The Draft 2017-2021 Strategic Plan
Building the Exposure Draft
About the Draft 2017-2021 Strategy Map
Download a PDF about the strategic plan draft .
The Society of Actuaries (SOA) uses a strategic plan to guide our decisions as we pursue our mission. The strategic plan focuses the SOA's initiatives and investment of resources to meet our stakeholders' needs. The proposed strategic plan for 2017 through 2021 is being released to SOA members for comment during July and August 2016.
The plan reaffirms that the mission of the SOA is to advance actuaries as leaders in the measurement and management of risk. By doing so, the SOA can achieve its vision of actuaries as highly sought-after professionals who provide solutions to complex financial issues. The SOA seeks to accomplish this goal by helping our members, candidates and stakeholders build knowledge and perspective . This will increase both the insight of actuaries' into business and societal issues and the influence of individual members and the profession as these challenges are discussed and decisions are made.
The proposed plan makes several recommendations that will change the focus of the SOA:
- Improve actuaries' communication skills, focusing on provision of recommendations and solutions , not just options.
- Incorporate predictive analytics into education as a key new skill set for actuaries.
- Push the SOA to be more nimble in our response to the changing economic and financial environment in which actuaries work
- Reflect the changing global economy through targeted support of our non-North American stakeholders and by ensuring all members have relevant global perspectives
- Promote effective relationships with other actuarial organizations to meet stakeholder needs.
To fulfill our mission and achieve our vision, the SOA will focus on five objectives:
- Shape our education system to anticipate and adapt more quickly to the changing needs of members, candidates and the stakeholders they serve.
- Provide services to international stakeholders appropriately tailored to meet their needs, while recognizing the presence of national actuarial associations and other international bodies.
- Ensure members' global perspectives and knowledge meet the needs of employers and ensure continued relevance in an evolving global economy.
- Use data and model-driven research to provide insight to the industry and the public on important societal issues.
- Cultivate a diverse membership and ensure opportunities for members in new and existing roles in traditional and nontraditional industries. An initial focus for this objective will be to ensure members have a strong understanding of predictive analytics and of how this skill set can be applied to solve business problems.
To achieve this, the SOA will ensure that we are able to identify, analyze and prioritize our response to changing environments; increase the efficiency of decision-making and resource allocation; and work with other organizations to identify mutually beneficial stakeholder objectives.
Read the full exposure draft .