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Setting Goals for the CAS to Achieve by 2014

Long Range Planning Committee

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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

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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?

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Why 2014?

The CAS will be 100 years old.

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Don’t We Have a Plan?

YES!

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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, andIncrease the awareness of actuarial science.

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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.

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Additional Aspects of Current Strategic Plan

Definition of casualty actuary Guiding principles

- Geographic scope Critical success factors Strategic directions

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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”?

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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

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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

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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

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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

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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.

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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

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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”

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Big Audacious Goal Examples From 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

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Alternative Big Audacious Goals Developed by the LRPC 8/02

1. The casualty actuary will be globally recognized as an essential resource for casualty actuarial science.

2. 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.

3. The casualty actuary will be recognized globally as an architect of financial security.

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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