial Ass’t
Sept. 2016 Changes,
Comments
Feb. 2017 Changes,
Comments
March 2017 Changes,
Comments impact activities
• Pre-project funding commitment to support advanced project action
• Multiple funding sources, for example, industry, government agencies, and international multi-lateral funding agencies.
• Concerted and urgent efforts to ensure project bank account in Jakarta is functioning ASAP.
businesses, universities and government agencies 1200 Strengthened actuarial science and risk management profession in Indonesia
account in Jakarta is opened and functioning. Forecasted that the project will have a bank account functioning in Jakarta by 01 April 2017. Any delays however, could delay implementation of activities and hamper project momentum.
FIN2 Changes in value of Canadian currency reduce ability of project to undertake
• Regular review of budget and costs of planned versus actual activities, assessment of cost effectiveness of each activity stream relative to expected and
1100 Increased availability of Indonesian trained actuarial science and risk management graduates to Indonesian businesses, universities and government agencies
L = 3 I = 2
L=3 I=3
Likelihood reduced from 4 (very high) to 3 (high). Actively engaged in seeking other source of
No changes
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RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high
Risk Definition Risk Response Investment LM Result Statement
Jan. 2016 Initial Ass’t
Sept. 2016 Changes,
Comments
Feb. 2017 Changes,
Comments
March 2017 Changes,
Comments planned activities
actual results, and adjustment following review and approval through project govern-ance mechanisms
• Seek collaborative arrangements with industry partners and associations to maximize economies of scale.
• Seek supplemental or matching funding from alternative sources, for example, industry, government agencies, international multi-lateral funding agencies
1200 Strengthened actuarial science and risk management profession in Indonesia
matching funding from Industry and Government to support parallel and complimentary activities
Development Risks
DEV1 Indonesian and regional political in-stability con-strains travel to Indonesia
• Use technology to substitute for live presence
• Develop travel risk mitigation and security procedures program
1100 Increased availability of Indonesian trained actuarial science and risk management graduates to Indonesian businesses, universities and government agencies
L = 2 I = 2
No changes No changes No changes
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RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high
Risk Definition Risk Response Investment LM Result Statement
Jan. 2016 Initial Ass’t
Sept. 2016 Changes,
Comments
Feb. 2017 Changes,
Comments
March 2017 Changes,
Comments for the provision of Canadian technical assistance
• Actively monitor security situation and obtain reliable situation reports
• Substitute with in-country expertise
1200 Strengthened actuarial science and risk management profession in Indonesia
DEV2 Global and/or regional economic instability leads to lower contribution from and engagement with industry project partners.
• National and multi-national partners engaged
• Project budget reallocations to substitute for industry contributions
• Lock-in industry contributions at project outset in a secure trust account
• Implement risk averse fund management systems
1110 Strengthened linkages between industry and education
L = 2 I = 2
No changes No changes No changes.
DEV3 Target universities fail to retain or recruit a sufficient
• Work with DIKTI to obtain some exemptions or flexibility vis-à-vis hiring of new
1120 Strengthened teaching of actuarial science and risk man-agement in Indonesia
L = 2 I = 2
No changes No significant changes. This is a persistent and pivotal risk.
No changes.
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RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high
Risk Definition Risk Response Investment LM Result Statement
Jan. 2016 Initial Ass’t
Sept. 2016 Changes,
Comments
Feb. 2017 Changes,
Comments
March 2017 Changes,
Comments number of qualified lecturers
lecturers and part-time lecturers.
• Work with university leadership to lobby for allocation of funds to finance hiring contract lecturers.
• Apply existing government post-scholarship retention practices
• Work with industry partners to discourage hiring lecturers qualified through project mechanisms
• Develop retention programs and benefits
Shortage of qualified AS lecturers is perhaps the greatest obstacle to producing large numbers of qualified actuaries quickly. Initial discussions at DIKT give cause for optimism that some flexibility regarding hiring regulations may be possible.
DEV4 Retention and other in-centives are not sufficient to encourage
• Provide strong incentives and rewards on completion, to encourage capable faculty to pursue
1120 Strengthened teaching of actuarial science and risk man-agement in Indonesia
L = 2 I = 2
L=2 I=3
Likelihood reduced from 3 to 2 as many short course participants
No changes.
READI Annual Report 2016 – 2017 Page 85
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RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high
Risk Definition Risk Response Investment LM Result Statement
Jan. 2016 Initial Ass’t
Sept. 2016 Changes,
Comments
Feb. 2017 Changes,
Comments
March 2017 Changes,
Comments faculty to pursue actuarial accreditations
accreditations during degree programs and/or while they are working
report that they plan to sit for PAI exams.
DEV5 There are inadequate well prepared and capable students interested in actuarial sci-ence study programs
• Early development of outreach programs at each participating university
• Strong promotion of actuarial science as an in-demand professional qualification with excellent employment opportunities among targeted stakeholder groups (parents, teachers, guidance counsellors, university lecturers)
• Scholarship program to compete with other career options perceived to be “more glamorous”
1211 High school math outreach programs established with sensitivity to gender participation/ representation
L = 2 I = 2
No changes No significant change, however this risk is appearing to be less and less significant as awareness of actuarial science rises and more universities gear up to offer actuarial science courses.
No changes.
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RISK REGISTER L–likelihood I–impact: 1–very low 2–low 3–high 4–very high
Risk Definition Risk Response Investment LM Result Statement
Jan. 2016 Initial Ass’t
Sept. 2016 Changes,
Comments
Feb. 2017 Changes,
Comments
March 2017 Changes,
Comments
DEV6 Students achieving internationally recognized accreditations leave Indone-sia for better opportunities abroad and do not contribute to diminishing the actuarial shortage
• Emphasize and support efforts for actuarial graduates to obtain PAI accreditation.
• Encourage employers to emulate international compensation packages, particularly those available in the region
1100 Increased availability of Indonesian trained actuarial science and risk management graduates to Indonesian businesses, universities and government agencies 1200 Strengthened actuarial science and risk management profession in Indonesia
L = 2 I = 2
No changes No changes. No changes.
Overall Risk Level
The overall risk level for the project is low
The overall risk level for the project remains low
The overall risk level for the project remains low with some risk variables diminishing
The overall risk level for the project remains low with some risk variables diminishing
READI Annual Report 2016 – 2017 Page 87