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Strategic Planning Workshop

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Title: Strategic Planning Workshop


1
Strategic Planning Workshop
2
Strategic PlanningCourse Overview
3
Strategic PlanningCourse Overview
4
  • The real path to greatness, it turns out,
    requires simplicity and diligence. It requires
    clarity, not instant illumination. It demands
    each of us to focus on what is vital and to
    eliminate all of the extraneous distractions.
  • Jim Collins from Good to Great

5
Group ExerciseIntroductions
  • What is your experience with strategic planning?
  • What role have you taken in strategic planning
    initiatives in the past?
  • What are some examples of strategic planning
    efforts that you have seen that were particularly
    problematic? What has not worked?
  • What are some examples of strategic planning
    efforts that you have seen that were particularly
    successful? What has worked?

6
Day OneSession One
Part One Introduction
Wall Chart
7
Introduction to Strategic Planning
8
Group ExerciseThought Question
  • What do you think the new trends in strategic
    planning are?
  • How do you think the definition of strategic
    planning is changing in the business world as a
    whole?
  • What must you do to impact your organizations
    approach to strategic planning over the next 5
    years?

9
Three Keys to Successful Strategic Planning
10
Strengths-Based Thinking (Appreciative Inquiry)
  •  Focus on core strengths of an organization
    rather than its weaknesses
  • Elicits enhanced performance at both an
    individual and an organizational level
  • Creates a heightened sense of momentum and
    positive energy
  • Necessary components when dealing with change

11
Group ExerciseThought Question
  • What are your organizations current strengths?
  • What do you do well?
  • What resources do you have?
  • What are you capable of doing?
  • How can these strengths be leveraged to create
    new opportunities?

12
Open-Source Decision Making
  • Everyone is involved and collaborates to discuss
    and create a solution
  • Creates synergy in large groups where there are
    many complex and diverse ideas
  • Creates collective ownership and a greater wealth
    of ideas
  • Must extend outside the organization

13
Dynamic Approach
  • Modern strategic plans should be dynamic and
    adaptive, not static
  • Strategy, as we knew it, is dead. Corporate
    clients decided that increased flexibility and
    accelerated decision making are much more
    important than simply predicting the future.
  • Walt Shill, head of North American management
    consulting at Accenture

14
Day OneSession One
Part Two Discovering the Strategic
Priorities in Your Organization
15
Discovering the Strategic Priorities in Your
Organization
16
OverviewThis session will prepare you to
  • Adapt to the current business environment by
    restructuring your strategy making process
  • Address the future of strategic processes by
    redefining strategic planning in a new light
  • Explore the keys to successful strategic planning
    in the new decade for corporate leaders

17
Restructuring Your Strategy-Making Processes
  • Adapt your process to the current business
    environment
  • Be aware of the assumptions youve made about
    the environment and its future
  • Question your assumptions encourage debate

The factors you need to consider in developing a
strategic plan are probably not the same ones you
needed to consider 10, 5, or even 2 years ago.
Make sure to remain adaptable and avoid resting
on prior knowledge.
18
Group ExerciseThought Question
  • What were some of the assumptions made the last
    time your organization devised a plan?
  • How did these assumptions guide planning?
  • How did they affect the success of the plan?
  • How would you challenge these assumptions going
    forward?

19
Explore the New Keys to Success
20
Group ExerciseThought Question
  • What does success look like to your company?

21
Case Study
22
Day OneSession Two
Increasing Corporate Competitive
Agility
23
Increasing Corporate Competitive Agility
24
OverviewThis session will prepare you to
  • Examine your organization critically with
    S.W.O.T. analysis
  • Perform an environmental scan to identify true
    opportunities and threats with external analysis
  • Stay one step ahead of the competition by
    forecasting future trends and market evolution
  • Analyze organizational effectiveness your vision

25
Examining Your Organization Critically S.W.O.T.
Analysis
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

26
S.W.O.T. Analysis
SWOT Factors Example Factors Present or Future Factors?
Strengths and Weaknesses Internal Products, pricing, quality, people, reputation, processes, etc. Present
Opportunities and Threats External Markets, audience, seasonality, trends, culture, technology, etc. Future
27
Identify Opportunities and Threats
  • Changing composition of the workforce and
    shifting work patterns
  • Diversity
  • Outsourcing
  • Government influences (rules and regulations)
  • Economic conditions
  • Availability of qualified labor pools
  • Willing customer and client base
  • Global/Geographic conditions

28
Group Exercise
  • S.W.O.T.
  • Internal and external analysis
  • In addition to a traditional SWOT analysis, what
    other factors might you need to consider in
    planning the future of your business?

