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SOA Member Announcement–Board of Directors
Society of Actuaries Approves New Strategic Plan, 2009 Budget and Strategic Initiatives, Establishes Centers of Actuarial Excellence Program and Candidate Code of Conduct
At its October 18–19 meeting, the Society of Actuaries' Board of Directors discussed and made decisions on a number of strategic issues and initiatives.
The Board approved the 2008–2012 Strategic Plan, endorsed a robust set of measures that will assess the organization's progress toward achieving its objectives, and approved a portfolio of key strategic initiatives. All initiatives are directly aligned with the strategic plan and support the strategic plan themes of Develop Knowledge, Transfer Knowledge, Cultivate Opportunities and Develop/Promote Professional Networks. The set of ten initiatives include: the continuation of the Marketing and Market Development Plan, the development of a competency based continuing education structure, further promotion of the CERA credential, the creation of a dynamic research agenda to advance intellectual capital, strengthening the profession's academic community, addressing untapped opportunities for actuaries in the health industry, building a member volunteer formal leadership program, enhancing member access to a library of content on SOA.org, promoting actuarial education internationally primarily in developing countries and the facilitation of professional networking opportunities for members. "The Board agrees these initiatives reflect opportunities to make the biggest impact and have the broadest appeal membership–wide. As these initiatives evolve, the Board will closely monitor progress and will make recommendations to accelerate, modify or stay the course on these initiatives as appropriate," said newly–inducted President Cecil Bykerk.
In addition, the Board approved the 2009 Budget. This budget holds member dues and the majority of meeting fees constant. "This budget maintains our strategic investments for the profession and continued support of important initiatives like the profession–wide marketing plan. The Board's decision to again hold dues constant for another year reflects careful management of the organization's funds," said Bykerk. The Board also approved the continuation of financial support for The Actuarial Foundation's infrastructure for each of the next three years beginning in 2009. "The SOA's continued support of The Actuarial Foundation's operational infrastructure is critical because individual and corporate donations are applied directly to support the foundation's important educational programs," adds Bykerk.
The Board established a Centers of Actuarial Excellence program with education and research grants and a new PhD stipend program to further the SOA's effort to strengthen academia's role in the profession's future. Bykerk states, "A vital academic branch is critical to the profession's future. Our goal in the PhD Stipend program is to encourage more actuaries to pursue PhDs, while the Centers of Actuarial Excellence Program will help the profession leverage academic resources to strengthen education and research." Both programs will be launched in 2009.
Mentioned previously as a key strategic initiative, the Board renewed its investment in the profession–wide marketing program. "The marketing and market development plan is a long–term strategic initiative. Recent market research demonstrates the progress in raising employers' awareness of our unique expertise. Our work to change employer and public misperceptions will strengthen our current leadership in traditional practice areas and help us identify new markets where our profession's significant risk management expertise will be most in demand," comments Bykerk.
During the meeting, the Board also granted extension of the Chartered Enterprise Risk Analyst (CERA) Thought Leader and Experienced Practitioner Pathway to members of the UK Institute of Actuaries, Faculty of Actuaries and Institute of Actuaries of Australia. The Board will continue its discussions with leaders of worldwide actuarial organizations to explore a global credential in ERM, with the view that the Chartered Enterprise Risk Analyst (CERA) should be that credential and acceptable quality standards must be maintained.
In policy related matters, the Board approved the implementation of a new Candidate Code of Conduct, modeled after the CAS Candidate Code of Conduct. "The formal SOA Candidate Code of Conduct will begin December 2008 and has been publicized to candidates and the academic community," adds Bykerk. Finally, the Board adopted Nominating Committee guidelines for SOA elections and endorsed the current Policies and Procedures for Disciplinary Action related to education, exams and e–Learning.
Nigel Masters, president of the UK Institute of Actuaries, participated as a special guest of the Board, in continuation of efforts to strengthen actuarial organizational cooperation.
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