This regular column in Actuarial Update highlights the ASB’s work and other important professionalism issues.

The Academy’s professionalism webinars—typically four per year—offer expertise on a range of professionalism topics across all practice areas, and insight from members of the Committee on Qualifications, Actuarial Standards Board, Actuarial Board for Counseling and Discipline, and other distinguished speakers from Academy boards and committees. (Actuarial Update, March 2018)

In “Disclosure: The Cornerstone of the ASOPs’ Strength,” Actuarial Standards Board (ASB) Chairperson Beth Fitzgerald outlines the ASB’s process in developing actuarial standards of practice (ASOPs) and the ASB’s role in what disclosures actuaries will need to make to comply with an ASOP, and specifically notes the importance of ASOP No. 41, Actuarial Communications. (Actuarial Update, February 2018)

“New Standards for the New Year,” by Actuarial Standards Board (ASB) Chairperson Beth Fitzgerald, highlights several new actuarial standards of practice (ASOPs)—Nos. 51, 52, and 53—offering explanations behind their promulgation last year, and the role of the ASB’s committees and task forces in creating the ASOPs. (Actuarial Update, January 2018)

If You Get That Call

December 2017

In “If You Get That Call,” Actuarial Board for Counseling and Discipline (ABCD) Chairperson Richard Block writes that compliance with the Code of Professional Conduct’s Precept 14, requiring the actuary to cooperate with the ABCD, often boils down to Will Rogers’ adage, “If you find yourself in a hole, stop digging.” (Actuarial Update, December 2017)

“Professionalism Resources at Your Fingertips” spotlights the Academy’s many available professionalism resources via publications, the Code of Professional Conduct, the U.S. Qualification Standards (USQS), the Academy’s USQS Attestation Form, and via the Actuarial Standards Board and the Actuarial Board for Counseling and Discipline. (Actuarial Update, November 2017)

The actuarial standards of practice (ASOPs) require actuaries to take action, by stating what the actuary should do, consider, document, and disclose in the course of performing actuarial services. Actuarial Standards Board Chairperson Maryellen Coggins looks at “Reliance and the ASOPs: In Good Faith and Subject to Disclosure,” through the lens of reliance on third parties, reasonableness, and suitability of data. (Actuarial Update, October 2017)

As the third quarter comes to a close, it’s time to evaluate your annual required—and documented—continuing education (CE) requirements, writes Academy President Bob Beuerlein. CE is required under the U.S. Qualification Standards, and the Academy offers many opportunities for actuaries to gain their necessary credit, including the November Annual Meeting and Public Policy Forum. (Actuarial Update, September 2017)

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)