Explore the important initiatives driving the SOA.

For the first time, the Society of Actuaries in 2008 approved a portfolio of strategic initiatives for its strategic plan. These initiatives represent a key component of our strategic plan; they are the specific programs and activities that will make our plan come to life. See how the initiatives relate to the SOA Strategy Map.

This portfolio of strategic initiatives was developed in light of the new strategic plan, based on current initiatives in the pipeline as well as input from the April 2008 strategic planning summit. Each initiative has also been defined using a new "feasibility review" approach developed through our strategic planning process this year.

The following are the 10 initiatives in the portfolio:

1. International Membership Strategy

Currently SOA members are based in 68 countries, and 11% live outside of the U.S. and Canada. This growth in international membership has occurred naturally, rather than as a result of a specific outreach. The intent is to ask the Board to set a direction regarding membership development. This direction will then shape how SOA plans for and delivers membership services to both North American and 'international' members.

2. Intellectual Capital Framework

Actuarial science, to be strong, must continue to grow and develop in dynamic ways. Actuarial science integrates the best from economics, finance, demographic, mathematics and other disciplines to create models of risk and risk pooling used for social and business applications. We must continually ensure that "the best" of those disciplines is incorporated into our science, which means our intellectual capital must continually evolve. In 2009, this initiative considered what the SOA should do to strengthen intellectual capital creation for the profession. In 2010, we are focusing on how to best use our web library and publications to improve the dissemination of intellectual capital.

3. Role of Academia

Actuarial science can also be strengthened by ensuring that the academic branch has adequate supply and access to actuaries. The goal of this initiative is to strengthen the academic base, to ensure that it can play a vital role in research and education. In 2009 we established programs to award doctoral stipends and name universities as Centers of Actuarial Excellence. These programs continue into 2010. During 2010, we will award the first grants to the Centers of Actuarial Excellence, and work on plans to develop business/academic partnerships.

4. Professional Development (PD) Redesign

In early 2009 the SOA launched the competency framework as part of the overall Professional Development Redesign Initiative. We recognized that there was a need to improve the breadth and depth of the CPD program. This year we will work to develop a broad program to meet the diverse needs of the SOA membership, establish continuity with the education program and provide PD opportunities. The competency framework is the basis for ongoing Professional Development design.

5. FEM Communications

The Future Education Methods proposal provided an opportunity to examine how SOA communicates with our membership and stakeholders. The Future Education Methods Communication task force performed a comprehensive review of the communications that occurred and provided recommendations to the Board for enhanced communications with members, incorporating new communication channels, more two-way communication and the ability to communicate quickly. The outcomes from this report will be used to inform future communications efforts to the membership. This initiative was completed in February 2010 when the SOA Board accepted the Task Force report and dismissed them with thanks. The Transfer Knowledge Team also completed a comprehensive review of the strategic objectives and key principles of the SOA's Education system. The revised set of principles was approved by the Board of Directors at its February meeting.

6. Global CERA

The Chartered Enterprise Risk Analyst (CERA) credential is the most comprehensive and rigorous enterprise risk management (ERM) credential in the marketplace. In November 2009, a group of 14 actuarial organizations, including the SOA, signed a treaty to enter into a partnership to establish a Global CERA credential. . In 2010, the SOA and the other partner organizations will move forward with establishing the legal entity to house the new credential as well as a robust quality assurance system to ensure the integrity of the credential is maintained.

7. MMDP  

The Marketing and Market Development Plan is a long-term journey with other key North American actuarial organizations to market and position the actuarial profession, establish actuaries as primary leaders and decision makers in their traditional marketplace and establish an initial footprint in the broader financial services market (e.g., commercial and investment banks, mutual funds). In 2010 the SOA is establishing "Viewpoints and Visibility" teams to work together with GolinHarris, the marketing firm, to publicize the strength of the actuarial profession.

8. Untapped Opportunities for Actuaries in the Health Industry

In 2008 the Board commissioned the IAC to develop potential programs to respond to the untapped opportunities for actuaries in the health industry. These are not only traditional roles but the open horizon for expanding what actuaries can and should be doing in the health industry. In 2009 there was extensive market research to identify current and future job opportunities in the health arena that fit with the skill set of an actuary. In 2010 a work group accountable to the Cultivate Opportunities Team will use the results of the market research to develop plans and make recommendations based on the findings.

9. Inter-Organizational Synergies

This initiative is intended to produce a Board-level assessment of key opportunities for greater inter-organizational synergies, considering the needs of the profession, how to best utilize synergies between activities, and how to best collaborate with other actuarial organizations.

10. Leadership Development Program

Volunteer members drive the work of the SOA. This initiative involves creating an all-encompassing program that will identify, recruit, track, manage and recognize volunteers. There will be multiple components to this program that will require development and implementation. This is a three-year initiative. Phase One, 2008, included the development of the design for the program components and associated recommendations. Phase Two, 2009, was the implementation of many of the approved recommendations. Phase Three, 2010, will be the refinement of any component, as deemed necessary and implementation of additional recommendations. If you have any questions, please let me know.