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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 CAS Fall Meeting November 11, 2002. Outline. 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 CAS Fall Meeting November 11, 2002

  2. Outline • 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? • CAS Strategic Plan • Purpose of Strategic Plan • Mission Statement • Vision Statement • Definition of Casualty Actuary • Guiding Principles • Critical Success Factors • Strategic Directions

  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, to establish and maintain standards of qualification for membership, to promote and maintain high standards of conduct and competence for the members, and to 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 • Current needs • Input on Big Audacious Goals (BAGs) • Significant, Attainable and Measurable Goals corresponding with each BAG

  13. Alternative Big Audacious Goals • 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.

  14. Now Let’s Get to Work • Form into small groups (3-5 people) • Work on the following question for 5 minutes • Do you think the CAS should focus on international development, expansion of the profession to cover additional elements of risk, or both?

  15. Discussion of Alternative Big Audacious Goals

  16. Small Group Session 2 • Work in the same small groups • Work on the following assignment for 10 minutes • Develop several Significant, Attainable and Measurable goals for the CAS for 2014 for one of the BAGs (as assigned)

  17. Discussion of Significant, Attainable and Measurable Goals

  18. What’s Next • Discuss your views with members of the LRPC • Read the LRPC report (March, 2003) • React, comment, participate • Prepare to celebrate in 2014

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