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Professionalism and the Practicing Actuary

Actuaries embrace a high standard of professional conduct, one that requires a combination of competency, integrity, objectivity, and a commitment to serve the public. These traits are appropriate to a self-regulated profession and are also necessary elements to support the application of sound actuarial judgment, regardless of practice area, type of employment, or type of employer. Actuaries and their employers, clients, and the public look to the Academy to maintain the profession’s standards of integrity, competency, and reputation. Through its boards and committees, and working in concert with its many volunteers, the Academy has worked successfully to advance both actuarial practice and actuarial professionalism to serve the U.S. actuarial profession and the public.

 

 

Actuarial Code of Professional Conduct
Code of Professional Conduct
The Code identifies the professional and ethical standards required of actuaries who practice in the United States.
 
Qualification Standards
U.S. Qualification Standards
U.S. Qualification Standards define the basic and continuing education and experience requirements for issuing actuarial opinions.
Actuarial Standards of Practice
Actuarial Standards of Practice
ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States.
 
Professionalism Webinars
Professionalism Webinars
An archive of webinars on professionalism topics including U.S. Qualifications Standards, the Code of Conduct, and Actuarial Standards of Practice.
 
Professionalism Discussion Papers
Professionalism Discussion Papers
Read papers on actuarial professionalism, standards of conduct, qualification, and practice.
 
Applicability Guidelines
Applicability Guidelines
Guidelines on which ASOPs might apply to actuarial assignments.
 
Professionalism and the Practicing Actuary
Professionalism and the Practicing Actuary
Get an overview of the Code of Professional Conduct, the U.S. Qualification Standards, Actuarial Standards of Practice, and the Actuarial Board for Counseling and Discipline.
 
Applicability Guidelines
Request a Professionalism Speaker
Request one of the Academy’s experienced and knowledgeable speakers who have volunteered to share their expertise on actuarial professionalism.
Order a Copy of the Code of Professional Conduct
Order a Copy of the Code of Professional Conduct
Members of the Academy may order a complimentary pocket-sized copy of the Code by logging into your member account here.
Mobile-Friendly ASB Site
Mobile-Friendly ASB Site
For instructions on adding an icon to your handheld device that directly links to the ASB’s mobile responsive website, click here.

TRACE

This easy-to-use online recordkeeping tool enables actuaries from all practice areas to quickly, conveniently, and securely self-report CE and EA credits using a single web-based system.
 
 

Academy Approved By JBEA as Qualifying Sponsor

 

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PROFESSIONALISM NEWS & EVENTS

Professionalism Counts, November 2024

Incoming Professionalism & Education Vice President Nancy Behrens offers some perspective on the importance of professionalism issues, facing potential conundrums, and advice for young actuaries beginning their careers.

(November 27, 2024)
Professionalism Counts, October 2024

The Actuarial Board for Counseling and Discipline (ABCD), like the Actuarial Standards Board, resides within the Academy’s structure, but operates independently of the Academy’s Board of Directors. It serves several functions on behalf of the U.S. actuarial profession. Following is a look at the ABCD’s inquiry process.

(October 31, 2024)
Professionalism Counts, September 2024

The Committee on Professional Responsibility (COPR) released a discussion paper, Actuarial Professionalism Considerations for Generative AI. The chairperson of the COPR task force that wrote the paper, Matt Wininger, offered some insights.

(September 30, 2024)
Actuarial Professionalism Considerations for Generative AI

The Committee on Professional Responsibility (COPR) released a professionalism discussion paper, Actuarial Professionalism Considerations for Generative AI. The paper describes the use and professionalism considerations for actuaries using generative artificial intelligence (GenAI) to provide actuarial services.

(September 19, 2024)
Professionalism Counts, August 2024

As summer turns to fall, now is a good time to check that you are on track to meet your continuing education (CE) requirements for the year. Under the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (USQS), you must earn 30 hours of relevant CE each year. (And remember, an hour is defined in the USQS as 50 minutes.)

(August 30, 2024)
Professionalism Counts, July 2024

We’ve all heard the phrase “tone from the top,” shorthand for the idea that leadership sets the ethical tone for their organization. Leaders at all levels influence their reports and peers—even if you lead a small team, you set the tone for those who report to you.

(July 31, 2024)
Professionalism Counts, June 2024

In recent years, the Actuarial Standards Board (ASB) approved a number of proposals to revise actuarial standards of practice (ASOPs). Now, after countless hours of dedicated work by the task forces, committees, and the ASB itself—and valuable input from many of you—final versions of these ASOPs are emerging. During the past few months, the ASB has adopted five revised ASOPs—here’s a look at them.

