Explore the important initiatives driving the SOA.

The strategic initiatives represent a key component of our strategic plan; they are the specific programs and activities that will make our plan come to life. See how the initiatives relate to the SOA Strategy Map.

The original portfolio of strategic initiatives was developed in light of the 2008-2012 strategic plan, based on current initiatives in the pipeline as well as input from the April 2008 strategic planning summit. Each year the IAC and the SOA Board of Directors consider the status and progress of the each initiative in the annual strategic review, recommending and making changes to the portfolio as necessary.

The following are the 8 initiatives in the portfolio:

1. International Membership Strategy

Currently SOA members are based in 68 countries, and 11% live outside of the U.S. and Canada. This growth in international membership has occurred naturally, rather than as a result of a specific outreach. The intent is to ask the Board to set a direction regarding membership development. This direction will then shape how SOA plans for and delivers membership services to both North American and 'international' members.

2. Reputational Risk–Public Pension Plans

The SOA Risk Committee is charged with identifying risks to the profession and the organization. Through their work in 2010 they have identified potential risks that could have long term lasting effects on actuaries. This initiative will address the reputational risk to the actuarial profession arising from the current state of public pension plans.

3. Intellectual Capital Framework

Actuarial science, to be strong, must continue to grow and develop in dynamic ways. Actuarial science integrates the best from economics, finance, demographic, mathematics and other disciplines to create models of risk and risk pooling used for social and business applications. We must continually ensure that "the best" of those disciplines is incorporated into our science, which means our intellectual capital must continually evolve. In 2011 we will expressly consider the research strategy for the SOA–including priorities for projects, investment and revenue–and develop recommendations for Board consideration.

4. Brand Enhancement

Since 2006 the SOA's Marketing and Market Development Plan (MMDP) has worked to promote and expand the actuarial brand. This initiative is a continuation of the MMDP work and will tightly focus on the enhancement of the actuarial brand, primarily through raising visibility of actuaries through the media. (Some programs that had been handled through the MMDP will now be handled by the new Member and Candidate Engagement initiative.)

5. Member and Candidate Engagement

This initiative will develop programs and plans to broaden SOA's channels for engaging members and candidates. Examples include broader acceptance of social media and increasing focus on events at local venues due to increasing financial, geographic and time constraints. Our student outreach activities as well as section membership value efforts will also be included in the initiative's scope of work.

6. Opportunities for Actuaries in Business Analytics

As part of the SOA's strategic objective to create and promote new areas of practice, this initiative will determine whether significant opportunities exist for actuaries in business analytics and, if so, identify projects the SOA should undertake to explore and develop these opportunities.

7. Inter-Organizational Synergies

This initiative is intended to produce a Board-level assessment of key opportunities for greater inter-organizational synergies, considering the needs of the profession, how to best utilize synergies among activities, and how to best collaborate with other actuarial organizations.

8. Canadian Member Engagement

Today 18% of the SOA membership is Canadian. The purpose of this initiative is to increase the value of SOA membership to Canadian members and candidates as well as highlight the existing programs. It will use a strategy of establishing a strategic partnership with the CIA, dedicated Canadian program goals, and a local Canadian staff presence to achieve this end. The initiative is expected to show measurable progress in its first year, but is also expected to be a multi-year effort.