29
Stay One Step Ahead of Your Competition
  • Focus your attention toward growing trends
  • Look to new developments in technology
  • Manufacturing
  • Marketing
  • Employee engagement
  • Evaluate how competitors function
  • Product development
  • Employee engagement and retention
  • Profitability and cost reduction
  • Succession planning

30
Group ExerciseThought Question
  • How would your company compare to others in a
    competitive analysis?

31
Vision
  • What is your company doing?
  • What should/could your company do?

32
Group ExerciseThought Question
  • When someone thinks of your company now, what
    words do you think come to their mind? What
    images?
  • How is your company perceived in the marketplace?

33
Case Study
34
Day OneSession Three
  • Thinking Competitively About Your Organizations
    Future

35
Thinking Competitively About Your Organizations
Future
36
Overview This session will prepare you to
  • Stop, look, listen and proceed think
    strategically about moving forward
  • Ensure flexibility and practicality in strategy
    development
  • Strengthen your leaders capabilities to think
    strategically and act effectively
  • Evaluate key factors and avoid common decision
    traps that derail your strategic decisions

37
Group ExerciseThought Question
  • What kind of strategic actions are currently
    being taken at your organization?
  • To what extent are these actions addressing (or
    not addressing) the challenges ahead?

38
Thinking Strategically Moving Forward
  • STOP understand your goal.
  • LOOK look toward future trends.
  • LISTEN listen to new ideas.
  • PROCEED start moving toward your goal.

39
Four cornerstone principles of the life sciences
and organizations
  • 1. Equilibrium is death
  • 2. Innovation usually takes place on the edge of
    chaos
  • 3. Self-organization and emergence occur
    naturally
  • 4. Organizations can only be disturbed, not
    directed
  • From Surfing the Edge of Chaos Pascale et al

40
Ensuring Flexibility and Practicality in Strategy
Development
Strategic flexibility calls for a balance
between the following
41
Strengthen Your Leaders Abilities to Think
Strategically and Act Effectively
  • Give leaders a deep understanding of the
    underlying dynamics of the business.
  • Ensure that strategy is understood by all and is
    successfully implemented.

42
Group ExerciseThought Question
  • What traps have hindered a decision within your
    organization?
  • What were the traps?
  • How did they affect your organizations strategy?
  • What can be done to avoid these traps?

43
Case Study
44
Day OneSession Four
Visualizing the Future with Effective
Strategic Vision
45
Visualizing the Future with Effective Strategic
Vision
46
OverviewThis session will prepare you to
  • Formulate an intuitive strategic vision as the
    foundation of a solid strategy
  • Achieve your strategic vision and objectives with
    tangible and quantifiable goals
  • Incorporate your competitive advantage into your
    strategic vision statements

47
What Is Strategic Vision?
  • REALISTIC based in reality
  • CREDIBLE believable to the employees, the
    organization, and the customer or client being
    serviced
  • ATTRACTIVE inspiring desire on the part of the
    employees to be part of the organization
  • LASTING demonstrate the ability to remain as
    time passes

48
Formulate an Intuitive Strategic Vision as the
Foundation of a Solid Strategy
49
Developing an Effective Vision
50
Developing an Effective Vision
  • Understand the organization.
  • Whats the purpose? Mission? Value?
  • Whats the character of the industry?
  • Who are the internal and external stakeholders?
  • Conduct a vision audit.
  • Assess direction and momentum
  • Does the organization have a clearly stated
    vision?
  • Does the organizations structure support the
    direction?

51
Developing an Effective Vision
  • Target the vision.
  • What are the boundaries or constraints of this
    vision?
  • What must the vision accomplish?
  • Set the visions context.
  • What might the future environment look like?

52
Developing an Effective Vision
  • Develop future scenarios.
  • Use previous expectations as predictors for what
    could happen in the future
  • Generate alternative visions.
  • Create several different scenarios for future
    possibilities
  • Generate several different solutions to the same
    problem
  • Choose final vision.
  • Must be compatible with the organizations values
    and culture
  • Cannot be applied to alternative scenarios

53
Achieve a Clear Strategic Vision and Objectives
  • Make your goals tangible and quantifiable.
  • Provide solid feedback regarding performance in
    the process of attaining your goals.
  • Be open to constant reevaluation of the process.
  • Create quick wins to build momentum.

The easier it is to measure the goal progress,
the more effective the evaluation process
becomes. The effectiveness of the vision is
dependent on how it withstands measurement.
54
Group ExerciseThought Question
  • What are some goals you could set that are
    positive and tangible and also help capture your
    organizations overall strategic vision?

55
Group ExerciseThought Question
  • Why are quick wins a vital component of
    strategy formulation?
  • What do they provide?

