American Academy of Actuaries

Midwest Actuarial Forum Presentation by Dan McCarthy March 12, 2003 March 12, 2003

The American Academy of Actuaries What’s Going On What’s Going On Why You Should Care Why You Should Care It’s Your Academy - leadership and staff need to hear from you It’s Your Academy - leadership and staff need to hear from you Don’t forget about Don’t forget about

What’s Our Mission? Represent the entire U.S. actuarial profession Represent the entire U.S. actuarial profession Serve the public and the profession, nationally and internationally Serve the public and the profession, nationally and internationally How? How?

Professionalism Establish, maintain and enforce high standards of: Establish, maintain and enforce high standards of:  Practice  Qualification  Conduct

Public Policy(Fed/State etc.) Provide : Provide :  Information  Analysis  Education

Protect/Expand Actuarial Turf (with other organizations) Represent and advance the actuarial profession Represent and advance the actuarial profession Increase public recognition of the value of what we do Increase public recognition of the value of what we do

How Do We Go About Doing Those Things? Let’s Look at the Major Ways

Increase our Public Policy Influence Be sure that centers of influence know who actuaries are and who the Academy is Be sure that centers of influence know who actuaries are and who the Academy is Some old, some new Some old, some new “New” includes: “New” includes:  The Fed  Think tanks  International organizations

Increase our Public Policy Influence (cont’d) “Old” includes: “Old” includes:  NAIC (lots going on, as always)  Congressional Staffs (their level of interest in what we bring to the table continues to increase)

Increase Recognition of the Value of What We Do Capital Hill Visits Capital Hill Visits  Briefing sessions  Crisp communication needed (“issue brief”) Regulatory Agencies - Federal, State Regulatory Agencies - Federal, State The Fellows: The Fellows:  Ron Gebhardtsbauer (Pension)  Cori Uccello (Health)

“Actuarial” vs. Political” Activities A recent topic on Casnet A recent topic on Casnet A recent subject of discussion at an Academy Leadership meeting A recent subject of discussion at an Academy Leadership meeting “Actuarial” and “political” are not totally distinct “Actuarial” and “political” are not totally distinct We need to be research-based We need to be research-based We have several internal constituencies We have several internal constituencies

Increase Advocacy for the Actuarial Profession Legal/regulatory recognition of the Academy and of ASOPs, etc. Legal/regulatory recognition of the Academy and of ASOPs, etc. Help to assure that “public service” actuarial positions are staffed. Help to assure that “public service” actuarial positions are staffed. Promote recognition of actuaries in new areas and before new audiences Promote recognition of actuaries in new areas and before new audiences

Strengthen/Improve Standards and Discipline Get actuaries more involved in the development of ASOPs. Get actuaries more involved in the development of ASOPs. See that ASOPs are regularly thought of by key publics. See that ASOPs are regularly thought of by key publics. Develop Practice Notes. Develop Practice Notes. Get the discipline process better-understood by key publics. Get the discipline process better-understood by key publics.

Build Awareness/Support for Standards and Discipline Applies both to actuaries and to our publics. Applies both to actuaries and to our publics. Build educational programs around ASOPs, the Code of Conduct, etc. Build educational programs around ASOPs, the Code of Conduct, etc. Review ABCD operations. Review ABCD operations. Get the ASB, ABCD leaders more visible. Get the ASB, ABCD leaders more visible.

ENRON A potential wild card for all professions A potential wild card for all professions

Expand Academy Financial Resources/Efficiency “Efficiency” means, among other things, looking carefully at the need for travel. “Efficiency” means, among other things, looking carefully at the need for travel. The revision of the website enables us to develop new habits of communication and member service. The revision of the website enables us to develop new habits of communication and member service. Development and fair pricing of educational programs is both a member service and a profit center Development and fair pricing of educational programs is both a member service and a profit center

Improve Academy<>Member Communications We learned a lot from an outside Communications Audit. We learned a lot from an outside Communications Audit. Better graphics and design, sharper content Better graphics and design, sharper content Redesigned Web Site ( Redesigned Web Site ( We are and will be be at more meetings in more places, talking and listening. We are and will be be at more meetings in more places, talking and listening.

Improve Academy Organizational Effectiveness This is a job that is never completed. This is a job that is never completed. Rick Lawson has made a big difference. Rick Lawson has made a big difference. Inter-organizational support is crucial. Inter-organizational support is crucial. “Organizational Effectiveness” in the long run means serving YOU better. “Organizational Effectiveness” in the long run means serving YOU better. “International” is still, in part, a work in progress: IAA, IASB, cross-border practice, etc. “International” is still, in part, a work in progress: IAA, IASB, cross-border practice, etc.

What are YOUR Thoughts?

American Academy of Actuaries