The drafters of the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (USQS), which took effect in 2008, believed continuing education (CE) to be so important that they raised the number of hours required from 12 to 30 per year. These and other significant changes left actuaries with a lot of questions about the new requirements and how to meet them.
The Actuarial Standards Board (ASB) has been very busy in recent months in the last year: About 20 of the 52 actuarial standards of practice (ASOPs) that are currently in effect are being revised. In addition, two new standards are being developed, and one actuarial compliance guideline will likely be converted into an ASOP. Most reading this are not a member of the ASB or one of its committees or task forces, but you should know you do have a role to play in this process.
A new paper from the Committee on Professional Responsibility, Professionalism for the Solo Actuary, was published this month. Actuarial Update asked some of the contributing authors—John Purple, Kathleen Wong, and Shawn Parks—to find out more about their views on the challenges facing actuaries working on their own.
The Committee on Professional Responsibility released a new professionalism discussion paper, Professionalism for the Solo Actuary. The ideas and suggestions offered in the paper are intended to assist solo practicing actuaries or actuaries practicing in small firms with respect to situations that they may encounter in providing actuarial services.
Professional judgment is core to an actuary’s work; it comes into play when determining whether an actuary is qualified to take on an assignment, which actuarial standards of practice (ASOPs) to use when performing an assignment, and how to interpret those ASOPs. But the ability to exercise sound professional judgment isn’t magically bestowed when an actuary earns their credential—it is developed over years of training and experience.
Professionalism lies at the heart of the Academy’s mission. Accordingly, the Academy maintains a wealth of professionalism resources to help members keep their professionalism knowledge up to date.
Conflict of interest. We've all heard the term, but what exactly does it mean? And why is it important for actuaries to avoid a conflict of interest? It all goes back to the Code of Professional Conduct.
This “Professionalism Counts” column covers reliance as a matter of responsibility.
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)