Succeeding at Self-Regulation: an Analysis of the Legal and Cultural Principles Applicable to the Effective Promulgation and Enforcement of Professional Standards by the Actuarial Profession

Lauren Bloom, United-States

This paper addresses the legal and cultural principles that apply to the design and operation of successful standard-setting and discipline processes. Using the U.S. actuarial profession’s standard-setting and discipline process as a model, the paper defines the purposes of self-regulation by professions and discusses how self-regulation differs from outside oversight. It analyzes the relationship between the member and the profession and describes the legal principles that apply to standard-setting and discipline, explaining how they differ between the two functions. The paper also discusses the cultural factors that usually affect a standard-setting and discipline process, and identifies factors that an association might choose to consider when establishing or modifying a standard-setting or discipline process.
Date: 29 May - Time: 14:30 to 16:00 - Room: 252A
Theme: 2.A. The responsibility of the actuary