Society of Actuaries Action Report

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Society of Actuaries Action Report

• PRESENTED TONebraska Actuaries Club
• February 27, 2007Ed Robbins, SOA President

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CRUSAP Report
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CRUSAP Report

• US professions preventative/anticipatory
  reaction to a company failure in UK and
  subsequent Morris Report
• Morris Report was very negative on the actuarial
  profession in the UK

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CRUSAP Report

• US professions preventative/anticipatory
  reaction to a company failure in UK and
  subsequent Morris Report
• Morris Report was very negative on the actuarial
  profession in the UK

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CRUSAP Report (contd)

• Report is in six (6) sections, plus a set of
  recommendations
• 1. Actuarial needs of the public
• 2. Education and training

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CRUSAP Report (contd)

• Report is in six (6) sections, plus a set of
  recommendations (contd)
• 3. Ethics and professionalism
• 4. Oversight and regulation

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CRUSAP Report (contd)

• Report is in six (6) sections, plus a set of
  recommendations (contd)
• 5. Actuarial communications
• 6. Structure of the profession

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CRUSAP Report (contd)

• Recommendations
• Definition of actuarial science the
  quantification, analysis, and management of
  future contingent risk and its financial
  consequences
• Make a home somewhere for all persons doing
  competent actuarial work
• Encourage actuaries to gain sufficient knowledge
  to speak out on public issues

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CRUSAP Report (contd)

• Recommendations (contd)
• Increase use of alternative delivery systems for
  basic education
• Require continuing education on a consistent
  basis
• Define and defend the value proposition for
  Fellowship (by BOD of each actuarial organization)

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CRUSAP Report (contd)

• Recommendations (contd)
• Promote profession-wide discussion of ethics
• Sponsor research to enhance ability of profession
  to meet the actuarial needs of the public
• Promote development establishment of ASoPs
  appropriate to Principles-based regulatory
  environment

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CRUSAP Report (contd)

• Enhance ability of ABCD to identify possible
  violations of the Code of Professional Conduct
• Establish joint disciplinary process, independent
  of the organizations
• Benchmark US disciplinary processes against those
  of other US professions and foreign actuarial
  organizations

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CRUSAP Report (contd)

• Provide for participation in standards
  discipline process by non-actuaries
• Require communications training as part of
  actuarial basic education
• Investigate development of a Web site directed at
  users and the public
• Retain a firm specializing in professional
  organization communications

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CRUSAP Report (contd)

• Establish a group charged with reviewing and
  implementing, where feasible, the reports
  recommendations
• Establish a broad-based, independent group to
  review and advise the group cited in previous
  recommendation
• Establish consolidation of the US actuarial
  profession as a goal of the profession.

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CRUSAP Report (contd)

• Areas of potential coordination
• Qualification standards
• Standards of conduct
• Standards of practice
• Identifying public needs

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CRUSAP Report (contd)

• Areas of Potential Coordination (contd)
• Administering discipline
• Education (basic)
• Education (continuing)
• Representing profession before governments,
  international bodies

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Inside the SOA
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2005 Member Satisfaction
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Expanded ERM Education

• SOA Board approved ERM strategy in February 2005
• SOA/CAS/CIA Risk Management Section
• Delivered record-setting ERM Symposium with CAS
  and PRMIA

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ERM Credential Update

• Establish a leadership position for actuaries in
  the ERM marketplace
• Board approved introduction of new credential
• Expected to be implemented by June 2007

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Marketing Market Development Branding Plan

• Leverage our comprehensive understanding of risk
  into the broader financial services market
• Reintroduce ourselves in traditional markets as
  creative problem solvers who see the whole
  picture

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The Actuaries Brand
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A Profession-Wide Effort

• Image Advisory Group
• American Academy of Actuaries
• American Society of Pension Professionals
  Actuaries
• Canadian Institute of Actuaries
• Casualty Actuarial Society
• Colegio Nacional De Actuarios
• Conference of Consulting Actuaries
• Society of Actuaries

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Key Programs

• Grassroots
• Web
• Public relations
• Horizontal marketing

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Generated National Publicity
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Four Audiences, Four Campaigns

• Actuaries
• Traditional employers insurance
• Traditional employers benefits
• Nontraditional employers BFS

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Themes

• Enterprise Risk Management
• The Actuary A 21st century thought leader
• The value ladder for the actuarial profession

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ACTUARIAL VALUE LADDER EXAMPLE
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EE Redesign

• Computer-Based Testing
• Fundamentals of Actuarial Practice (FAP)
• Validation by Educational Experience (VEE)
• Financial Economics
• Nation- and Practice-Specific Material

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Section-Driven Organization

• Strengthen the section connection to our
  strategic initiatives
• Transfer many practice area activities to
  sections, and
• Develop a common framework for section activities

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SOA Section Initiatives 2007

• Member/Stakeholder Satisfaction
• Learning and Growth
• Operational Efficiencies

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Issue Identification

• Environmental Scanning
• Important Issues Submission Process
• FutureRisk.org

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Research

• Initiated work on Preferred Mortality Valuation
  Project
• Conducted Risks and Process of Retirement Survey

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Continuing Professional Development Requirement

• Learning does not stop at Fellowship
• Board agreed to pursue a Continuing Education
  requirement at October meeting

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Balanced ScorecardA Snapshot
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