Printer-friendly versionThe Academy upholds the profession's standards through the Actuarial Standards Board (ASB), the Actuarial Board for Counseling and Discipline (ABCD), and the Academy's Committee on Qualifications.
An autonomous board housed within the Academy, the ASB establishes and improves standards of practice for all practice areas. Members of the Academy and members of ASPPA, the CAS, CCA, and the SOA, along with members of the Canadian Institute of Actuaries practicing in the United States, are bound by the standards.
Aside from developing ASOPs, the ASB also amends, expands, and eliminates these standards to reflect changes in actuarial methods and techniques.
The ASB's operations are supported by Academy staff.
The ABCD is also an autonomous board housed within the Academy. Its responsibilities include:
- providing guidance to practitioners
- offering actuaries and the public an avenue for reporting material grievances regarding the professional activities of actuaries
- investigating possible violations of the Code of Professional Conduct
- counseling members regarding their practices
- recommending to member organizations, when appropriate, courses of discipline for actuaries who violate standards of conduct
The Academy's Committee on Qualifications investigates issues arising with respect to the minimum requirements necessary to qualify members to perform publicly required actuarial functions. It recommends to the Board of Directors minimum qualifications standards, including continuing education requirements for such members, and counsels members on questions relating to individual qualifications. It also develops guidelines for the administration of the Academy qualification standards, including continuing education requirements.
