Enterprise Risk Management (ERM). I'm a huge proponent of actuaries getting more involved in enterprise risk management. Risk is Opportunity for us!  For centuries we have managed mortality and interest rate risk. Of course we have gotten more sophisticated than the old days of pricing traditional life insurance! But ERM is a logical extension of our actuarial methods and training. We are well equipped to model, price, hedge equity market risk, catastrophe risks, human behavior risks, and more, and their interactions. More data will always be needed, but the heart of our professional training is considering past experience, understanding the limitations of past experience, then looking at likely future outcomes, and the range of those future outcomes, and expressing risk in financial terms. Price. Reserves. Capital. Ratings. Here is where our training has applications way beyond insurance. We could serve broader financial services industries such as asset managers, banking, real estate and securities. In fact actuaries could go way beyond financial services into technology, transportation, manufacturing, and more. It will take some time to convince broader audiences of our skills. But I would encourage all actuaries to see the skills that we already have, as having much wider application in the future.      

The exams. In our recent member survey a number of opinions were expressed that the FAP modules are too easy. I will admit I was surprised at the number of comments that came in on that subject. Some people feel that the modules can be gamed. I do know that the SOA checks for plagiarism and a very small number of candidates have been disciplined where the evidence supported the action. Overall however, I like the current education system, which is based partly on validation by educational experience, partly by written exams, partly by computer based testing, modules, and professionalism courses and seminars.  My hope is that we can keep the content of our exams up-to-date while keeping the structure of the exams unchanged. 

Future Education Methods. I've been in favor of exploring this. Of course, we must maintain and improve the quality of education, validation and the credentials. At this time the idea of university course exemption for examinations has been solidy opposed by our members, so I can't support that aspect of FEM.

ASAs. I've been in favor of 5 year ASA voting , and I'm delighted that this was approved by a vote of the Fellows.   I'd like our ASAs to be included more in volunteer and other professional activities. 

Continuing Education. Continuing education is an important part of learning for an experienced actuary. I am in favor of the SOA CE requirement. This is consistent with maintaining the value of our credentials. For many SOA members there is considerable or complete overlap with the American Academy of Actuaries' qualification standards for all US practicing actuaries. We probably need to explain the details more clearly to members and employers.  

Growth of the Profession. Our profession is a noble one and I am very proud to be an actuary. On the other hand we are a small profession. Although we are have grown to approximately 21,000 members, our numbers are low relative to the number of accountants or other professions that require similar levels of education and dedication. Our profession has much to contribute in risk management, retirement planning, health care, social insurance, and a vast potential range of analytical matters. I am highly committed to increasing our profession's influence, through greater education, marketing and communication, and attracting more of the best and brightest candidates, and having more influence with the public and government.  

Social insurance programs. While the Academy has the main responsibility for speaking to public and social matters on behalf of the profession, each of us as individual actuaries need to be aware and educated, and prepared to speak out with informed best judgment on topics like Social Security, Medicare, and health care in general. This boosts our image and serves the public interest. 

Overseas candidates. We are an international organization and I would like us to remain so. The USA and Canada are our "home" countries. We have many members in Asia and elsewhere, and they are very much part of the SOA. I welcome candidates from all countries to the SOA. Of course, we will not compete with the recognized credentialing organizations in their own countries! But as the largest actuarial body in the world, we have influence over, and responsibilities to the profession worldwide. As an example of our influence, the CERA is already attracting international attention.  As an example of our responsibilities, I would continue a modest level of discounting of exam fees to candidates from countries with unfavorable economic conditions.

Financing of SOA operations. The SOA has an annual budget of $35,000,000. Revenue comes from membership dues, examination and seminar fees, and a moderate investment income. We provide membership and education services. As Treasurer, I have monitored the SOA staff and finance policies to ensure members, candidates and sponsors (such as members' employers) are getting value for their money. I've helped to lead the way to cost reduction of unnecessary expenses, simultaneously with more spending on research, development, marketing and improved member services. I'll continue to look for ways to maintain or reduce dues and fees, while preserving the financial strength of the SOA.

Cooperation with other actuarial and professional bodies. In our recent member survey, there were a number of comments that we have too many North American actuarial organizations. Members are asking, why can't we consolidate or merge organizations, to avoid duplicating costs and precious volunteer time. In reality our organizations serve different purposes. SOA is responsible for research and education, and in my opinion, widening the frontiers of actuarial practice. The Academy focuses on US governmental and public matters. The Canadian Institute of Actuaries focuses primarily on Canadian issues. The Conference of Consulting Actuaries serves special needs of consultants. The International Actuarial Association serves an important role overseas.  And I've already worked to improve cooperation with the Casualty Actuarial Society, regarding the Joint Risk Management Section and allowing CAS members to follow the Experienced Practitioner pathway to the CERA credential. 

The strategic plan. In days of yore, each freshly elected P-E brought their own agenda, and had only one year to implement.  With the advent of the Strategic Management System, the Board as a whole addresses strategy and policy. This provides continuity, transparency and long-term success. The Issues Advisory Council works with four Strategic Action Teams, namely Membership Value, Knowledge Management, Marketplace Relevance and Professional & Community Advancement. We have a balanced scorecard, with specific outcomes and metrics. And we have a formal strategic plan. Currently, the SOA is revising the strategic plan that was put in place in 2002. The new plan, still under development, will guide the new P-E.  I'm committed to following the strategic plan, of course. In fact I have helped to shape it. It is not at all inconsistent with the positions I've taken, for example, with broadening actuarial science to include ERM.

Serving the public interest. I was one of the first board members to insist that the serving the public interest was a fundamental component of the definition of our profession. Any profession actually. Our current and future Strategic Plans make it clear that we have this duty. The new Strategic Plan draft indicates that Professionalism is the sum of specialized knowledge, integrity and serving the public interest. 

The value of our credentials. As President-Elect and President I will do everything to maintain and enhance the value of our credentials. This is sacrosanct.  I am well aware that SOA members have a strong opinion on this subject.  As we move the SOA into new disciplines such as ERM, we cannot compromise the importance of the FSA and ASA (and  CERA, of course!) to our members and their employers. We need a reasonably short travel time to the credentials, but not at the price of rigor.

Communication. I believe the organization, its leadership, Board and Sections should stay in close communication with the members, candidates, employers, academia, regulators and other actuarial organizations. Regarding members, I'm hoping we can find more channels including web polls and member survey panels.