Meet the Candidates - Barry Franklin

Education:

Northern Illinois University – BS Mathematics: Probability & Statistics, minor in Economics, 1981

Current Employment:

Founder & President, Upstate Actuarial LLC

CAS Activities and Publications:

Numerous presentations at CAS meetings including Spring/Annual meetings, ERM Symposium, CLRS, RPM, special interest seminars.

Other Actuarial Organizations:

Casualty Actuaries of the Southeast (1991-1999): Midwest Actuarial Forum (1988-1991, 1999-2023)

Employment History - Prior Employers:

Zurich Insurance Company:

• North America Chief Actuary (2019-2023).
• North America Chief Risk Officer (2011-2019)

Towers Watson:

• Principal and Director, North America Risk Consulting (2008-2011)

Aon Corporation:

• Group Managing Director, North America Risk Consulting (1999-2008)

Ernst & Young LLP:

• Partner & Consulting Actuary (1991-1999)

Zurich Insurance Company:

• Assistant Actuary & Manager (1983-1991)

Allstate Insurance Company:

• Actuarial Analyst (1981-1983)

Membership and Activities in Other Organizations:

Numerous presentations at RIMS, AICPA, United Nations Operational Risk Management Council, Vermont Captive Insurance Association, Mexican Insurance Association and others. Contributor to World Economic Forum Global Risks Report.

Civic Activities:

Cliffs Residents Outreach Advisory Board and Corporate Partner Fundraising team

Cliffs at Keowee Vineyards Architectural Review Board

Northern Illinois University CLAS Advisory Board

Young Life of Eastern DuPage County, Committee Chair

Other Publications:

Risk Management Magazine: “Climbing the ERM Tree,” May 2010

Joint Risk Management Council of the SOA, CAS and CIA, “A New Approach for Managing Operational Risk: Addressing the Issues Underlying the 2008 Global Financial Crisis,” December 2009

I have a deep respect and profound appreciation for the CAS, its mission and its traditions. The CAS has developed a framework within which its members can acquire and demonstrate skills and competence, and, in turn, its members have made many significant and lasting contributions to the actuarial body of knowledge. I have benefitted greatly from my CAS membership in my professional life, and I have also developed many lasting friendships during my career as an actuary and my many years of volunteer service with the CAS. Like those who have served as president-elect before me, I welcome the opportunity to give something back to the organization that enabled my career and do my part to ensure future generations of actuaries enjoy the same types of opportunities and privileges I have been blessed to experience as a CAS member.

My leadership style tends toward inclusiveness and collegiality, with a heavy dose of pragmatism. I harbor no illusion that my own ideas are necessarily the best and believe there is tremendous power in broadly soliciting ideas and feedback to arrive at the best possible outcome. I also seek to nurture an environment where everyone is treated with the kindness and respect they deserve.

I have had the privilege of leading a variety of teams in my professional life, both large and small, - some strictly actuarial in nature and others comprised of a broad array of professional disciplines. Having spent time in brokerage, consulting and insurance company environments and in both actuarial and non-actuarial roles, I have a great appreciation for the value and versatility of the actuarial skillset and the needs and priorities of the stakeholders we serve. I also believe my volunteer experience with the CAS provides a solid basis for serving as president-elect, having served on and chaired numerous committees and task forces, the EC and the CAS and CERA Global Association boards. My service on the CERA board and the Joint Risk Management Section Council also provided me the opportunity to work side-by-side with staff and volunteers from other actuarial organizations, focusing on our areas of common interest.

1. Recent challenges with the May 2024 exam sitting underscore the importance of effectively managing the CAS’s operational risks. While the Board has rightfully in recent years focused on key strategic risks/opportunities - such as the increasing role of data scientists in traditional areas of actuarial work and the continued efforts of the SOA to gain traction in qualifying casualty actuaries - we need to execute flawlessly in our own space to ensure our strategy succeeds. We can outsource any number of tasks in pursuing our objectives, but we need to recognize we still own the outcomes from a reputational perspective. I would not advocate abandoning our relationship with Pearson or drastically changing our testing administration approach, but I do believe the CAS should fully understand and be prepared to effectively respond to the risks associated with the outsourcing of critical capabilities such as this. I would suggest a robust annual (or more frequent) risk assessment be undertaken and shared with the Board and EC, with particular emphasis on outsourced capabilities.


2. Quinquennial survey results suggest a high degree of satisfaction with the CAS and its strategic direction. Among other things, results also indicate an increased interest in the CAS supporting members’ efforts in the area of Enterprise Risk Management. I personally had a front row seat to the CAS’s entry into the CERA treaty and subsequent efforts to offer the CERA designation to its members, and served as VP-ERM in the initial years of the CAS’s CERA experience. In my view the CAS has fully supported the CERA designation and offers numerous educational opportunities to CAS ERM practitioners, but the fact remains the CAS has the most onerous qualification requirements of any CERA signatory by virtue of its continued reliance on the IFA’s SP9 (formerly ST9) exam in addition to completion of the CAS’s own ERM-focused exams and first achieving ACAS/FCAS. Developing and administering a CAS-specific CERA qualifying examination is likely to be cost-prohibitive, but it would be worthwhile to explore reasonable alternatives to the current process to reduce the burden on prospective CAS ERM practitioners and level the playing field with other actuarial organizations.