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)

In Part 3 of the “Professionalism in Action” series, Academy President Bob Beuerlein looks at professionalism and new and emerging practice areas, and urges actuaries to use the Code of Professional Conduct and the resources of the Committee on Qualifications and the Actuarial Board for Counseling and Discipline. (Contingencies, July/August 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)

In Part 2 of the “Professionalism in Action” series, Academy President Bob Beuerlein explores actuary-to-actuary communications, including elements of Actuarial Standards of Practice (ASOPs) No. 1 and No. 41, Precepts 10 and 13 from the Actuarial Code of Professional Conduct, and the Actuarial Board for Counseling and Discipline’s request for guidance process. (Contingencies, May/June 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:

1. 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.
2. The U.S. Qualification Standards provide actuaries with the guidance needed to meet the ethical obligation to practice competently and responsibly.
3. Through the Actuarial Standards Board, the Academy has promulgated 50 actuarial standards of practice covering all areas of actuarial practice.
4. Through the Actuarial Board for Counseling and Discipline, the Academy provides the basic disciplinary framework for the profession.

“The Academy was founded so that the U.S. actuarial profession could earn the public’s trust,” Wildsmith writes. “Our primary mission is to ensure that U.S. actuaries—both individually and collectively—provide the public with the professionalism it deserves.”

The series was redesigned as a standalone publication. Read it here. 

Actuarial Standards Board (ASB) Vice Chairperson Frank Todisco writes about Actuarial Standard of Practice (ASOP) No. 32, Social Insurance, which is currently undergoing revision. The ASB created a task force last year to examine ASOP No. 32—which does not fall into any one particular practice area—that met in January and plans to issue a summary of changes and a full exposure draft later this year.

The Actuarial Standards Board’s (ASB) 2016 Annual Report is now available. The report highlights the ASB’s accomplishments in 2016, including adoption of three revised actuarial standards of practice (ASOPs), approval of seven exposure drafts for comment, approval of a proposal for one revised ASOP, and a final report from the ASB’s Pension Task Force. The ASB also approved the formation of a task force to revise ASOP No. 32, Social Insurance.

The Actuarial Board for Counseling and Discipline’s (ABCD) 2016 Annual Report is now available. The report highlights the ABCD’s accomplishments in 2016. The ABCD handled 141 cases, comprised of 108 requests for guidance (RFGs) and 33 inquiries. It provided guidance in response to the 108 RFGs, which broke the record for most in a year that had been set in 2015, and closed 14 inquiry cases. 

Using a timely baseball opening analogy to his first Presidential Papers column, Academy President Bob Beuerlein asks, “Are You Modeling Professionalism?” He notes that actuaries have the opportunity to be teachers and role models to other actuaries, and cites the importance of the Code of Professional Conduct. “Walk the walk,” he writes, and don’t be afraid to ask for advice. (Contingencies, March/April 2017)

How are actuarial standards of practice (ASOPs) revised and kept current? Beth Fitzgerald, vice chairperson of the Actuarial Standards Board (ASB), explains the 2016 revisions to ASOP Nos. 21, 23, and 24, illustrating how the ASB continues to uphold this charge—seeking and receiving a wide range of ideas and viewpoints within the actuarial profession.

Academy volunteers—and individuals who are an interested party on a committee, whether an Academy member or not—must annually acknowledge the Academy’s Conflict of Interest (COI) policy, Vice President of Professionalism Joeff Williams writes in his January Actuarial Update column.

Keith Passwater, chairperson of the Academy’s Committee on Qualifications, outlined three new FAQs about the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States on long-term care qualifications, actuaries changing practice areas, and experience under the specific qualification standard. The FAQs are a handy resource that actuaries can consult when they have questions about qualifications.

“A News Year’s Worth of Professionalism Resources” highlights the Academy’s publications and professionalism webinars, continuing education opportunities, the Code of Professional Conduct, the Actuarial Standards Board’s actuarial standards of practice, the U.S. Qualification Standards, and other resources to help actuaries remain qualified to issue statements of actuarial opinion.

More than 2,000 people attended the Academy’s Dec. 21 professionalism webinar that focused on a topic of perennial interest: actuarial communications, particularly documentation and disclosures.

Ingrained cultural traditions—such as those found in many regions of the nation—can offer insights into developing a professional culture that can be integrated into actuaries’ daily practice, writes Joeff Williams, the Academy’s new vice president of professionalism.