Several years ago, when the word “meta” first appeared on the scene, I will admit that I had some difficulty understanding what it meant, other than something cool to say as in “that’s so meta.” Of course, I understood it in a specific application such as “metadata” being data about the data, but the typical application escaped me. Cue up … Read More

The Code of Professional Conduct (“the Code”) sets forth what it means for an actuary to be a professional. The preface to the Code goes further to state, “It identifies the responsibilities that actuaries have to the public, to their clients and employers, and to the actuarial profession.” It is safe to say that most clients and employers who hire … Read More

One morning in late June, while I was going through my daily routine of having my morning cup of coffee and scanning the news, something caught my eye. I came across a news article from the Wall Street Journal with the headline, “Ernst & Young Fined $100 Million in Ethics Exam-Cheating Probe.” My curiosity was piqued. After reading the article, my first … Read More

This is the final Up to Code article that I will compose. Because this is my last such essay, I am going to take the liberty of beginning on what, for me, at least, is an uncharacteristically personal note and write about a friend from my youth who died recently and was among the most impressive persons I have ever known. Dr. … Read More

Conflicts of interest are one of the challenges that professionals face quite often, and they are difficult to address. They are very rarely black and white, but rather shades of gray. Sales are fraught with conflicts of interest. We are all familiar with the situation where someone who will receive a substantial commission if a sale is made represents themselves … Read More

No, this article does not describe how Actuarial Standards of Practice are handed down from Mount Olympus, nor how the Actuarial Board of Counseling and Discipline (ABCD) adjudicated the famous Sisyphus complaint! Instead, based upon issues that the ABCD have regularly encountered, I have chosen to highlight three “myths” that are commonly (and erroneously!) associated with actuarial professionalism. Myth #1: “I … Read More

Actuaries love to measure risk. Risk is directly involved in our calculations: Mortality/longevity risk. Morbidity risk. Turnover risk. Investment return risk. Asset/liability mismatch risk. Risk of underprovision for expenses. Risk of bad data. Risk that our models are incorrect. These are the technical areas that actuaries are trained to analyze. We love this stuff! Sometimes these can be quantified in … Read More

There is a show that I try to watch called A Million Little Things. It takes place in Boston and follows a group of close friends who are dealing with many current societal issues. I enjoy how it presents issues in a creative way that is both thoughtful and entertaining. The show also provides different perspectives on important issues. One of … Read More

I work for a U.S.-based office of an international consulting firm. I joined the firm more than 20 years ago when many of our clients were based in the areas local to my office. But consolidation in the insurance industry has reduced the number of local insurers and increased the international presence of many of the remaining companies. The evolution … Read More

If you ask anyone you meet about the significance of the number 14, the reply will probably relate to Valentine’s Day which is on the 14th of February. For the historian, 14 may represent the storming of the Bastille on July 14, 1789, the inclusion of Vermont as the 14th state of the United States in 1791, or Flag Day, celebrated on … Read More