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)
The Academy’s third professionalism webinar of 2019, “Reliance: ‘...A Little Help From My Friends,’” looked at how actuarial standards of practice (ASOPs) approach reliance and offered mini-case studies in all practice areas. (Actuarial Update, October 2019)
Academy volunteers gave professionalism presentations at a variety of meetings and seminars around the country on October, covering ethical and other issues and offering Academy professionalism resources. (Actuarial Update, October 2019)
The September “Professionalism Counts” column, “Time for a CE Check,” looks at the continuing education (CE) requirements under the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States that apply to all actuaries in the U.S. that issue SAOs, and how to best meet those requirements as the year draws to a close. (Actuarial Update, September 2019)
Courtesy and Cooperation—The courtesies actuaries extend to one another as professionals are an important element of the cooperation laid out in Precept 10 of the Code of Professional Conduct. (Actuarial Update, August 2019)
As members of a self-regulating profession, actuaries follow the actuarial standards of practice, the U.S. Qualification Standards, the Code of Professional Conduct—and the Code’s Precept 13, which states that if you think another actuary may have violated the Code, you are required to act. This Precept is essential to our profession. (Actuarial Update, July 2019)
The Academy’s second professionalism webinar of 2019, “Big Data: Professional Standards Provided by Actuaries and New Research on Regulatory Views,” provided information on current and emerging Big Data developments, regulatory issues, and the advantages actuarial professionalism requirements can bring to actuaries. (Actuarial Update, July 2019)
Actuaries practicing in the United States must complete 30 hours of relevant continuing education (CE) each year to satisfy the requirements of the U.S. Qualification Standards (USQS). As we hit the middle of the year, we encourage you to take stock of the CE you’ve earned so far and make sure that it has been properly recorded. (Actuarial Update, June 2019)