Rule 2 – Qualification Standards
A member shall perform professional services only when the member is qualified to do so and meets applicable professional continuing qualification standards.
Making sure actuaries are able to deliver good work
Professional opinions must always be based on sound principles and expertise. Rule 2 expects members to have the professional certification, up-to-date knowledge and relevant experience to provide information and advice that can be trusted. It’s the responsibility of the member to be qualified to perform professional services before they agree to take on an assignment.
Why Rule 2 is important
Ensures competence
Only performing professional services when qualified to do so helps ensure solutions provided are accurate and reliable.
Builds trust
Reassures clients and stakeholders that information and advice from members will always be based on up-to-date knowledge and relevant experience can therefore be trusted.
Upholds the profession’s reputation
Reducing the risks of outdated or incompetent practices that could harm clients or the public protects the reputation of the entire profession.
Demonstrates commitment to learning and excellence
Requirements for continuing professional development reflects a commitment to staying up to date on best practices and new developments in professional practice.
Allows for professional oversight
Provides the CIA with a mechanism to monitor a minimum standard of qualification of its members.
Empowers innovation
Helps ensure actuaries keep up with changes in legislation and market conditions which can lead to innovative solutions.
What Rule 2 means for members
Attain actuarial competence
You must achieve the educational qualifications, relevant practical training and experience required to perform professional services as an actuary.
Keep developing your knowledge and skills
You have a responsibility to meet professional continuing qualifications standards established by the CIA through its Bylaws to help ensure that you are qualified to perform professional services.
Be aware of standards by jurisdiction
You are responsible for meeting standards set out by a recognized actuarial organization in the jurisdiction in which you provide professional services.
Resolve situations in which you lack expertise
If you do not have the required expertise and experience, you should not take on an assignment unless you can be guided by someone who is suitably qualified or you can obtain further training.
Don’t let this stop you from branching out
You are encouraged to develop expertise in new fields beyond your area of practice. Just be sure training, knowledge and/or expert oversight are in place.
Use reasonable judgment
You are expected to act with competence when carrying out any activities where it can be reasonably assumed your training and experience are being relied upon. This includes honorary, volunteer or business roles.
Dive deeper into Rule 2
Want to learn more about meeting and maintaining qualification standards for actuaries? Check out Angelita Graham’s in-depth article on Rule 2.
