Professionalism News and Events

The words “must,” “should,” and “may” in Actuarial Standard of Practice (ASOP) No. 1 offer guidance to all ASOPs, which help to protect the public by defining what constitutes appropriate practice. Understanding their definitions and professionalism implications will help you to satisfy all of standards of practice that apply to your work and, thereby, also help you to achieve this broader purpose. (Actuarial Update, August 2017 (August 31, 2017)
Following the Academy’s June professionalism webinar on actuary-to-actuary communication, former Actuarial Board for Counseling and Discipline (ABCD) Chairperson Janet Fagan writes about questions surrounding Precept 10, “Courtesy and Cooperation,” when a principal replaces one actuary with another, and the ABCD’s role in providing guidance. (Actuarial Update, July 2017) (July 31, 2017)
In Part 3 of the “Professionalism in Action” series, Academy President Bob Beuerlein looks at professionalism and new and emerging practice areas, and urges actuaries to use the Code of Professional Conduct and the resources of the Committee on Qualifications and the Actuarial Board for Counseling and Discipline. (Contingencies, July/August 2017) (July 01, 2017)
Making sure your continuing education (CE) is relevant involves completing and documenting 30 hours of CE each year, as required under the U.S. Qualification Standards (USQS). While there are many ways to earn CE, keep in mind it must be relevant to the actuarial services you provide to satisfy USQS requirements. (Actuarial Update, June 2017) (June 30, 2017)
What do the varied stages of life, and one’s professional career, mean for the practical application of professionalism principles to issues actuaries deal with in their everyday work? Joeff Williams, vice president, professionalism, and Committee on Qualifications Chairperson Keith Passwater look at these issues in the context of the Code of Professional Conduct and more. (Actuarial Update, May 2017) (May 31, 2017)
In Part 2 of the “Professionalism in Action” series, Academy President Bob Beuerlein explores actuary-to-actuary communications, including elements of Actuarial Standards of Practice (ASOPs) No. 1 and No. 41, Precepts 10 and 13 from the Actuarial Code of Professional Conduct, and the Actuarial Board for Counseling and Discipline’s request for guidance process. (Contingencies, May/June 2017) (May 01, 2017)
Wondering which actuarial standard of practice (ASOP) applies to a particular situation? Check the Applicability Guidelines, published by the Academy’s Council on Professionalism, which can help actuaries determine which ASOP applies to the task at hand, including those that apply to every assignment. (Actuarial Update, April 2017) (April 28, 2017)
In a four-part series in Contingencies, Academy President Tom Wildsmith examines the infrastructure of actuarial professionalism and how the Academy is instrumental in supporting that infrastructure and the U.S. actuarial profession. Wildsmith terms this infrastructure a “web of professionalism,” and the series explores how the Academy developed these foundational documents and bodies to provide the professionalism framework for the profession:
  1. The Code of Professional Conduct binds Academy members to the highest standards of conduct, recognizing that all members have a moral responsibility to all the many people who may depend on their work.
  2. The U.S. Qualification Standards provide actuaries with the guidance needed to meet the ethical obligation to practice competently and responsibly.
  3. Through the Actuarial Standards Board, the Academy has promulgated 50 actuarial standards of practice covering all areas of actuarial practice.
  4. Through the Actuarial Board for Counseling and Discipline, the Academy provides the basic disciplinary framework for the profession.
“The Academy was founded so that the U.S. actuarial profession could earn the public’s trust,” Wildsmith writes. “Our primary mission is to ensure that U.S. actuaries—both individually and collectively—provide the public with the professionalism it deserves.”

The series was redesigned as a standalone publication. Read it here.  (April 27, 2017)
It’s time once again to nominate a deserving colleague or respected mentor for one of the Academy’s prestigious annual awards, either for public service or for a lifetime of service to the actuarial profession and the Academy, as described below.
  • The Robert J. Myers Public Service Award honors an actuary who made an exceptional contribution to the common good, specifically through a single noteworthy public service achievement or a career devoted to public service.
  • The Jarvis Farley Service Award is a lifetime achievement award presented to an actuary whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession through a lifetime of service.
  • The Outstanding Volunteerism Award honors Academy volunteers who have made a single, noteworthy volunteerism contribution in the past year.

The deadline for nominations is June 30, and the awards will be presented at the Academy’s Annual Meeting and Public Policy Forum Nov. 14–15 in Washington.
(April 25, 2017)
Actuarial Standards Board (ASB) Vice Chairperson Frank Todisco writes about Actuarial Standard of Practice (ASOP) No. 32, Social Insurance, which is currently undergoing revision. The ASB created a task force last year to examine ASOP No. 32—which does not fall into any one particular practice area—that met in January and plans to issue a summary of changes and a full exposure draft later this year. (March 31, 2017)