Professionalism Counts

Actuaries may sometimes wonder which continuing education (CE) requirements they need to meet, as the different actuarial organizations have different CE requirements.

Keeping actuarial standards of practice (ASOPs) up to date with current practice, law and regulation, and other developments in the business and economic environments in which actuaries operate is a vital part of the work of the Actuarial Standards Board (ASB). The ASB—and its committees and task forces—has been extremely busy in the last year or so revising ASOPs. Five revised ASOPs will take effect this year—here’s a quick look at some of the changes.

The Committee on Professional Responsibility published Explaining Professionalism to Principals last fall. This month’s “Professionalism Counts” offers a Q&A with the authors of the paper, who offer some background and how it can help actuaries.

November’s professionalism webinar, “Self-Regulation and the Actuarial Profession,” engaged the audience in an enlightening discussion about how every actuary has a role to play in self-regulation by adhering to the Code of Professional Conduct, the U.S. Qualification Standards, and actuarial standards of practice. This “Professionalism Counts” offers a follow-up Q&A with the presenters.

In part two of two, Actuarial Standards Board (ASB) member Cande Olsen takes a closer look at the evolution of actuarial standards of practice (ASOPs)—disclosures, notable changes, and the ASB’s handling of comments.

In part one of two, Actuarial Standards Board member Cande Olsen looks at what’s behind some recent modifications of actuarial standards of practice (ASOPs), and offers some tips for keeping up with the ASOPs.

The Applicability Guidelines, updated after the Actuarial Standards Board issues a new or revised actuarial standard of practice (ASOP), are a useful tool to help determine which ASOPs may apply to an assignment. These guidelines have been updated for several recently revised ASOPs—Nos. 11, 27, 32, and 35.

As you progress through your career, you may be asked to provide actuarial services for new products, using new technologies or methods, and even in new areas of practice. How do you know if you are qualified to perform such work? The actuarial profes­sionalism structure can help you determine whether you are qualified. (Actuarial Update, August 2021)