An actuary and/or other social security professional performing actuarial work for a social security institution develops and maintains the high level of professional expertise necessary to perform required actuarial work. In the case of using internal resources to perform actuarial work, the social security institution ensures that actuaries and/or other social security professionals are provided with sufficient opportunities to maintain technical knowledge, professional expertise and appropriate behaviour including the managing of potential conflicts of interest.
This guideline distinguishes an actuary with a recognized actuarial affiliation or qualification requiring the formal assessment of their skills and experience (“actuary”) from other social security professionals performing actuarial work for a social security institution.
- The social security institution should ensure that an actuary and/or other social security professional performing actuarial work for a social security institution has sufficient external and internal opportunities to fulfil continuing professional development requirements or a relevant professional development plan. This may include (amongst others):
- On-site training by internal or external experts;
- Attendance at national and international conferences, events and training, including but not limited to those organized by the ISSA, ILO, IAA and national professional associations;
- Access to relevant training resources.
- The social security institution should allocate sufficient time and resources for continuing professional education when developing the institution’s human resources plans and budgets.
- The social security institution should facilitate the interaction of actuaries and/or other social security professionals performing actuarial work for a social security institution with national and international experts in social security, demography, economics, etc.
- If an actuary and/or other social security professional performing actuarial work for a social security institution is a member of a professional association that has continuing professional development requirements relevant to the performed actuarial work, they should comply with these requirements.
- If an actuary and/or other social security professional performing actuarial work for a social security institution is not a member of a professional association that has continuing professional development requirements relevant to the actuarial work performed, the social security institution should prepare a relevant professional development plan and regularly monitor compliance with such a plan.
- The social security association should encourage an actuary and/or other social security professional performing actuarial work for a social security institution to participate in national and international research in the areas relevant to actuarial work to be performed (e.g. development of economic and demographic assumptions, actuarial modelling, methodology, financing approaches, etc.).