10 check points relating to actuarial professionalism

In preparation for a Society of Actuaries’ presentation to the Brazilian market (May 2022) on ‘Actuarial professionalism’, I’ve put together some talking points and would really appreciate feedback on the content.

#1 Know your limits. Define your list of dealbreakers. What assignments you are comfortable assuming.

#2 For assignments within your specialty, seek peer review whenever possible. Also be generous with your time to assist other colleagues with peer reviewing their assignments.

#3 Make sure that you are up to date with best practice in your area of specialty with literature available both in your market and internationally.

#4 Depending on business culture… try to establish yourself as an independent professional who can access c-suite, internal audit or the regulator to discuss major issues if necessary.

#5 Every company is bound to have issues. There is no such thing as a perfect financial institution. Ensure that each major issue within your area of responsibility is known to senior management and has a credible and time specific turnaround plan of action.

#6 Ensure that aspiring actuarial students who are within your department are assisted with passing exams with study leave, subsidy of exam fees, reasonable working hours, mentorship program etc.

#7 if viable risk transfer programs are available in your market, that can assist with reducing your company’s ‘probability of ruin’.. challenge management to make use of them.. here I am referring to reinsurance, longevity swaps, use of derivatives etc…

#8 be a champion that promotes gender and diversity equal opportunities.

#9 Ensure fair value to clients. Defined as being “where there is a reasonable relationship between the overall cost to the end customer and the quality of the products & services”

#10 find your own way…no one size fits all…. Ethics, risk programs, compliance all change over time per market and industry.