An Overview of Cross-Practice Standards
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Oct. 19, 2016
Noon-1:30 p.m. EDT
While the large majority of current and prospective ASOPs apply to specific areas of actuarial practice, the ASB has promulgated, and is in the process of developing, a number of ASOPs that apply to all practice areas. These “cross-practice” standards are valuable in that they are intended to create a baseline for appropriate actuarial practice. This webinar presented an overview of the value and challenges of cross-practice standards by looking at ASOP No. 1 (Introductory ASOP), ASOP No. 23 (Data Quality), ASOP No. 25 (Credibility Procedures), and ASOP No. 41 (Actuarial Communications), as well as some of the proposed standards on modeling and assumptions that are now in development, and discussed their relationship to practice-specific standards and the practicing actuary.
Maryellen Coggins, MAAA, FCAS, CERA
Chairperson, Actuarial Standards Board
Maryellen Coggins is chairperson of the Actuarial Standards Board (ASB) and managing director at PricewaterhouseCoopers in Boston. Coggins is a casualty actuary by background and practiced in more traditional property and casualty actuarial roles before shifting her focus to enterprise risk management (ERM). She previously worked on the ASB’s ERM Committee as it worked to develop actuarial standards of practice (ASOPs) No. 46, Risk Evaluation in Enterprise Management, and No. 47, Risk Treatment in Enterprise Management. She is a member of a task force that is working on a proposed modeling ASOP, and served as vice president of the Academy’s Risk Management and Financial Reporting Council for two years.
Frank Todisco is the ASB vice chairperson for operations and chief actuary at the U.S. Government Accountability Office (GAO). As chief actuary, he serves as an expert advisor to GAO mission teams and the Congress on actuarial issues of national interest, including those related to retirement security, health care, life and casualty insurance, and major federal programs and policies in these areas. Todisco is a nationally recognized expert on retirement security issues, including those related to Social Security, traditional defined benefit pension plans (both public sector and private sector), and defined contribution plans and lifetime income issues. He has spoken and written frequently on these subjects. Todisco is also former chairperson of the ASB Pension Committee. Prior to joining GAO, Todisco was the American Academy of Actuaries’ senior pension fellow, where he facilitated the formulation of sound retirement policy by providing nonpartisan technical assistance to Congress, federal regulators, and other public policymakers.
Academy General Counsel and Director of Professionalism
- The registration fee was $50.
- Government regulators were invited to attend free of charge.
*The opinions expressed by the panelists during this presentation do not represent the opinions of any of the panelists’ employers or any boards or committees of the Academy or the Actuarial Standards Board or the Actuarial Board for Counseling and Discipline.
The American Academy of Actuaries believes in good faith that attendance at this live professionalism webinar constituted an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States. Under these Qualification Standards, an hour of continuing education is defined as 50 minutes, and fractions of an hour may be counted.