The Committee on Professional Responsibility (COPR) released a discussion paper, Actuarial Professionalism Considerations for Generative AI. The chairperson of the COPR task force that wrote the paper, Matt Wininger, offered some insights.

The Committee on Professional Responsibility (COPR) released a professionalism discussion paper, Actuarial Professionalism Considerations for Generative AI. The paper describes the use and professionalism considerations for actuaries using generative artificial intelligence (GenAI) to provide actuarial services.

As summer turns to fall, now is a good time to check that you are on track to meet your continuing education (CE) requirements for the year. Under the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (USQS), you must earn 30 hours of relevant CE each year. (And remember, an hour is defined in the USQS as 50 minutes.)

We’ve all heard the phrase “tone from the top,” shorthand for the idea that leadership sets the ethical tone for their organization. Leaders at all levels influence their reports and peers—even if you lead a small team, you set the tone for those who report to you.

In recent years, the Actuarial Standards Board (ASB) approved a number of proposals to revise actuarial standards of practice (ASOPs). Now, after countless hours of dedicated work by the task forces, committees, and the ASB itself—and valuable input from many of you—final versions of these ASOPs are emerging. During the past few months, the ASB has adopted five revised ASOPs—here’s a look at them.

The results of two recent business ethics surveys make for disheartening reading. The 2023 Global Business Ethics Survey found that pressure to compromise workplace standards and the law hit exceedingly high levels during the pandemic that have yet to recede, and that workplace misconduct is at an all-time high. One bright spot is that the reporting of observed misconduct is at a record high. What does all this have to do with actuaries?

Occasionally actuaries ask about the difference between practice notes and actuarial standards of practice (ASOPs). While practice notes and ASOPs both provide useful information to the actuary, only one of them is binding. A look at the differences.

The Committee on Professional Responsibility released a new discussion paper, The Actuary’s Toolbox: Peer Review—How Can It Help? Two of the actuaries involved in writing the paper—Harry Hotchkiss and Karin Swenson-Moore—offered their insights on the paper and peer review.

The Committee on Professional Responsibility released a new paper, The Actuary's Toolbox: Peer Review—How Can It Help? Many actuaries or employers of actuaries have developed policies and best practices for peer review to support actuarial professionalism in the performance of actuarial services. This discussion paper provides some ways for actuaries to consider peer review in the context of professionalism.

The Actuarial Standards Board released an exposure draft of a proposed revision to Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas). ASOP No. 12 Task Force Chairperson Brian Mullen offered insight on the proposed changes—comments are due May 1.

The Actuarial Standards Board released an exposure draft of a proposed revision to Actuarial Standard of Practice (ASOP) No. 7, tentatively titled Analysis of Life, Health, or Property/Casualty Insurance Cash Flow Risk. ASOP No. 7 Task Force and ASB Life Committee Chairperson Matt Monson discussed some of the proposed changes—comments are due June 1.

We’ve long recommended reading key professionalism documents at least once a year as a refresher, and the start of the new year is a good time to do it. You may think you know the Code of Professional Conduct, the U.S. Qualification Standards, and the actuarial standards of practice that apply to your work. But when you pick them up and reread them, you will likely be reminded of some aspect that you hadn’t thought about in a while.

Professionalism discussions often focus on Precept 13 and the actuary’s obligation to report apparent, unresolved, material violations of the Code of Professional Conduct to the Actuarial Board for Counseling and Discipline. But little is said about the last precept of the Code, Precept 14, and its role in becoming “a better actuary.”

Fall is traditionally a time of plenty, when harvests are gathered in and stored for winter. Images of cornucopias, filled with pumpkins and other fall produce, signal an abundance of resources to weather the cold months ahead. With professionalism at the heart of the Academy’s mission, we’ve created a cornucopia of professionalism resources to help you keep your professionalism knowledge up to date.

As the days draw short, this is a good time to check your progress toward meeting your CE requirements before the end of the year, in order to meet USQS requirements.

The Actuarial Standards Board recently adopted a revision of Actuarial Standard of Practice (ASOP) No. 20, Discounting of Property/Casualty Claim Estimates, which takes effect Dec. 1, 2023. Robert Walling, chairperson of the task force that revised the standard, offered insight on the changes and how they may affect actuaries’ work.

With four actuarial standards of practice open for comment and another expected later this summer, now is a good time for a reminder that your participation in the standards-setting process is invaluable to the Actuarial Standards Board and to the profession as a whole.

The recent emergence of generative artificial intelligence (AI) tools like OpenAI’s ChatGPT has stimulated considerable discussion about how these technologies can be used by actuaries when providing professional services. But actuaries must be sure to take into consideration things like actuarial standards of practice and the Code of Professional Conduct, writes Academy Senior Director of Professionalism Brian Jackson.

Having just earned a newly minted credential, actuaries may feel they are up to date, but continuing education requirements apply as soon as they join one of the five U.S.-based actuarial organizations.

The actuarial profession is rare in that it has, for the most part, successfully remained self-regulated. Decades ago, actuaries established standards for conduct, qualifications, and practice, as well as a means for enforcing them. Professional judgment must be exercised with skill and care to maintain the trust of the public, of principals, and of government entities.