Precept 8, Annotation 8-1 of the Code of Professional Conduct (the Code) observes that an actuarial communication prepared by you as an actuary “may be used by another party in a way that may influence the actions of a third party.” This is your power as an actuary.
As this unusual year draws to a close it’s time to make sure you are on track to meet the continuing education (CE) requirements of the U.S. Qualification Standards (USQS) by the end of the year.
The October “Professionalism Counts” column looks at “Must, Should, May: When Do You Need to Disclose a Deviation From an ASOP?”
Following up the August professionalism webinar, “In Times of Uncertainty, Professionalism Is Certain,” this month’s column answers overflow questions that were not addressed in the webinar.
The August “Professionalism Counts” looks at the Applicability Guidelines for Actuarial Standards of Practice (ASOPs) and how the guidelines are an effective tool to help actuaries determine which ASOPs apply to a given situation. (Actuarial Update, August 2020)
Six Academy past, present, and future presidents presented at the Aug. 20 professionalism webinar, “In Times of Uncertainty, Professionalism Is Certain,” covering a range of issue from the COVID-19 pandemic to the Code of Professional Conduct and some of the Code’s key precepts.
The first precept of our Code of Professional Conduct requires us to act with integrity, honesty, and competence. The remaining precepts elaborate on this basic requirement in other areas, including standards of practice and communication.
The Academy’s next professionalism webinar, “In Times of Uncertainty, Professionalism is Certain,” will be held July 29 from noon to 1:30 p.m. Presenters—Academy past presidents Shawna Ackerman, Bob Beuerlein, Tom Terry, and Tom Wildsmith; and President-Elect nominee Maryellen Coggins—will discuss the Code of Professional Conduct and more. Academy President D. Joeff Williams will moderate. Continuing education and Joint Board for Enrollment of Actuaries (JBEA) credit will be available.
The June “Professionalism Counts” column is a Q&A with three members of the Committee on Professional Responsibility on self-regulation, following release of the discussion paper Self-Regulation and the Actuarial Profession. (Actuarial Update, June 2020)
The Committee on Professional Responsibility has released a new discussion paper. Self-Regulation and the Actuarial Profession is intended to generate discussion among actuaries about the importance of self-regulation and how individual actuaries can help preserve self-regulation. It aims to raise actuaries’ awareness of the importance and value of self-regulation and identify actuaries’ responsibilities with respect to maintaining self-regulation of the actuarial profession in the United States.
Because clients, employers, and the public rely on the work of actuaries, actuaries must hold themselves to high standards of conduct. (Actuarial Update, May 2020)
The Academy’s first professionalism webinar of 2020 offered cross-practice context focused on the newest actuarial standard of practice (ASOP)—ASOP No. 56, Modeling. Featuring former members of the Actuarial Standards Board as well as speakers from the task force that drafted the standard, the webinar examined the scope of the standard, what constitutes a model, and the fundamental guidance given by the standard. (Actuarial Update, April 2020)
With conferences and other in-person events canceled across the country due to the ongoing COVID-19 pandemic, the Academy offers many opportunities to earn relevant continuing education (CE) to fulfill your professionalism obligations, which are so important to maintaining the public’s trust in our profession. (Actuarial Update, April 2020)
Clear actuarial communication—especially in a time of a pandemic crisis when most people are working remotely—is about much more than the numbers, as spelled out in both Actuarial Standard of Practice No. 41, Actuarial Communications, and Precept 4 of the Code of Professional Conduct. (Actuarial Update, March 2020)
Most of the time, actuaries know which standards of practice apply to their work. Precept 3 of the Code of Professional Conduct requires actuaries to ensure that the actuarial services they perform satisfy applicable standards of practice. (Actuarial Update, February 2020)
The ABCD released its 2019 Annual Report. Last year the ABCD handled 138 cases, comprised of 104 requests for guidance (RFGs) and 34 inquiries, in line with the previous year. It received 17 new inquiries and closed 20 inquiry cases. Of the closed inquiry cases, 12 were dismissed, one was dismissed with guidance, five resulted in counseling, and two were resolved with a recommendation for discipline.
The Actuarial Standards Board released the new Actuarial Standard of Practice (ASOP) No. 56, Modeling. This new ASOP applies to all practice areas and will be effective for work performed on or after Oct. 1, 2020. (Actuarial Update, January 2020)
What happens during an Actuarial Board for Counseling and Discipline (ABCD) investigation? By providing guidance to actuaries with questions and by investigating possible material violations of the Code of Professional Conduct, the ABCD plays a vital role in the actuarial profession’s efforts to ensure that all members maintain our self-imposed high standards of practice, conduct, and qualification. (Actuarial Update, December 2019)
Facing a professionalism conundrum? The experts at the Actuarial Board for Counseling and Discipline are here to help actuaries with requests for guidance—formal or informal—and much more. (Actuarial Update, November 2019)
The October “Professionalism Counts” column, “Common Year-End Qualification Questions,” covers continuing education (CE) basics that actuaries should keep in mind in fulfilling their annual CE and professionalism requirements. (Actuarial Update, October 2019)