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

The drafters of the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (USQS), which took effect in 2008, believed continuing education (CE) to be so important that they raised the number of hours required from 12 to 30 per year. These and other significant changes left actuaries with a lot of questions about the new requirements and how to meet them. (Actuarial Update, July 2021)

The Actuarial Standards Board (ASB) has been very busy in recent months in the last year: About 20 of the 52 actuarial standards of practice (ASOPs) that are currently in effect are being revised. In addition, two new standards are being developed, and one actuarial compliance guideline will likely be converted into an ASOP. Most reading this are not a member of the ASB or one of its committees or task forces, but you should know you do have a role to play in this process. (Actuarial Update, June 2021)

A new paper from the Committee on Professional Responsibility, Professionalism for the Solo Actuary, was published this month. Actuarial Update asked some of the contributing authors—John Purple, Kathleen Wong, and Shawn Parks—to find out more about their views on the challenges facing actuaries working on their own. (Actuarial Update, May 2021)

Professional judgment is core to an actuary’s work; it comes into play when determining whether an actuary is qualified to take on an assignment, which actuarial standards of practice (ASOPs) to use when performing an assignment, and how to interpret those ASOPs. But the ability to exercise sound professional judgment isn’t magically bestowed when an actuary earns their credential—it is developed over years of training and experience. (Actuarial Update, April 2021)

Professionalism lies at the heart of the Academy’s mission. Accordingly, the Academy maintains a wealth of professionalism resources to help members keep their professionalism knowledge up to date. (Actuarial Update, March 2021)

Conflict of interest. We've all heard the term, but what exactly does it mean? And why is it important for actuaries to avoid a conflict of interest? It all goes back to the Code of Professional Conduct. (Actuarial Update, February 2021)

This “Professionalism Counts” column covers reliance as a matter of responsibility (Actuarial Update, January 2021)

Precept 8, Annotation 8-1 of the Code of Professional Conduct (the Code) observes that an actuarial communication prepared by you as an actuary “may be used by another party in a way that may influence the actions of a third party.” This is your power as an actuary. (Actuarial Update, December 2020)