By Tricia Matson
As I write my final Contingencies article as president of the American Academy of Actuaries, I want to share that it has been the privilege of a lifetime to serve in this role. I am deeply grateful for the amazing opportunity to work alongside dedicated volunteers, members, staff, regulators, policymakers, and fellow leaders across the actuarial community. Again and again, I have been inspired by the generosity of actuaries who give their time, judgment, and experience in service of something larger than themselves. Their work is often quiet, careful, and performed behind the scenes, but its impact is profound.
This has also been a year of meaningful accomplishment. The Academy continued to elevate the U.S. actuarial perspective on issues central to financial security, including Social Security, health care, insurance, retirement, climate risk, cyber risk, artificial intelligence, and professionalism.
We reinforced the value of actuarial expertise in public policy conversations, advanced professionalism education, enhanced understanding of the meaning of the MAAA credential, and strengthened member engagement and benefits.
We implemented processes to monitor how well we are serving our key stakeholders, identify and respond to disruptive events, and monitor risks to the reputation of the profession. Most importantly, we did this while remaining grounded in the Academy’s mission—to serve the public and the U.S. actuarial profession.
I find myself thinking about time—how quickly a year can pass, how much a profession can accomplish in a generation, and the commitments we must uphold if we are to continue earning the public’s trust.
This year also brings a fitting milestone: the 25th anniversary of the Code of Professional Conduct, which took effect on Jan. 1, 2001, and was adopted by each of the five U.S.-based actuarial organizations. The Code defines what it means for an actuary to act as a professional and reminds us that our obligations extend not only to clients and employers, but also to the public and to the profession itself. The Code is a living framework that guides how we practice, communicate, qualify, disclose conflicts, respect confidentiality, cooperate with professional discipline processes, and uphold the reputation of the profession. It can fit in your pocket, but it is not small. Its precepts connect the daily decisions of individual actuaries to the collective credibility of all actuaries.
At its heart, actuarial professionalism is stewardship. We are entrusted with work that affects promises people may depend on for decades: insurance protection, retirement income, health care financing, public programs, and the financial resilience of institutions and communities. The Code helps ensure that our technical work is anchored in integrity, qualification, communication, and accountability. It reminds us that public trust is not something we claim once; it is something we must constantly earn through the quality of our work and the character of our conduct.
In light of the Code’s 25th anniversary, I decided to poetically honor its critical importance as part of this final article:
“Not merely words on folded pages,
Nor rules preserved from earlier ages,
But quiet vows we choose to keep
When paths are difficult and steep.
To speak with care, to know our ground,
To let our judgment be clear and sound;
To serve the public, earn its trust,
And do hard work because we must.
In every forecast, choice, and view,
The Code reminds us what to do.
Take the high, not easy, road
With conscience guided by the Code.”
Thank you to all the actuaries out there who are reinforcing the public trust every day. I am proud to be part of this great profession.
Tricia Matson is president of the Academy.