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Setting Goals for the CAS to Achieve by 2014

Setting Goals for the CAS to Achieve by 2014. Long Range Planning Committee. Outline for Today’s Discussion. The need for goals Why 2014? Don’t we already have a strategic plan? Characteristics of useful goals Steps in establishing goals How you can help. Why Set Goals?.

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Setting Goals for the CAS to Achieve by 2014

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  1. Setting Goals for the CAS to Achieve by 2014 Long Range Planning Committee

  2. Outline for Today’s Discussion • The need for goals • Why 2014? • Don’t we already have a strategic plan? • Characteristics of useful goals • Steps in establishing goals • How you can help

  3. Why Set Goals? • Without goals, organizations lack direction and a sense of purpose • Goals serve to motivate members • Goals help in setting priorities and budgeting • Goals help answer such questions as: • Where are we going? • How do we know when we have arrived?

  4. Why 2014?The CAS will be 100 years old.

  5. Don’t We Have a Plan? YES!

  6. CAS Mission Statement The purposes of the CAS are to: • Advance the body of knowledge of actuarial science applied to property, casualty, and similar business and financial risks, • Establish and maintain standards of qualification for membership, • Promote and maintain high standards of conduct and competence for the members, and • Increase the awareness of actuarial science.

  7. CAS Vision Statement The vision of the CAS is to be the pre-eminent resource for education, knowledge, experience and applied research for those actuaries specialize in property, casualty, and similar business and financial risks, including the field known as general insurance.

  8. Additional Aspects of Current Strategic Plan • Definition of casualty actuary • Guiding principles • Geographic scope • Critical success factors • Strategic directions

  9. Shortcomings of the Strategic Plan • This plan does not set benchmarks • How do we know if we are “the pre-eminent resource”? • There is no specific time frame • When do we want to be the “pre-eminent resource”?

  10. Goals Should Be: Significant Achieving this goal will mean something Attainable The goal is not completely out of reach, although it should stretch your abilities Measurable There will be no question about whether or not the goal has been met

  11. Planning HorizonsBased on Tecker Consultants • Core Ideology • Core purpose • A concise statement of the organization’s reason for being • Core values • Essential and enduring tenets of the organization • 10-30 Years: Envisioned Future • Big audacious goals • 5-10 Years: Critical Factors • 3-5 Years: Strategic Planning • 1-2 Years: Action Planning

  12. How You Can Help • Planning must involve all levels of the organization • Membership input is critical • First steps • Core ideology and values • Big audacious goals

  13. Core Ideology ExamplesFrom CAS Leadership Meeting March 2002 • Core Purpose • To define and enhance the value of the casualty actuary • To educate the actuary of today and the future • To improve society’s understanding, acceptance, measurement and management of the risks inherent in life • Core Values • Professionalism Sense of community • Volunteerism Pursuit of knowledge

  14. Proposed Core Purpose“The core purpose is the reason for being”Developed by the LRPC 8/02 The CAS creates an environment in which current and prospective members may strengthen their ability to effectively apply casualty actuarial science to the assessment, quantification and management of risk in accordance with the highest professional and ethical standards.

  15. Proposed Core Values“The core values are the essential and enduring principles that guide the CAS”Developed by the LRPC 8/02 • Learning • Innovation • Community • Volunteerism • Professionalism

  16. Discussion of Big Audacious Goal for 2014 “A big audacious goal is a clear and compelling catalyst that serves as a focal point for effort”

  17. Big Audacious Goal ExamplesFrom CAS Leadership Meeting March 2002 • Eighty percent of our members will volunteer in the Society • There will be 15,000 employed CAS members by 2014, with job descriptions ranging from CEO, CFO, CRO and FE • The CAS will provide credentialing for actuaries in 25 countries • The CAS will give exams in 15 languages

  18. Alternative Big Audacious GoalsDeveloped by the LRPC 8/02 • The casualty actuary will be globally recognized as an essential resource for casualty actuarial science. • Building on the quantitative skills acquired in the course of becoming a casualty actuary, the casualty actuary will be viewed as a prime candidate for senior risk management positions. • The casualty actuary will be recognized globally as an architect of financial security.

  19. What’s Next The LRPC will • Develop more detailed input on these BAG’s for the Board You can • Participate in the LRPC Online Planning Process • Read the LRPC report, scheduled for early 2003 • React, comment, participate

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