Professionalism IAA Fund Meeting Kuala Lumpur, October 10,

Professionalism IAA Fund Meeting Kuala Lumpur, October 10,

Professionalism IAA Fund Meeting Kuala Lumpur, October 10, 2011 Darryl Wagner, FSA, MAAA Agenda What is professionalism? The IAA and professionalism Supporting actuarial professionalism 2

Professionalism for the actuary professionalism is a key component of actuarial education it is important to devote time to learning about professionalism as well as about technical skills it is necessary to develop a professional attitude and way of thinking there are often no simple black and white answers we need to learn what it means to do a good professional job

3 Characteristics of a profession 6 key characteristics of a profession are: members join together to apply a specialised skill the skill has been developed through appropriate education members have a special relationship with those served recognised by the public as an authority in field of expertise, able to serve the public interest

standards of competence and conduct of members high level of integrity by members in exercising judgement 4 Professionalism in practice Professionalism concerns behavior of professionals and the profession which will: maintain the reputation and integrity of the profession serve the interests of clients/employers

serve the public interest (the common good) 5 Professionalism at two levels Professional issues facing the profession, for example responding to regulators helping to educate government, the media and public ensuring that the profession is fit for purpose Individual matters of professionalism, for example high ethical standards adhering to the code and standards of practice

reporting if necessary (whistle-blowing) 6 What is expected of us as professional people? demonstrating, and applying appropriately, specialist skills providing reliable up-to-date technical knowledge and advice complying with Professions code of conduct and standards complying with legislation and regulators standards performing statutory roles to a high standard

behaving ethically exercising judgement with high level of integrity communicating well having due regard to the interests of those affected 7 What is expected of us as professional people? (continued)

respecting and supporting others relationship of trust with clients (fiduciary relationship) being reliably confidential life-long learning developing our knowledge and skills having no adverse disciplinary record assisting the profession to serve the public interest

contributing to public debate contributing to the work of the profession 8 Professionalism-Recap Incredibly important Applies collectively and individually Far reaching Not black and white Requires substantial and constant attention

9 The Mission of the IAA To represent the actuarial profession and promote its role, reputation and recognition in the international domain To promote professionalism, develop education standards and encourage research, with the active involvement of its Member Associations and Sections, in order to address changing needs

IAA Mandate to Professionalism Committee The IAA Council requested the Professionalism Committee to address the strategic action required to Achieve a common understanding of the principles of professionalism, including codes of conduct and disciplinary procedures. 11

Key Conclusions A common understanding of the principles of professionalism (the Principles) is possible. Professionalism covers the actuarys technical competence and skills, ethical behaviour and professional oversight. Aspects of professionalism should be introduced throughout the training and development of an actuary. 12

Definition of Professionalism Professionalism means: The application of specialist actuarial knowledge and expertise; The demonstration of ethical behaviour, especially in doing actuarial work; and The actuarys accountability to a professional actuarial association or similar professional oversight organisation. 13

The Principles of Professionalism Knowledge & expertise Values & behaviour Professional accountability 14 Principle A Knowledge & expertise: An actuary shall perform professional services only if competent and

appropriately experienced to do so. 15 Principle B Values & behaviour: An actuary shall act honestly, with integrity and competence, and in a manner that fulfils the professions responsibility to the public and upholds the reputation of the actuarial profession.

16 Principle C Professional accountability: An actuary shall be accountable to a professional actuarial association or similar professional oversight organisation. 17 Key points of discussion

What exactly is competence? How to define communication in a professional context? Is communication a soft skill? Is business awareness always essential? How to address the matter of the public interest? How to deliver continuing professional development? How and when should professionalism be taught? How should professional accountability be defined? 18

Key Recommendations The IAA should adopt the Principles as proposed. The Principles should be used within the IAA to establish a common terminology and framework. The Committee does not recommend that the IAA develop a model code of conduct. The proposed Principles are a sufficient basis from which FMAs can develop their own codes of conduct. The process and experience of developing its own code of conduct is also an informative and valuable process for any FMA. Council should consider further actions as set out in

the report in order to entrench the Principles within the IAA and its FMAs. 19 Professionalism 20 Resources available to actuaries

Code of Professional Conduct Regulations Qualification standards Continuing professional development

Actuarial Standards of Practice Disciplinary Process Peers Common sense Other support networks 21 Resource Development Models Independent development IAA principles/models

Leverage/mentorship 22 Supporting Knowledge & Expertise Basic education Continuing professional development Actuarial standards of practice Peer review Other?

23 Model International Actuarial Standards of Practice IAA established an Interim Actuarial Standards SubCommittee Current draft developed by Generic Task Force (ISAP 1) General Actuarial Practice Foundational standard Additional Task Forces on ERM, IAS 19, IFRS 4 and Social Security

24 Model International Actuarial Standards of Practice New Task Force established in May Task Force on a Permanent Structure for International Standards Due Process Task Force working on a revised due process for considering Statements of Intent for developing ISAPs 25

Supporting Professional Accountability Counseling Disciplinary process Model for international cooperation: Established and/or recruited panels of international experts to assist in local administration of counseling and discipline 26

Questions? Contact info: Darryl Wagner [email protected] 27

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