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Address by The President of the Faculty of Actuaries

Published online by Cambridge University Press:  10 June 2011

Harvie Walker Brown
Harvie Walker Brown
Affiliation:
Mercer Human Resource Consulting Limited, Alhambra House, 45 Waterloo Street, Glasgow G2 6HS, U.K., Tel: +44(0)141-222-8431, Fax: +44(0)141-222-8410, Email: harvie.brown@mercer.com
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Abstract

This Presidential Address takes place at a time of great change for the Actuarial Profession, not least the review of the Actuarial Profession by Sir Derek Morris and his team. The Address concentrates on the changes that the Actuarial Profession, like many other professions, needs to address from a professional perspective in the 21st century. Key aspects such as peer review, monitoring of compliance with standards, CPD and revalidation of a member's competence are considered and the changes that need to be made in these areas outlined. A review of the complicated area of Conflicts of Interest as it impacts on the work of actuaries, especially in today's business environment and the high expectations of clients, points towards the need for additional professional guidance in this area. The need for an Independent Actuarial Standards Board with a significant non-actuarial membership to take responsibility for the standard setting process of the Actuarial Profession is a necessity going forward.

Keywords

Professional ChangePeer ReviewMonitoringCPDPractising CertificatesRevalidationConflicts of InterestActuarial Standards BoardScrutiny CommitteeCorporate Plan
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 11 , Issue 1 , 01 April 2005 , pp. 41 - 61
Copyright
Copyright © Institute and Faculty of Actuaries 2005

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