Academy Updates International Strategy
The American Academy of Actuaries is the national association for actuaries practicing in the U.S. Our mission is to serve the U.S. public on behalf of the profession. Of course, in an increasingly global world, international developments can affect our work at home. That’s why the Academy has long been actively engaged on international issues when they directly affect actuarial practice within the U.S.
Our international efforts represent a significant commitment of resources, both in terms of volunteer time and funding. Over the last 18 months the Academy’s Board of Directors has completed a detailed review of both our mission and our current international efforts and has developed an updated set of strategic international goals.
These goals flow naturally from our mission statement, which says that “[t]he Academy coordinates the representation of the U.S. profession globally.” The Board has adopted four international goals for the Academy consistent with the mission:
- Represent the U. S. actuarial profession in front of key supranational organizations;
- Maintain good relations and open communications with key actuarial associations;
- Monitor international developments with the potential to affect actuarial practice within the U.S. and represent the U.S. actuarial profession as needed; and
- Assist the growth and maturation of actuarial associations outside the U.S. when a) requested by the local association, and b) the resource commitment will not disrupt other Academy priorities.
By focusing on these goals, the Academy will be able to more effectively focus its international efforts on achieving its mission.
You will begin seeing a number of changes as the Academy starts implementing this new international strategy. This will include identifying Academy volunteers with the ability to serve as new contacts and advisers to assist with the Academy’s outreach to key nongovernmental international organizations, such as the International Accounting Standards Board (IASB) and the International Association of Insurance Supervisors (IAIS), whose actions have the potential to affect actuarial practice within the U.S. We also anticipate providing dedicated staff support to help coordinate the Academy’s interactions with these international bodies and with other actuarial associations around the world.
These changes reflect the Board’s determination that direct outreach will be more effective than the Academy’s prior strategy of working through the International Actuarial Association (IAA). As we undertake these initiatives, the Academy Board has decided to withdraw from the IAA. This will free up the resources needed for the new international strategy. While the Academy appreciates its long association with the IAA, after a thorough review of both the Academy’s mission and international goals, our Board of Directors has determined that maintaining membership in the IAA is no longer the most effective way of furthering the Academy’s mission and relationships.