(June 28, 2024)
Professionalism Counts, May 2024

The results of two recent business ethics surveys make for disheartening reading. The 2023 Global Business Ethics Survey found that pressure to compromise workplace standards and the law hit exceedingly high levels during the pandemic that have yet to recede, and that workplace misconduct is at an all-time high. One bright spot is that the reporting of observed misconduct is at a record high. What does all this have to do with actuaries?

(May 31, 2024)
Professionalism Counts, April 2024

Occasionally actuaries ask about the difference between practice notes and actuarial standards of practice (ASOPs). While practice notes and ASOPs both provide useful information to the actuary, only one of them is binding. A look at the differences.

(April 30, 2024)
Professionalism Counts, March 2024

The Committee on Professional Responsibility released a new discussion paper, The Actuary’s Toolbox: Peer Review—How Can It Help? Two of the actuaries involved in writing the paper—Harry Hotchkiss and Karin Swenson-Moore—offered their insights on the paper and peer review.

(March 29, 2024)
The Actuary's Toolbox: Peer Review—How Can It Help?

The Committee on Professional Responsibility released a new paper, The Actuary's Toolbox: Peer Review—How Can It Help? Many actuaries or employers of actuaries have developed policies and best practices for peer review to support actuarial professionalism in the performance of actuarial services. This discussion paper provides some ways for actuaries to consider peer review in the context of professionalism.

(March 07, 2024)
Professionalism Counts, February 2024

The Actuarial Standards Board released an exposure draft of a proposed revision to Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas). ASOP No. 12 Task Force Chairperson Brian Mullen offered insight on the proposed changes—comments are due May 1.

(February 29, 2024)
Professionalism Counts, January 2024

The Actuarial Standards Board released an exposure draft of a proposed revision to Actuarial Standard of Practice (ASOP) No. 7, tentatively titled Analysis of Life, Health, or Property/Casualty Insurance Cash Flow Risk. ASOP No. 7 Task Force and ASB Life Committee Chairperson Matt Monson discussed some of the proposed changes—comments are due June 1.

(January 31, 2024)
Professionalism Counts, December 2023

We’ve long recommended reading key professionalism documents at least once a year as a refresher, and the start of the new year is a good time to do it. You may think you know the Code of Professional Conduct, the U.S. Qualification Standards, and the actuarial standards of practice that apply to your work. But when you pick them up and reread them, you will likely be reminded of some aspect that you hadn’t thought about in a while.

(December 29, 2023)
Professionalism Counts, November 2023

Professionalism discussions often focus on Precept 13 and the actuary’s obligation to report apparent, unresolved, material violations of the Code of Professional Conduct to the Actuarial Board for Counseling and Discipline. But little is said about the last precept of the Code, Precept 14, and its role in becoming “a better actuary.”

(November 30, 2023)
Professionalism Counts, October 2023

Fall is traditionally a time of plenty, when harvests are gathered in and stored for winter. Images of cornucopias, filled with pumpkins and other fall produce, signal an abundance of resources to weather the cold months ahead. With professionalism at the heart of the Academy’s mission, we’ve created a cornucopia of professionalism resources to help you keep your professionalism knowledge up to date.

(October 31, 2023)
Professionalism Counts, September 2023

As the days draw short, this is a good time to check your progress toward meeting your CE requirements before the end of the year, in order to meet USQS requirements.

(September 30, 2023)
Professionalism Counts, August 2023

The Actuarial Standards Board recently adopted a revision of Actuarial Standard of Practice (ASOP) No. 20, Discounting of Property/Casualty Claim Estimates, which takes effect Dec. 1, 2023. Robert Walling, chairperson of the task force that revised the standard, offered insight on the changes and how they may affect actuaries’ work.

(August 31, 2023)
Professionalism Counts, July 2023

With four actuarial standards of practice open for comment and another expected later this summer, now is a good time for a reminder that your participation in the standards-setting process is invaluable to the Actuarial Standards Board and to the profession as a whole.

(July 31, 2023)
Professionalism Counts, June 2023

The recent emergence of generative artificial intelligence (AI) tools like OpenAI’s ChatGPT has stimulated considerable discussion about how these technologies can be used by actuaries when providing professional services. But actuaries must be sure to take into consideration things like actuarial standards of practice and the Code of Professional Conduct, writes Academy Senior Director of Professionalism Brian Jackson.

(June 29, 2023)
More Professionalism News and Events
Darrell Knapp
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