Actuarial Professionalism on the hunt for CPD hours

1
Actuarial Professionalism(on the hunt for CPD
hours)

• SMS-7
• Bob Howard
• 2008-12-02

2
Agenda

• CPD
• Rules
• International

3
Introduction

• Nothing new
• Reminder
• Focus
• Easy CPD professionalism hour

4
CPD What

• Formal educational requirement
• To maintain qualification
• All members

5
CPD Definitions

• Hours
• Technical skills
• Professionalism
• Business and management skills
• Structured / Unstructured

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CPD Structured /Unstructured

• Many vs one point of view
• Planned vs impromptu
• Actuarial meeting vs private study
• Participation vs preparation

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CPD - Unstructured

• education obtained through
• private reading
• research
• Informal discussion with colleagues
• studies which can be part of normal work
  requirements
• preparing for a presentation
• If relevant

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CPD Why
9
Does it count?
10
Does it count?

• You attend a session at employer with one
  presenter on professionalism

Technical Professional Business/Mgmt Does not
count
Structured Unstructured
11
Does it count?

• You read an article in Harvard Business Review
  entitled, Organizing for Innovation

Technical Professional Business/Mgmt Does not
count
Structured Unstructured
12
Does it count?

• At a CIA meeting the luncheon speaker talks about
  the global economy

Technical Professional Business/Mgmt Does not
count
Structured Unstructured
13
Does it count?

• You attend a workshop at a SOA meeting on group
  underwriting

Technical Professional Business/Mgmt Does not
count
Structured Unstructured
14
Does it count?

• You read a posting on the general list by Bob
  Howard concerning a proposed change to CIA bylaws

Technical Professional Business/Mgmt Does not
count
Structured Unstructured
15
Does it count?

• You read a transcript of a session on IFRS from a
  CIA meeting

Technical Professional Business/Mgmt Does not
count
Structured Unstructured
16
Does it count?

• You read draft tax legislation on company time as
  part of your job responsibilities

Technical Professional Business/Mgmt Does not
count
Structured Unstructured
17
Does it count?

• You provide project management for the conversion
  to IFRS

Technical Professional Business/Mgmt Does not
count
Structured Unstructured
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CPD Requirements

• 100 hours every 2 years
• 24 structured
• 12 structured technical
• 4 professional

19
CPD Multiple Areas

• Meet requirements in each area
• Can count in more than one area

20
CPD Reporting

• If reserved role, details
• Others, statement
• FCIA within 2 years

21
CPD Comments

• 100 hours is not enough
• Rapid change
• CIA committed to helping
• Self-management

22
Rules of Professional Conduct
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Rule 1

• A member shall act honestly, with integrity and
  competence, and in a manner to fulfil the
  professions responsibility to the public and to
  uphold the reputation of the actuarial profession.

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Rule 2

• A member shall perform professional services only
  when the member is qualified to do so and meets
  applicable qualification standards.
• It is the professional responsibility of the
  member

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Rule 3

• A member shall ensure that professional services
  performed by or under the direction of the member
  meet applicable standards of practice.
• It is the professional responsibility of the
  member

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Rule 5

• A member shall not perform professional services
  involving an actual or potential conflict of
  interest unless
• the members ability to act fairly is unimpaired,
• there has been full and timely disclosure of the
  conflict to all known present and prospective
  direct users, and
• all known present and prospective direct users
  have expressly agreed to the performance of the
  services by the member.

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Rule 6

• A member who performs professional services shall
  take reasonable steps to ensure that such
  services are not used to mislead other parties or
  to violate or evade the law.

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Rule 7

• A member shall not disclose to another party any
  confidential information obtained through a
  professional assignment performed for a client or
  employer unless

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First Law of Robotics

• A robot may not injure a human being or, through
  inaction, allow a human being to come to harm

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Rule 13

• A member shall comply with the procedures set out
  in Annotation 13-1 if the member becomes aware of
  any apparent material noncompliance by another
  member with the Rules or with the standards of
  practice.

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Annotation 13-1

• May consult with CIA
• Discuss with member promptly
• Reach agreement on action
• Agreement on noncompliance
• Unlikely to repeat
• Rectification and notice to all users
• Rectification by member
• Otherwise notify CIA

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IAA

• Organization of organizations
• Subsidiarity
• International Actuarial Standard of Practice-IASP
• IASP model standard
• International Actuarial Notes-IAN

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IASB

• Sets accounting standards
• IFRS
• Required by securities regulators

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Imbalance of Power

• IASB vs. CIA
• IASB vs. IAA

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Global ERM Designation

• XRX
• CERA

36
Canadians Involved

• Mike Hale
• David Congram
• Mo Chambers
• Harry Panjer
• Rob Brown
• And many more

37
Discussion