Practice Development Council Update
By Benoit Miclette, FCIA
The Practice Development Council (PDC) began its existence on September 1, 2018, with four main goals:
- To proactively encourage and develop actuarial practice in all practice areas;
- To make recommendations to the CIA strategic and operational planning process with respect to marketing and branding of the actuarial profession in general and/or of specific areas of practice;
- To lead the development of emerging areas of practice, and promote and enhance the hiring of actuaries in non-traditional roles; and
- To collaborate with and assist other councils and the Actuarial Standards Board in the development and prioritization of standards of practice, guidance material, research projects, public statements, and educational and professional development opportunities for CIA members.
The PDC has 14 committees under its direction, representing established and emerging areas of actuarial work, either practice-specific (e.g., property and casualty, pension, banking), or crossing multiple practice areas (e.g., climate change, risk management, predictive modelling).
The PDC’s main focus is to identify projects, in collaboration with its committees, that will benefit the development of each new or existing actuarial practice area. The PDC then collaborates with other CIA councils to help find a home for these projects (e.g., research, standards and guidance, public statements) and help bring them to completion.
Current State of Actuarial Practices
From November to mid-December 2018, the PDC surveyed its committee members about the current state of their practice area, including opportunities, threats, and recent market developments. The survey also asked them to consider how actuarial work in their area of expertise could likely change in the coming decade, allowing the PDC to better identify where the CIA should focus its resources over the coming years (e.g., in education, training, research, international collaboration, etc.) to help foster this development.
Building Block for the Profession and CIA Strategic Plan
We cannot underestimate the value of having over 130 dedicated and focused volunteers taking the time to contemplate the future of our profession and providing input to help current and future generations of actuaries find excitement and challenges in their career. This input will serve as one of the building blocks in helping the CIA articulate its new 2020–2024 strategy.
Next up, the PDC will consider new areas of practice for actuaries and how to potentially collaborate with other actuarial associations to identify where innovative and pioneering actuaries have already forged non-traditional roles for themselves, thereby inspiring others to do the same. Through our efforts, we seek to find ways to expand the role of actuaries, attract more people to the profession, and create new opportunities for existing and future actuaries.
Benoit Miclette, FCIA, is Chair of the Practice Development Council.