SOA Member Announcement–October 2009 Board of Directors Meeting

• Lisamarie Lukas, Director of Communications
• Society of Actuaries
• 847.706.3566
• llukas@soa.org
•  

Society of Actuaries Board Addressed Member Response to FEM Concept; Continued Support for Global ERM Credential; Approved Semiannual Offerings of Fellowship Exams

At its October 24-25, 2009 meeting, the Society of Actuaries' (SOA) Board of Directors discussed and made determinations on a variety of strategic issues and initiatives.

The Board acknowledged the significant concerns raised by the membership and their employers regarding the Future Education Methods (FEM) concept and has agreed not to proceed with the concept in its current form. The Board directed its volunteer team charged with the oversight of knowledge transfer initiatives to review the strategic objectives of the SOA's educational system.

The Board will ask the Joint FEM Steering and Accreditation Committees to consider alternatives to the current concept and provide a report back to the Board in February 2010. The SOA will also appoint a task force to recommend enhanced communications with our members on this subject.

The Board continued its discussion from previous meetings on the adoption and implementation of a global enterprise risk management (ERM) credential. The Board received an update on the international collaboration of actuarial organizations to develop a treaty that would establish the Chartered Enterprise Risk Analyst (CERA) as the global ERM credential. The Board expressed its continued support for moving forward, subject to review of the final proposed treaty, which is expected to be ready in November.

The Board reviewed and approved the professional development program redesign initiative, which includes the creation of a Professional Development Committee. The committee will include Section and Education representatives to develop a systematic approach for professional development programs. The redesign will align pre–qualification and professional development content to create continuity throughout the learning process. It will also make full use of existing delivery options and adopt new technologies to ensure it meets the diverse needs of SOA members.

Following a strategic discussion on the intellectual capital initiative, the Board directed a volunteer team to undertake a review of current print and electronic publication strategies. It will also focus new attention on experience studies and efforts to build long-term research that expands actuarial practice.

To address broad strategic risk issues facing the SOA, the Board approved the creation of a new board–level risk committee.

In financial matters, the Board approved its 2010 budget with no increase in member dues. Most exam and meeting registration fees remain unchanged. Board members also agreed to begin offering all fellowship exams semiannually starting in 2011.

SOA President Cecil Bykerk said, "It has been a pleasure to serve as your President, and I want to acknowledge the contributions of the SOA Board members who have retired at the end of this meeting: Mary Bahna–Nolan, Jeremy Gold, Mary Hardy, Shiraz Jetha and Frank Sabatini. I also want to recognize Ed Robbins, former President, who has also retired, for his dedication and service."