SOA Member Announcement–June 2009 Board of Directors Meeting

• For Immediate Release
•  
• Lisamarie K. Lukas
• Director of Communications
• 847.706.3566
• llukas@soa.org

Society of Actuaries Supports Adoption of Global ERM Credential and Involvement with Canadian Institute of Actuaries' Future Education Methods Joint Working Group; Launch of Exam C in Computer-Based Testing Format Approved

At its June 2009 meeting, the Society of Actuaries' (SOA) Board of Directors discussed and made determinations on a variety of strategic issues and initiatives.

The Board agreed to support the adoption and implementation of a global enterprise risk management credential, that being the SOA's Chartered Enterprise Risk Analyst (CERA) credential, and indicated its intention to sign a treaty to that effect. The Board asked that issues on governance, quality control and other standards be finalized so that the Board can approve the final treaty to accomplish this result.

SOA President Cecil Bykerk said, "Making the CERA credential the world's pre-eminent global enterprise risk management credential through profession-wide collaboration is a significant step. Currently, 17 actuarial organizations are active in collaborative discussions. We believe ultimately that the adoption of the CERA as a global credential, recognized and offered by other actuarial organizations around the world, will afford the CERA a greater competitive advantage over other risk management credentials."

Regarding other actuarial organization related issues, the Board also endorsed the SOA's participation on the joint Canadian Institute of Actuaries (CIA)/Casualty Actuarial Society (CAS) steering committee established to address the CIA's Future Education Methods (FEM) proposal. The joint CIA/CAS/SOA committee will facilitate a coordinated member communications effort as soon as possible to gather member input and advice on this proposal and will develop a proposed implementation plan.

Bykerk stated, "The Board believes strongly that the joint organizations should come together quickly to broadly communicate to their members about this proposal. In addition, it is important for our members to know that the SOA Board will review member feedback and the projected implementation plan before making a final decision on the proposal."

The Board also asked that the FEM Accreditation Committee be structured to provide equal representation among the CIA, CAS and SOA and provide a balanced number of U.S. and Canadian academics.

During a discussion on professional development for members, the Board endorsed the principles that will guide a redesign of the SOA's professional development system. The Board will review a detailed plan based on these agreed principles in October 2009.

Finally, with regard to candidate education matters, the Board approved launching Exam C's November 2009 administration in computer-based testing format and agreed to a realignment of the SOA's e-Learning modules. Communications about this module realignment will be distributed to members and candidates later this summer.

John J. Kollar, president of the Casualty Actuarial Society, Mike Hale, president of the Canadian Institute of Actuaries and Bob Howard, president-elect of the Canadian Institute of Actuaries, participated as special guests of the Board, in continuation of efforts to strengthen actuarial organizational cooperation.