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From the President by Mary Frances Miller The recent mega insolvencies and corporate scandals have turned the public's attention to what constitutes good corporate governance. Companies that place too much power in the hands of a single individual or a small group face dominance risk—an operational risk that Jeremy Goford (president of the U.K. Institute of Actuaries) characterizes as one of the greatest threats to an enterprise's long-term stability. Dominance risk played a major role in the insolvency of HIH, the largest personal lines carrier in Australia. A few "entrepreneurial" personalities with grandiose expansion ideas were able to bet the company's surplus on their pet projects largely because there was no voice of restraint.
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Board To Implement Joint Task Force Recommendations on Preliminary Examinations ARLINGTON, Va.—At its March 8, 2004 meeting, the CAS Board of Directors approved the proposal of the Joint CAS/SOA Task Force on Preliminary Education, with two modifications. The joint task force was charged with preparing a final recommendation and an implementation plan with respect to educational processes for both the CAS and SOA (including areas of joint activity) for the subjects covered by current Exams 1-4. The board received a number of questions and comments from members and candidates about the task force recommendations and took these comments into |
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