More than 2,200 people attended the Academy’s March professionalism webinar, “A Guided Tour of the U.S. Qualification Standards,” which took an in-depth look at issues and commonly raised questions received by the Committee on Qualifications. COQ members Tom Campbell, Keith Passwater, and Hal Tepfer engaged in a lively discussion of the experience requirement, what counts as a statement of actuarial opinion, the “look in the mirror” test, and more. (Actuarial Update, March 2018)
In “Disclosure: The Cornerstone of the ASOPs’ Strength,” Actuarial Standards Board (ASB) Chairperson Beth Fitzgerald outlines the ASB’s process in developing actuarial standards of practice (ASOPs) and the ASB’s role in what disclosures actuaries will need to make to comply with an ASOP, and specifically notes the importance of ASOP No. 41, Actuarial Communications. (Actuarial Update, February 2018)
“New Standards for the New Year,” by Actuarial Standards Board (ASB) Chairperson Beth Fitzgerald, highlights several new actuarial standards of practice (ASOPs)—Nos. 51, 52, and 53—offering explanations behind their promulgation last year, and the role of the ASB’s committees and task forces in creating the ASOPs. (Actuarial Update, January 2018)
Committing on an annual basis to professional objectivity is required to perform volunteer work for all those who participate in Academy committees. D. Joeff Williams, vice president of the Academy’s Council on Professionalism, outlined the policy with a request that volunteers and submit a conflict of interest (COI) acknowledgement and continuing education attestation as soon as possible. Interested parties must also acknowledge the COI policy. (Actuarial Update, January 2018)
In the “Tradecraft” Contingencies column, Council on Professionalism (COP) Chairperson Joeff Williams writes on “Building a Culture of Professionalism: A Resource Guide for Chief Actuaries,” covering COP’s professionalism mission and the Academy’s professionalism resources that are available to chief actuaries. (Contingencies, January/February 2018)
In “If You Get That Call,” Actuarial Board for Counseling and Discipline (ABCD) Chairperson Richard Block writes that compliance with the Code of Professional Conduct’s Precept 14, requiring the actuary to cooperate with the ABCD, often boils down to Will Rogers’ adage, “If you find yourself in a hole, stop digging.” (Actuarial Update, December 2017)
The final professionalism webinar of 2017 delivered a topic that many members have long requested—case studies and examples of professionalism issues that have come before the Actuarial Board for Counseling and Discipline (ABCD). “Tales From The Dark Side: Ethical Cases at the ABCD” featured ABCD members Godfrey Perrott and David Driscoll, who drew upon staples of popular culture to provide entertaining and enlightening examples of such issues. More than 2,300 people attended the Dec. 20 webinar, which was moderated by Academy General Counsel and Director of Professionalism Paul Kollmer-Dorsey.
“Professionalism Resources at Your Fingertips” spotlights the Academy’s many available professionalism resources via publications, the Code of Professional Conduct, the U.S. Qualification Standards (USQS), the Academy’s USQS Attestation Form, and via the Actuarial Standards Board and the Actuarial Board for Counseling and Discipline. (Actuarial Update, November 2017)
The actuarial standards of practice (ASOPs) require actuaries to take action, by stating what the actuary should do, consider, document, and disclose in the course of performing actuarial services. Actuarial Standards Board Chairperson Maryellen Coggins looks at “Reliance and the ASOPs: In Good Faith and Subject to Disclosure,” through the lens of reliance on third parties, reasonableness, and suitability of data. (Actuarial Update, October 2017)
As the third quarter comes to a close, it’s time to evaluate your annual required—and documented—continuing education (CE) requirements, writes Academy President Bob Beuerlein. CE is required under the U.S. Qualification Standards, and the Academy offers many opportunities for actuaries to gain their necessary credit, including the November Annual Meeting and Public Policy Forum. (Actuarial Update, September 2017)
The words “must,” “should,” and “may” in Actuarial Standard of Practice (ASOP) No. 1 offer guidance to all ASOPs, which help to protect the public by defining what constitutes appropriate practice. Understanding their definitions and professionalism implications will help you to satisfy all of standards of practice that apply to your work and, thereby, also help you to achieve this broader purpose. (Actuarial Update, August 2017)
Following the Academy’s June professionalism webinar on actuary-to-actuary communication, former Actuarial Board for Counseling and Discipline (ABCD) Chairperson Janet Fagan writes about questions surrounding Precept 10, “Courtesy and Cooperation,” when a principal replaces one actuary with another, and the ABCD’s role in providing guidance. (Actuarial Update, July 2017)
Making sure your continuing education (CE) is relevant involves completing and documenting 30 hours of CE each year, as required under the U.S. Qualification Standards (USQS). While there are many ways to earn CE, keep in mind it must be relevant to the actuarial services you provide to satisfy USQS requirements. (Actuarial Update, June 2017)
What do the varied stages of life, and one’s professional career, mean for the practical application of professionalism principles to issues actuaries deal with in their everyday work? Joeff Williams, vice president, professionalism, and Committee on Qualifications Chairperson Keith Passwater look at these issues in the context of the Code of Professional Conduct and more. (Actuarial Update, May 2017)
Wondering which actuarial standard of practice (ASOP) applies to a particular situation? Check the Applicability Guidelines, published by the Academy’s Council on Professionalism, which can help actuaries determine which ASOP applies to the task at hand, including those that apply to every assignment. (Actuarial Update, April 2017)
In a four-part series in Contingencies, Academy President Tom Wildsmith examines the infrastructure of actuarial professionalism and how the Academy is instrumental in supporting that infrastructure and the U.S. actuarial profession. Wildsmith terms this infrastructure a “web of professionalism,” and the series explores how the Academy developed these foundational documents and bodies to provide the professionalism framework for the profession:
- The Code of Professional Conduct binds Academy members to the highest standards of conduct, recognizing that all members have a moral responsibility to all the many people who may depend on their work.
- The U.S. Qualification Standards provide actuaries with the guidance needed to meet the ethical obligation to practice competently and responsibly.
- Through the Actuarial Standards Board, the Academy has promulgated 50 actuarial standards of practice covering all areas of actuarial practice.
- Through the Actuarial Board for Counseling and Discipline, the Academy provides the basic disciplinary framework for the profession.
The series was redesigned as a standalone publication. Read it here.
The Robert J. Myers Public Service Award honors an actuary who made an exceptional contribution to the common good, specifically through a single noteworthy public service achievement or a career devoted to public service.
The Jarvis Farley Service Award is a lifetime achievement award presented to an actuary whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession through a lifetime of service.
- The Outstanding Volunteerism Award honors Academy volunteers who have made a single, noteworthy volunteerism contribution in the past year.
The deadline for nominations is June 30, and the awards will be presented at the Academy’s Annual Meeting and Public Policy Forum Nov. 14–15 in Washington.