By William J. Michalisin
Through this newly introduced column, I plan to periodically share updates on and from the Academy in Contingencies, with the hope that my messages will help you better understand the Academy’s unique role and the many initiatives underway to best serve you, the public, and the U.S. actuarial profession.
This month marks four years since I joined the Academy as executive director and CEO. At the time, I knew enough about actuaries to understand the impact you have on nearly all aspects of our everyday lives, but I didn’t fully understand or appreciate the same level of impact in the Academy’s work on behalf of those same actuaries practicing in the United States and the broader public. That has certainly changed over time and it’s that role and the members and stakeholders we serve that continue to drive my commitment to our mission-to serve the public and U.S. actuarial profession.
At the Academy, our mission is more than a statement; it’s a responsibility. We serve as the voice of professionalism and public policy for the U.S. actuarial profession, providing independent, objective, and balanced analysis across health, life, property/casualty, retirement, and risk management and financial reporting, to help shape sound decision-making that serves the greater public good. We do not advocate for specific legislative outcomes or political positions. Instead, we provide nonpartisan, technically sound resources-developed by our over 1,200 passionate volunteers-that inform and guide public policy conversations at all levels of government. This distinction reinforces our credibility and strengthens our ability to offer trusted insight.
Our independent and objective role is both distinct and essential as it sets us apart from from other types of organizations, particularly those that lobby or push for a certain position or perspective. There’s nothing wrong with the work those organizations do for their members; it is important to the business and political spaces they serve. Their work can also be a useful reference point as we explore issues from many angles and perspectives. It’s important for our members and stakeholders to understand the Academy’s different role, focus, and intent, all of which drive our efforts and the trusted perspective we bring to the conversation.
Our work centers on educating and collaborating with policymakers, regulators, the media, our members, employers, and the public about the issues impacting society and the critical roles actuaries play in analyzing those issues, the risks, and the need for supporting sustainable financial security systems in the U.S.-whether in health care, retirement, insurance, climate, or other key sectors of the economy. By highlighting and sharing the actuarial perspective, we help bring clarity and depth to complex issues that affect millions of Americans and reinforce the need to have experts like actuaries-guided by professional standards and a code of conduct-to aid decision makers at all levels of government. This is especially important in an environment where data are abundant, but rigorous, unbiased interpretation of such data and the potential, instantaneous sharing of misinformation is a common risk that can have lasting consequences.
Being the actuarial profession’s public policy and professionalism voice means that we focus on upholding the high standards that define our work and reinforce the trust our stakeholders place on the actuarial profession. We ensure that self-regulation is maintained, promoted, and defended, which helps build trust that is critical to our work. That trust is reinforced through the core elements of professionalism housed within the Academy: the Professional Code of Conduct adopted by all five, U.S.-based actuarial organizations; the U.S. Qualification Standards; the actuarial standards of practice developed by the Actuarial Standards Board; and the counseling and discipline process guided by the Actuarial Board for Counseling and Discipline. We ensure actuaries practicing in the public interest are well-prepared, ethically grounded, and equipped to offer expert analysis in a rapidly changing world-not only in their day jobs, but as “educators” and trusted partners on the policy stage.
Our communications-whether through Capitol Hill briefings, comment letters, issue briefs, webinars, podcasts, or blogs-are intended to be trusted sources of knowledge and insight, all grounded in the Academy’s core values: objectivity, independence, and balance. These qualities make our work not only reliable but respected across the professional and policymaking spectrum, reinforcing both the value of an actuarial perspective and the Academy’s role in amplifying it.
By promoting the actuarial perspective in this unique, nonpartisan role, we elevate both the profession and the public discourse. The Academy helps decision-makers and stakeholders better understand risk, plan responsibly, and promote long-term financial security for individuals and society. I like to say the Academy’s work helps our many stakeholders make better decisions-decisions based on the trusted knowledge and insight we provide. And we do this through our staff, senior fellows, and an extended network of volunteers representing multiple practice areas, employer types, and areas of expertise-all for the benefit of the many stakeholders we serve.
That’s the Academy’s role-and it’s our commitment to serve as a trusted, informed, and principled voice; to support our members; and to advance the public interest through professionalism, public policy engagement, and collaboration that reflects the very best of the U.S. actuarial profession.
Interested in getting involved and amplifying your voice? Join the effort. Visit actuary.org to learn more and please feel free to email me at michalisin@actuary.org with any questions, feedback, and ideas you may have on future topics and ways we can continue driving the Academy mission forward together.
William J. Michalisin is the Academy’s executive director and CEO.