SOA Member Announcement–February 2010 Board of Directors Meeting

• Lisamarie Lukas, Director of Communications
• Society of Actuaries
• 847.706.3566
• llukas@soa.org
•  

Society of Actuaries Board Confirmed Goals of Education System; Adopted Board Member Code of Conduct Policy; Discussed the Profession's Image; Endorsed Creation of Retirement Research Pilot

At its February 18-19 meeting, the Society of Actuaries Board of Directors discussed and made decisions on a variety of strategic and operational issues.

The Board accepted the report by the FEM Communications Task Force. The Board directed the Issues Advisory Council to consider recommendations to incorporate communications into the strategic management system followed by the SOA. FEM Communications Task Force members Jeff Allen, Ian Genno and Carol Marler were thanked by the Board for their work in concluding this project. Carol Marler participated in the FEM Communications Task Force presentation as a special guest of the Board.

In response to the Board's October 2009 direction, the volunteer team charged with oversight for knowledge transfer initiatives presented a report from its review of the SOA education system's strategic objectives. The team focused on pre-qualification education in its review and identified ten principles to reflect the current needs of actuarial education combined with a longer term view. "The team's work confirmed that the primary goal of our education system is to develop actuaries who are able to deliver a service of quality and high standards that meets the current and projected future needs of employers, clients and the public," said SOA President Mike McLaughlin.

The Board received an update on the activities surrounding the Global CERA Treaty. Francis Sabatini will serve as the SOA representative to the Global CERA Treaty Board. Steve Eadie has been named the SOA representative to the Board's Review Panel with SOA members Hank McMillan and Kathy Wong appointed to serve as external reviewers. "The Treaty Board is working diligently to build its administrative foundation," stated McLaughlin. "I'm pleased to see the level of collaboration and interest continues to remain high. The Treaty Board has adopted the brand standards established by the SOA in 2007, and several organizations have indicated their desire to award the credential in 2010," continued McLaughlin.

The Board discussed and adopted a Policy on Responsibilities and Conduct of Members of the Board of Directors. This policy, which will be posted the week of February 22 on the SOA Web site, establishes standards of conduct expected of each Board member with the goal of embedding these core principles into the culture of the Board.

In relation to the SOA's strategic management system, the Board reviewed the significant progress on the 2009 initiatives and the work plans for 2010. The Board also received an update on progress toward the balanced scorecard measures corresponding to the SOA's 2008-2012 strategic plan. Initiatives are in place to move the measure and current initiatives are making an impact.

The profession's image was another important discussion point during the meeting. The Board received a report on recent market research conducted to better understand employer perceptions of and familiarity with the profession and an update on the SOA's work to support the Marketing and Market Development Plan (MMDP). "We have seen progress in our efforts to raise the profession's visibility in the employer marketplace," said McLaughlin. He continued, "It has becoming increasingly evident that we must expand our focus to include mainstream media as we work to raise the general public's awareness of our unique viewpoints and expertise on 'everyman' topics like retirement and healthcare." In addition, a presentation on untapped opportunities for actuaries in the health industry yielded insights for the Board's consideration. "An upcoming issue of The Actuary magazine will share this research with members and also begin to discuss next steps," said McLaughlin.

The Board also endorsed the creation and implementation of a retirement research pilot project to test a concept for rapid research development. This pilot will deliver periodic reports to the Board and a full evaluation will be completed at the end of two years. "It is important to understand this pilot is an add-on to the current work that the SOA completes in the retirement research area. The pilot is intended as an add-on to complement and not replace that current work," remarked McLaughlin.

The Board also approved the new Risk Committee's charter. This committee will be responsible for establishing and maintaining the SOA's risk management framework that supports the Board's strategic planning process, strategic decision-making and management of key risks.

SOA members may direct questions to membercomms@soa.org.