JOANNE SPALLA

2006 Candidate Issue(s) Identification and Discussion:

The CAS is a strong and vibrant organization, and our members enjoy a robust employment market. Unfortunately, we cannot afford to take our strong position for granted. To continue to flourish, we must make sure that actuaries remain relevant and respected. Our credibility as a profession and as individuals must remain impeccable. I see the following as important issues facing the CAS:

• FCAS Education: Our rigorous exam process is the first step in establishing our credibility. While we must maintain our strong qualification standards, we have to make sure that the process does not discourage fully qualified candidates from completing the exams. Over the past several years, the CAS has taken many steps to improve the exam process. This year, the Board has begun to examine the learning objectives a candidate must master to attain Fellowship in the CAS. Once the Board concludes its study, it will be important to share their recommendations with the membership, solicit feedback and incorporate this input. Once learning objectives have been finalized, we must determine the best way to deliver this education and validate that candidates have met the objectives. Implementation of any changes must be executed in a way that does not cause disruption to the candidates taking exams. In addition, I believe there are significant opportunities to improve the quality of our study materials and validation process.
• Actuarial Credibility: Adherence to high professional standards is key to maintaining the credibility of our profession. We must continue the work of the Task Force on Actuarial Credibility and the Critical Review of the U. S. Actuarial Profession (CRUSAP) and seriously consider implementing their recommendations.
• Relevance: Rigorous education and high professional standards alone will not guarantee that our profession will continue to flourish in an ever-changing world. We must make sure that we remain relevant to the publics we serve. We must embrace new area of expertise, such as Enterprise Risk Management and Generalized Linear Modeling, where actuaries can make a contribution.
• Continuing Education: The definition of Basic Education learning objectives, increased continuing education requirements and emerging areas of actuarial expertise will have significant implications for continuing education. The CAS must make sure that our continuing education offerings and delivery methods are enhanced to meet these upcoming demands.

As a candidate for the Board of Directors, I look forward to the opportunity to represent our members in helping our Society meet these challenges.