SOA President Andrew Rallis’ update to the efforts the SOA is making to ensure a more diverse, equitable and inclusive organization.

Dear Members and Candidates:

I wanted to provide an update on my messages from June and September related to racial inequality and injustice and what we, the SOA, can do to help address it. This message will provide a further update on the SOA’s activities on this issue.

In my September message, I noted the appointment of a diverse Special Task Force on Professional Conduct. Based on the Task Force’s recommendation, the Board is referring the events of May 25 involving a member, Amy Cooper, to the Actuarial Board for Counseling and Discipline (ABCD). This is not a step taken lightly and the decision was reached only after careful deliberation by our Task Force and Board.  The Board is referring this matter for an inquiry into whether the ABCD believes counseling or discipline is warranted in this situation. Over the coming months, the Task Force will also address how to handle counseling or discipline in similar future situations, should they occur.

In addition to this work, the SOA is undertaking additional steps to foster diversity, equity and inclusion (DEI) among our members and candidates. In its meeting just concluded, the Board approved a charter for a new SOA Committee on Diversity, Equity, and Inclusion (DEIC) charged with developing and overseeing a new SOA strategy on DEI matters. The DEIC will recommend resources and programs, liaise with the Joint Committee on Inclusion, Equity and Diversity (JCIED) with the Casualty Actuarial Society (CAS), extend SOA activity beyond existing JCIED activities, and identify best practices for building DEI programs.

The Board also approved the 2021 budget that significantly increases our funding for DEI efforts, including support of partner organizations and their programs on diversity and inclusion (International Association of Black Actuaries, Organization of Latino Actuaries and The Actuarial Foundation),  training for staff and key volunteers, a new staff position dedicated to DEI issues at the SOA, a new exam fee reimbursement program aimed at candidates of color and Indigenous Peoples in the US and Canada, and other steps we are taking. While these steps are very important and a major movement forward, we know we cannot overlook efforts needed on other aspects of diversity (e.g., gender diversity, LGBTQ, international) and finding ways we can address similar issues in international markets.

The SOA will keep you updated as this important work continues, and we look forward to making strong progress on these important issues.

Andrew D. Rallis, FSA, MAAA
President
Society of Actuaries