Mid Term Review

READI Project (2016-2020) – Risk Management, Economic Sustainability, and Actuarial Sciences in Indonesia


This is the report of a mid-term review of the READI project a five year, $15 million CAD project supporting risk management, economic development and actuarial sciences in Indonesia.  The project, funded by Global Affairs Canada (GAC), is being implemented by the University of Waterloo (uWaterloo) in cooperation with the Otoritas Jasa Keuangan (OJK), the Indonesia Financial Services Supervision Authority.  Manulife Financial Indonesia has provided one million CAD in co-funding support.  Similarly, Sun Life Financial has provided one half million CAD to support the incorporation of lessons learned into Faculty programs and provide funding for a Chair in Statistics and Actuarial Science.

The READI project’s objective is to establish Indonesia as a regional centre of actuarial excellence and to strengthen the actuarial profession in Indonesia, with attention to gender equality.  The project is designed to achieve these objectives by working with high schools and universities, the insurance 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.

Global Affairs Canada had initially planned to conduct its own independent evaluation of READI at the project mid-point of the project.  For a number of reasons, the Department was unable to field an independent evaluator.  With the knowledge of Global Affairs, READI management requested that the RBM specialist, Philip Cox, and the project’s Gender specialist, Dana Peebles, lead this internal review with the support of the firm, Bandung Trust, which was previously engaged in READI’s baseline study. 

This review of READI was designed to:

  1. understand how the operating context for READI has evolved since project start-up in 2015 and the implications of those shifts on project implementation;
  2. assess progress against immediate and intermediate outcomes with reference to the PMF and the READI Gender Equality Strategy and identify any strategic adjustments that might be required to further strengthen project results; and
  3. identify operational strengths and shortcomings to date and recommend ways to reinforce or strengthen project management.

The review team used a mixed-methods, utilization-focused research approach featuring document review, key informant interviews, focus groups, random encounters and workshop discussions.  They anchored all data gathering to an agreed set of key questions.  These are set out in the design document which is appended. 

Mid-Term Report