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SOA Board approves exploration of continuing professional development requirement for members, introduces re–defined actuarial brand
- For immediate release: November 1, 2006
- For more information:
- Kim McKeown
- 847.706.3528
At its October 14–15 meeting the Society of Actuaries' Board of Governors approved an exploration of a continuing professional development (CPD) requirement for SOA members, reviewing key strategic, reputational, operational, and financial issues. They also established a scope for this exploration, which focused on potential models, coordination with other actuarial requirements, coverage and exemptions.
"The issue of continuing professional development was identified by the Society's strategy management system," said SOA President Ed Robbins, "and it quickly came to the Board for a fact-based discussion about how to move forward." He added that the SOA Board's direction is also "supportive of the North American Actuarial Council's position on CPD."
The SOA Issues Advisory Council will engage the Society's Strategic Action Teams to develop a potential framework for Board input and decision making and member input will be sought following this preliminary work. A progress report will be delivered at the Board's next meeting in March 2007.
The Board also previewed the re–defined brand for the actuarial profession, which was formally introduced at the SOA Annual Meeting. The brand was developed with the input of the profession, outside experts, and employers. It is a foundational component of the SOA's Marketing and Market Development Plan to help create new opportunities for actuaries. The brand work encompasses positioning, messages, and the tagline: "Risk is Opportunity."
"With the introduction of the new brand we conclude the first phase of our profession's journey toward an enhanced actuary brand and new opportunities to apply our actuarial skills and perspectives to difficult business and societal challenges," added Robbins. "Now comes the next phase where we will help members to live the brand and tell our powerful story to our key audiences."
The Board also endorsed several other key actions including:
- Approval of a recommendation to welcome the Canadian Institute of Actuaries as a co–sponsor of the Joint Risk Management Section, along with the Casualty Actuarial Society and the SOA.
- Approval of enhancements to the SOA's balanced scorecard measurement process.
- Approval of Constitution and Bylaws changes that bring the SOA into compliance with Illinois law, and make them consistent with both current practice and best practices in similar not–for–profit organizations. These changes will be sent to the Fellows for a 2007 vote as part of the normal election process.
For more information visit Imageoftheactuary.org/.
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