Agenda. Professionalism and Governance of the Profession. Yves Guérard, Secretary General. Challenges for the Profession. The IAA Priorities
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1 The Fifth International Professional Meeting of Leaders of the Actuarial Profession and Actuarial Educators in Asia and the Pacific Agenda Professionalism, an IAA priority since the restructure What is a profession? BUILDING UP THE ACTUARIAL PROFESSION IN ASIA Professionalism and Governance of the Profession Yves Guérard, Secretary General Why mandatory professionalism education? Roles of actuaries Impact on individual actuaries Governance of the profession Self-governance at global & local level IAA membership requirements Primary role of local/national member associations September 2007 Intercontinental Hotel, Bangkok, Thailand Serving the public interest: the way forward 2 Challenges for the Profession Globalization, challenges of more open markets convergence with banks and other financial industries demands of level playing fields and transparency international development in accounting, solvency, supervision etc. Regulation focuses on risks: risk-based capital, risk-based supervision, overall risk management Demographic and economic pressures on sustainability of social security, pension and health systems Competition of professions: actuaries, accountants, risk managers etc. expanding to non-traditional fields Public interest: professionalism, education and CPD 3 The IAA Priorities Education Global actuarial qualification requirements IAEP, CPD Professionalism and standards of practice Enhance the roles of actuary Enterprise Risk Management and wider fields Contribute to regulatory frameworks such as Accounting and financial reporting Solvency & statutory requirements Supervision Strategic planning to serve public interest and to increase transparency and efficiency of the IAA 4 The IAA and Professionalism Role of IAA to support and promote profession internationally as an international body and through working with national actuarial associations Key aim to promote implementation of minimum standards of education includes professionalism Also aim to promote other fundamental requirements that support professionalism code of conduct, discipline processes, professional standards, CPD, etc 5 Professionalism in 2007 Syllabus Characteristics and standards of a profession including the need for: Specialised skills and education Ongoing training and development High quality of advice Exercise of independent judgement Objectivity, integrity and accountability Code of conduct Discipline process Practice standards set by actuarial bodies and other stakeholders Regulatory roles of actuaries The professional role of the actuary Analysis and resolution of ethical issues Identifying and managing conflicts, misuse of or undue influence on advice Nature of advice The public interest 6 1
2 Professionalism - Definition Professionalism is the practice of a profession according to the rights, privileges and restrictions as defined by that profession. 7 What makes a profession A Profession is an occupation in which an individual uses an intellectual skill based on an established body of knowledge and practice to provide a specialized service in a defined area, exercising independent judgment in accordance with a code of ethics and in the public interest 8 Mandatory Professionalism Education Professionalism was a mandatory subject in the IAA syllabus adopted in June 1998 The implementation of the IAA Syllabus is mandatory since 2005 as a condition of full membership The Syllabus as revised in April 2007 also makes Professionalism a mandatory subject with an expanded definition The Aim remains essentially: To develop awareness of the meaning of professionalism, the importance of professionalism in the work of an actuary and the professionalism issues that may arise in the course of that work 9 Why Professionalism Education To ensure actuaries are aware of the need to: advise only in areas of expertise/experience keep up to date CPD meet accepted standards of practice comply with Code of Conduct requirements exercise sound, impartial judgement understand principles of ethical decision-making actively seek advice and be open to peer review ensure advice is clear, comprehensive, not misleading understand client relationships, how advice will be used have the courage to do what is right 10 Why Professionalism Education Actuarial roles in the society To assist actuaries in becoming aware of, prepared for and able to respond appropriately to difficult professional situations, including: possible conflicts of interest clients seeking to inappropriately influence advice advice being misused or misinterpreted having advice challenged possibly in court whistle-blowing To ensure actuaries know what support is available to them through the profession and are familiar with Code of Conduct and discipline process 11 Provide skilled, trustworthy actuarial services to meet both business and society s needs Meet the requirements for current and future statutory prudential roles Contribute to control the risks and to enhance financial protection for consumers and ultimate beneficiaries Contribute to ethical business decisions which result in profitable and publicly worthwhile activities Provide authoritative and objective input to public debate 12 2
