Core Values of the Academy
The core values of the American Academy of Actuaries guide volunteers and staff in the work we do for and on behalf of the Academy. These values form the foundation upon which we seek to ensure that the U.S. actuarial profession maintains the public’s trust. In keeping these values at the heart of all we do, we uphold the mission of the Academy “to serve the public and the United States actuarial profession” in pursuit of its vision “that financial security systems in the United States be sound and sustainable, and that actuaries be recognized as preeminent experts in risk and financial security.”
Our Core Values
- Independence – means we place the Academy’s mission and vision above our personal interests, our employers’ interests, the interests of those we serve, and the interests of other organizations with which we associate. We respect the objectives of those whom we advise but consider them within the context of broader public interests.
- Objectivity – means we consistently strive to base our work on facts and actuarial principles, using input from a broad variety of sources and perspectives to inform our professional judgment.
- Balance – means we seek to engage, understand, and reflect diverse perspectives to effectively address the varied interests and needs of beneficiaries of financial security systems in the U.S.
Why We Hold These Values
Financial security systems in the United States have many forms and serve many different needs that arise from uncertain futures. In a variety of ways, actuaries serve these systems and the people that they are meant to support. To fully serve the public and the profession, the Academy needs to consider the many needs these systems serve and the many ways that actuaries are involved with them.
- Our commitment to independence allows us to share our knowledge and perspectives while seeking to understand the knowledge and perspectives of others that differ from our own. Independence allows us to remain separate from the influence of others while working together to assess the effectiveness of systems that are already in place and to evaluate possible changes.
- Our commitment to objectivity helps us to remain open to new information, so that our work is free of personal bias and reflects sound actuarial analysis and reasoning. Objectivity demands that we are transparent about the data and other information we use and the methods we use to evaluate them to ensure that our advice is fact based and reflects sound actuarial analysis and reasoning, and recognizes the value of incorporating diverse approaches and viewpoints to bring balance to our work.
- Our commitment to balance recognizes that, to be effective, we need to understand the unique needs and interests of those we serve and reflect their diverse perspectives to provide a comprehensive view of issues as we work to educate and inform others about the challenges they face.
These values require that we incorporate high levels of professionalism in developing all work products within an inclusive environment, in which we seek and include alternative viewpoints resulting in credibility and reliance on our professional judgment. To be trusted, we must hold ourselves mutually and individually accountable for any commitments we make and confirm with those we are serving that their needs are being met in a fair and respectful way.
What We Expect of Our Volunteers and Other Stakeholders
To engender trust in our work, we expect all volunteers and staff to exercise professional judgment, to recognize and address the viewpoints of all stakeholders, and to seek alternative points of view that may not immediately be raised. We expect all volunteers and staff to respectfully call attention to any conduct that is inconsistent with these values, which could undermine trust in the Academy and in our profession.
- To maintain independence, we expect volunteers and staff to continually monitor and evaluate their ability to act independently of outside interests. All volunteers sign an annual commitment to abide by our Conflict of Interest Policy. We expect volunteer leaders and staff to regularly remind others of this expectation and to be alert for possible conflicts of interest affecting our activities, even if they are unintentional.
- To maintain objectivity, we expect all volunteers and staff to carefully distinguish and call attention to the difference between fact and opinion. Though opinions can be valuable, we expect all volunteers and staff to recognize them as opinions and to look for data to support or refute them.
- To achieve balance in our work, we expect volunteer and staff leaders to monitor the diversity of teams engaged in various activities; to actively recruit for a diversity of backgrounds, experiences, and perspectives; and to facilitate discussion by actively soliciting all members’ expertise and opinions. We ask all volunteers and staff to consider how they might support these expectations and to act accordingly when they see the opportunity.
Our Commitment
The American Academy of Actuaries is committed to independence, objectivity, and balance as essential to fulfilling our mission, to achieving our vision, and to maintaining a system of effective self-regulation.
We are open to feedback from our stakeholders about how well we maintain our independence, objectivity, and balance, and we expect all volunteers and staff to carefully consider such feedback and to respond appropriately.
Adopted by the Board, May 2024
