SOA 2016 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.
Six strategic initiatives for 2016 have been approved by the SOA’s Board of Directors.
2017–2021 Strategic Plan
2016 is the final year of 2013-2016 SOA Strategic Plan. The objective of this initiative is to evaluate the organization’s strategic direction and priorities. The SOA has engaged several volunteers to serve on the Strategic Planning Task Force (SPTF). The SPTF is developing the strategic plan for 2017-2021. In 2016, the SPTF will produce the SOA’s Mission statement, Vision statement, and the 2017-2021 Strategic Plan with proposed 2017 strategic initiatives. At the same time, SOA members will be included in the planning process through surveys, blog posts, and other interactive communications.
Learning Strategy
In June 2015, the Board approved the Learning Strategy task force report and directed that the learning strategy initiative be implemented in accordance with the task force’s recommendations. The Learning Strategy is comprised of 11 objectives. Implementation of the objectives will be completed over the course of 2015-2018, with several decision points. In 2016, we will complete a feasibility study for the learning center concept, perform a market assessment on the possibility of SOA offering certification programs, develop the learning objectives for the ASA pathway, develop a PD framework that offers an intentional curriculum approach to professional development, and reach out to other organizations to determine interest in partnering on components of our education pathway.
Opportunities for Actuaries
The longer-term outcome of the Opportunities for Actuaries initiative is to grow employment opportunities for actuaries with both traditional and nontraditional employers in roles that have been considered nontraditional. In 2016, the deliverables are related to predictive analytics, risk management and the summer internship program. Through this initiative, we intend to expand employer demand for actuaries through a marketing campaign and business development staff contact, assess employer demand for actuaries in specific functions related to risk management, and build relationships with nontraditional employers by exposing them to the skillset of the actuarial education through the summer intern program.
Credentials Strategy
This initiative grew out of a philosophical discussion at the July 2015 IAC meeting about recent Board discussions (Certified Actuarial Analyst, MRA) concerning the role of the credentials in making strategic decisions. Currently the organization evaluates the impact of strategic decisions on the reputation of the credentials in an informal manner. The SOA needs to preserve the value of the credential, but what does it means to “preserve the value of the credentials”? This initiative will help us determine the value proposition of the credentials and develop a framework within which to manage the credentials and preserve their value long-term as we make strategic decisions.
International Growth & Development
This initiative will continue work to build actuarial communities and partner with the global actuarial community. The Board set a China strategy in 2014 and agreed to fact-finding missions for Latin America in March 2015. To continue this work in 2016, we will to return to the Board to discuss final Latin America strategy and develop the strategy for Greater Asia, excluding China.
Relationships with Other Actuarial Organizations
The SOA is engaged in a number of important relationships with other actuarial organizations that are in a state of evolution. Many of those relationships are undergoing significant change as organizations are seeking to implement their strategies and provide new offerings to their members. This purpose of this initiative is to expand the Board’s understanding of the SOA’s partner organizations, their activities and strategies, and their impact on the SOA, which can help the Board make and sustain better decisions about the SOA’s strategy and its approach to these relationships.