3 Actuarial Roles in Government Serving in Different Capacities Supervisory role, compliance to legislation and regulations Active role in the areas of solvency, and protection of consumer interests Technical role in legislative, regulatory, and tax framework Technical role in social programs: design, financing, and determining risks and liabilities Contribution: Protect the consumer s interest Help define and enforce framework that optimizes solvency Technical support in monitoring social programs 13 Working in an actuarial capacity Professional in private or public practice Technical work Teaching & research Representing the profession Working in an non-actuarial capacity Management (CEO, operational) Related field (administration, systems, investments, marketing) Others 14 Public Interest and the Individual Actuary fiduciary relationship with client responsibility towards the ultimate user/beneficiary must not act against the public interest need to draw issues to attention of the client client has ultimate right to take decision may draw the matter to the attention of the profession resignation is last resort Personal Responsibility discuss problems with colleagues or a senior member of the profession think through all aspects carefully listen to your conscience take your decision have your work reviewed Managing Conflicts support from external consultant actuarial audit support from regulatory actuaries mentor (inside company or from outside) whistle-blowing to regulator or profession stepping aside (temporarily) resignation 17 Whistle-blowing are policyholders or members at risk? has appropriate advice been given? what is the remit of the regulator? how will the profession view the situation? is there a right to legal indemnity? In all cases In select cases; ex.: Appointed Actuary consequences of action/inaction? 18 3
4 Legal Liability clients or third parties may sue negligence must be proved duty of care to clients also to third parties disclaimers Governance of the Profession Self-governance at global & local level IAA membership requirements Role of local member Associations professional indemnity insurance 19 Self Governance Self Governance is the process where responsible leaders diligently manage the elements of a profession which comprises: Entrance Requirements; Certification; Standards of Practice; Professional Ethics/ Rules of conduct; Discipline; All other elements of the Profession Applies at the IAA level and local or national associations level...does not exclude third party participation -mandatory in some countries 21 Executive Committee Secretariat Strategic Planning The IAA Governance infrastructure Statutory Committees Audit & Finance Nominations COUNCIL Accreditation Advice & Assistance Other Committees IAA Fund Education Financial Risks Insurance Accounting Insurance Regulation International Education Program Member Services Pensions and Employee Benefits Professionalism Social Security Supranational Relations Sections AFIR ASTIN AWF IAAHS IACA LIFE PBSS 22 IAA Membership Requirements For Full Member Associations Code of Professional Conduct Formal discipline process IAA Education Guidelines and Syllabus Formal process to adopt standards of practice if and when national standards are created And upcoming requirement for CPD process For Associate Member Associations Actuarial association not meeting all conditions above 23 Code of Professional Conduct A Performance of services with integrity, skill and care. B C D E F Fulfillment of professional responsibility. Not acting against the public interest. Upholding reputation of actuarial profession. Avoidance of publicity creating undue advantage. Performance of services with courtesy. G Cooperation with others serving same client. H Treating client information confidentially. Performance of services only if competent and appropriate by I experience to do it. J Observing applicable practice standards. 24 4
5 L P S Code of Professional Conduct Showing clearly professional findings as own and offering K availability for discussion. Identifying the client under which findings are provided. Identifying the role of the actuary with client relative to M findings. Avoiding conflicts of interest which impede ability to act fairly N unless full disclosure. Considering appropriateness of consultation with prior O actuary in newly taken assignments to ensure suitability. Disclosing to client all sources of income related to service on client s behalf. Avoiding publicity that cannot be substantiated or may be Q misleading. R Being subject to discipline procedures. Accepting decision of discipline process. 