SOA Board Advances Branding and ERM Credential Development, Initiates Exploration of Mandatory CE Requirement

• For Immediate Release: March 28, 2006
• Contact:
• Kim McKeown
• PR Project Manager
• 847.706.3528

At its March 9-10 meeting the Society of Actuaries Board of Governors took action to advance its highest priority strategic initiatives by furthering the process to redefine the actuary "brand," advancing the development of a new enterprise risk management credential, and initiating an exploration of a mandatory continuing education requirement. The 2006 SOA member and candidate survey revealed that "taking a leadership position on enterprise risk management" and "enhancing the image of the actuary" were the highest rated of the board's six priority strategic initiatives.

"The SOA strategic plan is all about creating new opportunity for actuaries," said SOA President Bob Beuerlein, "and we as a board are providing the necessary focus and resources to produce meaningful results that our members can see." He added that the Board formally reviewed key success indicators at the March meeting to ensure that the plan's desired outcomes are being realized.

The Board reviewed a foundational document that sought to capture the essence of the actuary brand. This document was developed with input from the profession, including the Image Advisory Group, made up of representatives from all North American actuarial organizations, and the SOA Marketplace Relevance Strategic Action Team, chaired by Past President Norm Crowder. They also discussed a strategy for creating profession wide engagement and "living the brand" and previewed initial creative concepts.

The Board also identified key short and long term metrics that best define the success of the new enterprise risk management credential and reviewed initial progress in its development. The goal is to fully implement the new credential by June 2007 at the latest.

Finally, the Board initiated an exploration of a mandatory continuing education requirement by commissioning a backgrounder for its October 2006 meeting. "Our goal is to have a well-informed discussion on an issue of great importance to the profession," said Beuerlein, adding that the Morris Review has focused "new attention" on the role of continuing education in professional development as well as in the "maintenance of credibility and confidence" by the public.