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SOA Member Announcement–Board of Directors Meeting
Society of Actuaries Approves Candidate Slate, Extends CERA Leader Application Deadlines and Authorizes Strategic Plan Draft Exposure Period
At its June 19-20 meeting, the Society of Actuaries' Board of Directors discussed and made decisions on a number of strategic issues and initiatives.
The Board approved the final slate of Board of Directors' candidates for the 2008 election ballot. "The candidate slate is now posted on the SOA Web site and elections will open on August 7, closing on September 10," said President Bruce Schobel. In addition to this year's Board election, Fellows will vote on a Bylaws amendment that would allow Associates who have been SOA members for five years or more to vote in elections for President-Elect, Vice Presidents and Board members. Schobel states, "Members holding the ASA (or CERA) designation for five years or more have proven their commitment to the profession and certainly possess the expertise and knowledge to help choose our profession's leadership. I urge all Fellows to vote to approve this proposal."
The Board finalized the SOA's Continuing Professional Development (CPD) requirement with an effective date of Jan.1, 2009. "Prior to this meeting, the Board reviewed more than 100 member comments received during the exposure period. We appreciate the responses and incorporated member feedback into the final document," Schobel states. The final CPD requirement document will be posted on the SOA's Web site later this month. In the coming months, provision requirements will also be shared in various SOA member print and electronic publications. "Most SOA members work hard to maintain their skills and will easily fulfill the new requirement. In any case, this is the right step forward for our profession," Schobel adds.
SOA Board members extended the Chartered Enterprise Risk Analyst (CERA) Experienced Practitioner's Pathway (EPP) application deadline to Dec. 31, 2008. In addition, the Board opened the CERA Thought Leader and EPP to Casualty Actuarial Society (CAS) members. Information on the pathways and applications can be found at Ceranalyst.org.
To address academia's role in the profession's future development, the Board charged the Knowledge Management Strategic Action Team (KMSAT) with the development of plans to establish Centers of Academic Excellence and to investigate establishing academic and business partnerships and programs. In addition, the KMSAT was asked to examine ways the SOA could encourage promising students to pursue academic careers as Ph.D.s and Fellows of the Society of Actuaries. Schobel adds, "Academia has an influential role in furthering the profession. We want to strengthen the partnership and work collaboratively to encourage academic career opportunities for actuaries." Plans drafted by the KMSAT will be presented for Board discussion and approval at the October meeting.
The Board reviewed recommendations by the Joint CAS/SOA Task Force on the Canadian Institute of Actuaries' (CIA) Future Education Model. The Board adopted three recommendations. These included: 1) requesting the CIA to delay implementation of its proposal to allow the SOA and the CAS more time to research this issue, 2) continuing to pursue strengthening relationships between the profession and the academic community and 3) gathering key stakeholder opinions on this issue. Schobel states, "The CIA has put a tremendous amount of thought into this model, and we appreciate their thinking on how to educate actuaries. The SOA and the CAS are working together to consider the proposal's implications for our educational systems. "Our three organizations have worked in partnership for many years and we plan to work together in a way that addresses the needs of all three organizations, their members and the public that we serve," Schobel adds.
The Health Section Council presented several alternative strategies for the Board to consider that address untapped opportunities for actuaries in health care. The Board provided direction and prioritization and asked the Issues Advisory Council to work with the Health Section Council on the development of initiatives consistent with Board priorities. Among the ideas being considered are efforts to ensure that the SOA's education system responds to changing health market needs, creating new ways for credentialed actuaries to transition to the health practice area and sponsoring research and marketing efforts to support actuaries' penetration into new health related markets.
Finally, the Board authorized exposure of the draft strategic plan to the membership via the SOA Web site through September 5. "We are pleased to share this draft for members' comments since this feedback will help shape the final version of the plan, says Edward L. Robbins, immediate past president and chair of the Strategic Planning Steering Committee. "The exposure period allows the committee to gather broad and varied input that will be used to set the SOA's future direction," adds Robbins. The final version of the strategic plan will be presented at the October 2008 Board meeting for approval.
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