25 Disciplinary Process proper process fair trial public confidence appropriate sanctions possibility of appeal publicity 26 IAA Syllabus 2007 Mathematics courses 1,2,5,6,7 Financial mathematics Probability and mathematical statistics Modelling Statistical methods Economics course 3 Accounting courses 4,8 Accounting Investment and asset analysis Actuarial management risk control course 9 Professionalism Standards of practice Can be Mandatory, Voluntary, Recommended Practices, Practice Guidelines Any deviation from Mandatory Standards is professional misconduct Interpret Standards according to spirit and intent and considering rules and common sense Common sense test: a strained interpretation is not appropriate! 28 IAA Standards of Practice IASP 1 - Guidelines of Actuarial Practice for Social Security Programs 2002 And the following relating to IFRS Cover letter - July 25, 2005 IASP 2 - Actuarial Practice IASP 3 - Classification of Contracts IASP 4 - Measurement IASP 5 - Current Estimates IASP 6 - Liability Adequacy Testing IASP 7 - Discretionary Participation Features IASP 8 - Changes in Accounting Policies Glossary 29 Continuous Learning (CPD) All professional associations should have a requirement for continuous learning The requirements may vary widely, but it is the responsibility of the individual professional to keep knowledge current Standards of practice are in a constant state of change in response to the changes in society and business 30 5
6 Primary role of local associations Under the principle of subsidiarity each member association has first responsibility for defining areas of practice and providing the necessary support This includes education, actuarial libraries, research, seminars, workshops, colloquia This role is in harmony with the fact that in many cases the requirements are influenced by local conditions: legal framework, taxation, industry structure, cultural traditions However it imposes a high burden on small or emerging associations. A review of web sites shows variations in Entrance Requirement Professional Education Professional Standards and Ethics Practical support offered by local associations 31 Training 32 Syllabus Governance Discipline Evaluation Research Standards Setting Continuous Learning Certification Services provided by local Associations Standards for areas of practice Educational material & Examination Code of Conduct Professionalism course Certification/accreditation Continuing professional education Forum for discussions and debates Mentoring and counselling Disciplinary process The IAA studies the feasibility of an Typical practice areas With variations between countries, we can list Life actuary Non-life actuary Health & Care actuary Retirement/Pension actuary Investment/finance actuary ERM actuary Consulting actuary International Education Program How many is enough? Practical and operational considerations limit the number of practice areas that an association can support Existence of a practice area requires that the actuarial profession Set qualifications and entry requirements Ensure the availability of basic education and examination Up-grade constantly the basic core of knowledge Determine practice standards Provide guidance Provide CPD facilities Ensure peer review Implement discipline procedures Practice areas may be complemented by specialisation certificates or other means New demand for special expertise will arise and the profession will need to expand its intellectual capital in order to add or upgrade practice areas 35 Multi-level Challenges Individual actuaries are accountable for the skill, care and integrity with which they serve clients, employers, regulators the public and the profession The actuarial profession also has obligations to: its members those that rely on their advice Professionalism needs to be part of the culture of - actuarial associations - actuarial firms - individual actuaries 36 6
7 Serving the Public Interest Actuaries serve the public interest by adding value in terms of well-being for the society as a whole by reducing the adverse financial impact of risks and uncertainty while increasing fairness and security. Maintaining a level of skills, attributes and knowledge that can be used for the benefit of others in the service of the public interest is the key justification for our being a profession. As a profession we should not hesitate to raise public interest issues and enable the civil society to make informed judgements. As individuals we identify any activities in our field which seem to be against the public interest and raise the issues with our professional body. The way forward... The reputation and credibility of the actuarial profession globally ~ IAA, local or national associations, individuals ~ depends on our professionalism If actuaries are to retain their standing (and regulatory roles) the profession needs to actively demonstrate that it is willing and able to meet the standards of behaviour that are expected of it That places significant responsibility on the IAA, on our national/local member associations and also on each of us How the profession responds to that challenge is up to each and every one of us
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