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Professional Ethics

Professional Ethics. University of Waterloo Bob Howard 24 October 2012. Web version available at www.howardfamily.ca/bob. Ethics – Absolute or Relative. “Relativity applies to physics, not ethics.” – Albert Einstein Relative to profession Absolute within profession.

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Professional Ethics

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  1. ProfessionalEthics University of Waterloo Bob Howard 24 October 2012

  2. Web version available at www.howardfamily.ca/bob

  3. Ethics – Absolute or Relative • “Relativity applies to physics, not ethics.” –Albert Einstein • Relative to profession • Absolute within profession

  4. Is “Actuary” a Profession?

  5. Requirements • Skilled intellectual technique • Voluntary association • Code of conduct and enforcement

  6. Characteristics • Intensive training • Public perception of skill • Primacy of public interest

  7. Is “Actuary” a Profession?

  8. R1: Skilled intellectual technique • Degree in actuarial science • Not enough for fellowship

  9. R2: Voluntary association • Act of incorporation

  10. R3: Code of conduct • Guiding Principle #3 • The Institute develops standards of professional practice and codes of conduct and, through its disciplinary process, ensures their compliance by its members.

  11. C1: Intensive training • Know it “cold” • Pass rates • PEC

  12. C2: Public perception of skill • Positive anecdotes

  13. C3: Primacy of public interest • Guiding Principle #1 • In carrying on its activities and programs, the Institute holds the duty of the profession to the public above the needs of the profession and its members.

  14. Public Interest - Collective • Maintain competence, integrity • Keep the spirit of the law • Follow rules of conduct

  15. Public Interest - Clients • Direct, personal and fiduciary • Only appropriate advice • Ensure understanding

  16. Public Interest - Regulation • Codified conduct • Codified practice • Disciplinary process

  17. Conclusion • Actuaries are a profession • You are on the path to becoming a professional

  18. Agenda – Professionalism • Introduction • Primary documents • Rules • Standards • Discipline

  19. Structure - Guidance • Act of Incorporation • Bylaws • Guiding Principles • Rules of Professional Conduct • Standards of Practice • Educational Notes

  20. Act of Incorporation • Federal act - 1965

  21. Bylaws • Governance structure • Responsibilities • Discipline • Requirements of membership

  22. Guiding Principles • What we must do • May not be changed without member vote

  23. Agenda • Introduction • Primary documents • Rules • Standards • Discipline

  24. Rules of Professional Conduct • Conduct vs. Work • Ethics • No exceptions

  25. Rule 1 A member shall act honestly, with integrity and competence, and in a manner to fulfill the profession’s responsibility to the public and to uphold the reputation of the actuarial profession.

  26. When is a professional not a professional?

  27. Rule 1 A member shall act honestly, with integrity and competence, and in a manner to fulfill the profession’s responsibility to the public and to uphold the reputation of the actuarial profession.

  28. Annotation 1-1 A member shall perform professional services with skill and care.

  29. Annotation 1-2 It is the professional responsibility of the member not to be associated with anything which the member knows or should know is false or misleading.

  30. Annotation 1-3 A member shall not engage in any professional conduct involving dishonesty, fraud, deceit or misrepresentation or commit any act that reflects adversely on the actuarial profession.

  31. Rule 2 A member shall perform professional services only when the member is qualified to do so and meets applicable qualification standards.

  32. Rule 2 A member shall perform professional services only when the member is qualified to do so and meets applicable qualification standards.

  33. Rule 2 A member shall perform professional services only when the member is qualified to do so and meets applicable qualification standards.

  34. CPD • Continuing Professional Development • Minimum 100 hours over 2 years • Annual filing • Necessary, but not sufficient

  35. Rule 3 A member shall ensure that professional services performed by or under the direction of the member meet applicable standards of practice.

  36. Rule 3 A member shall ensure that professional services performed by or under the direction of the member meet applicable standards of practice.

  37. Rule 5 A member shall not perform professional services involving an actual or potential conflict of interest unless: (a) … ability to act fairly is unimpaired, (b) … full and timely disclosure (c) all … direct users have expressly agreed …

  38. Rule 5 A member shall not perform professional services involving an actual or potential conflict of interest unless: (a) …ability to act fairly is unimpaired, (b) … full and timely disclosure (c) all … direct users have expressly agreed …

  39. Rule 5 A member shall not perform professional services involving an actual or potential conflict of interest unless: (a) … ability to act fairly is unimpaired, (b) … full and timely disclosure (c) all … direct users have expressly agreed …

  40. Rule 5 A member shall not perform professional services involving an actual or potential conflict of interest unless: (a) … ability to act fairly is unimpaired, (b) … full and timely disclosure (c) all … direct users have expressly agreed …

  41. Rule 6 A member who performs professional services shall take reasonable steps to ensure that such services are not used to mislead other parties or to violate or evade the law.

  42. Rule 7 A member shall not disclose to another party any confidential information obtained through a professional assignment ... unless expressly or implicitly authorized to do so by the client or employer, or required to do so under Rule 13, or …

  43. Rule 8 A member shall perform professional services with courtesy and professional respect, shall avoid unjustifiable or improper criticism of other members, and shall cooperate with others in the client’s or employer’s interest.

  44. Rule 8 A member shall perform professional services with courtesy and professional respect, shall avoid unjustifiable or improper criticism of other members, and shall cooperate with others in the client’s or employer’s interest.

  45. Rule 11 A member shall be subject to the Institute’s disciplinary procedures if the member is convicted or found guilty of or pleads guilty to any criminal or similar offence.

  46. Rule 13 A member who becomes aware of an apparent material noncompliance with the Rules or the standards of practice by another member shall attempt to discuss the situation with the other member and resolve the apparent noncompliance.

  47. Rule 13 In the absence of such discussion and resolution, the member shall report such apparent noncompliance to the Committee on Professional Conduct

  48. Ethical Challenges • Pressure from client or manager • Rules/Standards protect you • Justifying vs. rationalizing • Rule 3

  49. Ethical Challenges • Errors • Still human • Disclose and correct • Don’t cover it up • Rule 1

  50. Ethical Challenges • Area of competence • Opinions within specialty • Some knowledge is not enough • Rule 2

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