Address by The President of the Faculty of Actuaries

Harvie Walker Brown

British Actuarial Journal, 2005, vol. 11, issue 1, 41-61

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.

Date: 2005
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