American Academy of Actuaries

www.actuary.orgwww.actuary.org

Midwest Actuarial Forum

Presentation by Dan McCarthyPresentation by Dan McCarthy

March 12, 2003March 12, 2003

The American Academy of Actuaries

What’s Going OnWhat’s Going On Why You Should CareWhy You Should Care It’s It’s YourYour Academy - leadership and staff Academy - leadership and staff

need to hear from youneed to hear from you Don’t forget about www.actuary.orgDon’t forget about www.actuary.org

What’s Our Mission?

Represent the entire U.S. actuarial Represent the entire U.S. actuarial professionprofession

Serve the public and the profession, Serve the public and the profession, nationally and internationallynationally and internationally

How?How?

Professionalism

Establish, maintain and enforce high Establish, maintain and enforce high standards of:standards of: PracticePractice QualificationQualification ConductConduct

Public Policy(Fed/State etc.)

Provide :Provide : InformationInformation AnalysisAnalysis EducationEducation

Protect/Expand Actuarial Turf (with other organizations)

Represent and advance the actuarial Represent and advance the actuarial professionprofession

Increase public recognition of the value of Increase public recognition of the value of what we dowhat we do

How Do We Go About Doing Those Things?

Let’s Look at the Major WaysLet’s Look at the Major Ways

Increase our Public Policy Influence Be sure that centers of influence know who Be sure that centers of influence know who

actuaries are and who the Academy isactuaries are and who the Academy is Some old, some newSome old, some new ““New” includes:New” includes:

The FedThe Fed Think tanksThink tanks International organizations International organizations

Increase our Public Policy Influence (cont’d) ““Old” includes:Old” includes:

NAIC (lots going on, as always)NAIC (lots going on, as always) Congressional Staffs (their level of Congressional Staffs (their level of

interest in what we bring to the table interest in what we bring to the table continues to increase)continues to increase)

Increase Recognition of the Value of What We Do Capital Hill VisitsCapital Hill Visits

Briefing sessionsBriefing sessions Crisp communication needed (“issue brief”)Crisp communication needed (“issue brief”)

Regulatory Agencies - Federal, StateRegulatory Agencies - Federal, State The Fellows:The Fellows:

Ron Gebhardtsbauer (Pension)Ron Gebhardtsbauer (Pension) Cori Uccello (Health) Cori Uccello (Health)

“Actuarial” vs. Political” Activities

A recent topic on CasnetA recent topic on Casnet A recent subject of discussion at an A recent subject of discussion at an

Academy Leadership meetingAcademy Leadership meeting ““Actuarial” and “political” are not totally Actuarial” and “political” are not totally

distinctdistinct We need to be research-basedWe need to be research-based We have several internal constituenciesWe have several internal constituencies

Increase Advocacy for the Actuarial Profession Legal/regulatory recognition of the Legal/regulatory recognition of the

Academy and of ASOPs, etc.Academy and of ASOPs, etc. Help to assure that “public service” Help to assure that “public service”

actuarial positions are staffed.actuarial positions are staffed. Promote recognition of actuaries in new Promote recognition of actuaries in new

areas and before new audiencesareas and before new audiences

Strengthen/Improve Standards and Discipline Get actuaries more involved in the Get actuaries more involved in the

development of ASOPs.development of ASOPs. See that ASOPs are regularly thought of by See that ASOPs are regularly thought of by

key publics.key publics. Develop Practice Notes.Develop Practice Notes. Get the discipline process better-understood Get the discipline process better-understood

by key publics.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, Build educational programs around ASOPs,

the Code of Conduct, etc.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, Efficiency” means, among other things,

looking carefully at the need for travel.looking carefully at the need for travel. The revision of the website enables us to The revision of the website enables us to

develop new habits of communication and develop new habits of communication and member service.member service.

Development and fair pricing of educational Development and fair pricing of educational programs is both a member service and a programs is both a member service and a profit centerprofit center

Improve Academy<>Member Communications We learned a lot from an outside We learned a lot from an outside

Communications Audit.Communications Audit. Better graphics and design, sharper contentBetter graphics and design, sharper content Redesigned Web Site (www.actuary.org)Redesigned Web Site (www.actuary.org) We are and will be be at more meetings in We are and will be be at more meetings in

more places, talking and listening.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 Organizational Effectiveness” in the long

run means serving YOU better. run means serving YOU better. ““International” is still, in part, a work in International” is still, in part, a work in

progress: IAA, IASB, cross-border progress: IAA, IASB, cross-border practice, etc. practice, etc.

What are YOUR Thoughts?

American Academy of Actuaries

www.actuary.orgwww.actuary.org