SOA 2014 Initiatives
Strategic initiatives are a key component to the success of any strategic plan; these initiatives and activities move a strategic plan forward to achieve desired results.
The SOA’s Issues Advisory Council (IAC), the SOA’s Board of Directors and various strategic committees – with feedback from members, candidates and other stakeholders – has established a set of initiatives to advance the SOA’s education offerings, build intellectual capital, promote the profession and address the future of the organization and the actuarial profession.
Ten strategic initiatives for 2014 have been approved by the SOA’s Board of Directors.
Future Direction for U.S. Actuarial Standards of Practice
Pressure on the U.S. system of actuarial standards is arising from a variety of sources, including the public pension crisis, regulatory concerns, and the development of international standards of practice. In 2014 we propose to undertake an in-depth review of standard setting, including comparison to the practices of other countries and other professions, and offer recommendations. The SOA will reach out to the other U.S. based organizations to determine interest in a collaborative project.
General Insurance Education
In 2014 the General Insurance initiative will continue to work on securing regulatory approval. In addition, the Professional Development Committee will expand offerings in this topic, and the SOA will launch general insurance research.
Governance Review
The SOA—and the world in which we function—have undergone significant change since our last governance study was completed in 2003. In 2014 we plan to review the roles of key bodies such as the Board committees and the Leadership Team, and identify improvements including those that will reflect the global nature of our organization and ensure appropriate structures for members in North America and around the world.
International Growth and Development
In 2014 we propose that the implementation of the SOA’s international strategy be moved into the category of strategic initiatives to reflect the increased focus and sustained effort needed to deliver the objectives of our “Global Professional Development” theme.
Learning Strategy
This strategy will articulate an education philosophy and develop a strategy to guide members, candidates, the Education Executive Group and Professional Development Committee with clearly articulated responsibilities and direction in alignment with the SOA strategic plan.
Member Engagement
The strength and success of the SOA rests on productive and mutually beneficial interaction between the organization and our members. This initiative will explore new ways to expand on traditional structures for engagement, such as the special interest sections, to ensure the involvement of younger members and those outside of North America.
Opportunities for Actuaries
This initiative is the next phase of the 2013 work related to “Non-traditional Roles for Actuaries”. In 2014 we will focus on understanding the demand and supply for actuaries in North America as well as in target countries.
Public Pension and Reputational Risk
The controversy surrounding public pension funding status continues to pose a significant reputational risk to the actuarial profession. In 2014 the SOA will move forward with the work of the Blue Ribbon Panel and the promotion of its findings.
Relationships with Other Actuarial Organizations
The implementation of the SOA’s strategy takes place in a complex environment of inter-organizational relationships, which are rapidly changing as a result of both our actions and those of others. This initiative will develop a better understanding of the strategies and motivations of these other organizations, and the best ways in which we can engage them in productive relationships.
Research in Support of the SOA’s Public Policy Strategy
A report on the proposed public policy strategy is included elsewhere in the October 2013 Board agenda. Based on the Board’s decisions, this initiative may be continued as strategic or re-classified as operational.