56
Incorporate Competitive Advantage into Your
Strategic Vision
  • Ascertain what makes your company unique and
    competitive
  • Evaluate your organizations value system
  • Commitment and energy are both fueled by values

57
Case Study
58
Strategic PlanningOverview
59
Day TwoSession One
Building a Robust Corporate Strategy
60
Building a Robust Corporate Strategy
61
OverviewThis session will prepare you to
  • Reveal the process of successful strategy
    formulation
  • Demonstrate techniques and highlight keys to
    formulating a successful strategy
  • Explore the keys to developing a healthy strategy
    program

62
Five Keys to Successful Strategy Formulation
63
Five Keys to Successful Strategy Formulation
  • Context and Environment
  • Where are decisions made?
  • Where will action be taken?
  • Content
  • What does the organizations industry look like?
  • How does the organization choose to compete?
  • Key Players
  • Who will carry out these decisions?
  • Who gets to make these decisions?

64
Five Keys to Successful Strategy Formulation
  • Outcomes
  • Who will be affected?
  • How will they be affected?
  • How will the outcome be measured?
  • Is the decision consistent with the values and
    culture of the organization?
  • Implementation
  • How will your organization ensure tenacity of the
    decision?
  • How will changes be made to the decision if
    necessary?
  • How will you ensure that the decision sticks in
    all parts of the organization?

65
Six Suggestions for Creating a Healthy Strategy
Program
1
2
3
4
5
6
66
Ten Southwest Practices for Building High
Performance Relationships
  1. Lead with credibility and caring
  2. Invest in frontline leadership
  3. Hire and train for relational competence
  4. Use conflicts to build relationships
  5. Bridge the work/ family divide
  6. Create boundary spanners
  7. Measure performance broadly
  8. Keep jobs flexible at the boundaries
  9. Make unions your partners
  10. Build relationships with suppliers
  • Relational Coordination
  • Shared goals
  • Shared knowledge
  • Mutual respect
  • Frequent communication
  • Timely communication
  • Problem-solving behavior

Do the right things! At the right time! In the
right way! With the right people!
67
Six Suggestions for Creating a Healthy Strategy
Program
  • Designate a strategy process champion to define
    a process incorporating SWOT analysis.
  • Assign someone the responsibility of taking into
    account the strengths, weaknesses, opportunities,
    and threats of your organization to begin to
    formulate a plan moving forward.

68
Six Suggestions for Creating a Healthy Strategy
Program
  • Communicate the nature of the strategy program to
    the organization, and provide milestone
    completion dates.
  • Keep in mind a realistic time frame for the
    completion of the strategy program, but build in
    quick wins to gather momentum surrounding its
    implementation.
  • Make sure everyone is informed about the
    beginning of the project.

69
Six Suggestions for Creating a Healthy Strategy
Program
  • Ensure that the management team understands their
    role in the strategy implementation and ensures
    proper and adequate communication between the two
    groups.
  • CEOs should be onboarded to make certain that the
    people who can make change are working to do so
    and keeping all affected well informed.

70
Six Suggestions for Creating a Healthy Strategy
Program
  • After the strategy is approved, shift focus to
    communication, education, and implementation.
  • Make sure all parts of the organization are not
    only aware of what the strategy will require but
    also about their role within the implementation
    of the strategy. All parts should be clearly
    outlined.

71
Six Suggestions for Creating a Healthy Strategy
Program
  • Create a Strategy Execution Team that is
    comprised of managers to translate objectives
    into tasks.
  • The CEO/COO should be responsible for providing
    progress reports and sessions to update those who
    have a hand in the implementation of these tasks.

72
Six Suggestions for Creating a Healthy Strategy
Program
  • Establish an ongoing commitment to monitor
    results, gauge market acceptance, and report
    competitor reactions.
  • The implementation of the plan is not the final
    step. Measures need to be put in place to test
    the effectiveness of the plan and to make changes
    should they be necessary moving forward.

73
Case Study
74
Day TwoSession Two
Turning Strategy into Action
75
Turning Strategy into Action
76
OverviewThis session will prepare you to
  • Ensure competitive superiority by translating
    strategy into effective implementation
  • Create a strategy road map that aligns operating
    activities with strategic goals
  • Achieve goals by addressing the who, where, when,
    and how in strategic implementation
  • Monitor implementation using a balanced scorecard
    and key performance indicators
  • Ensure full employee participation by developing
    an integrated implementation plan

77
Translating Strategy into Implementation
  • Effective implementation of an average strategy
    beats mediocre implementation of a great strategy
    every time.
  • John Sterling,
  • management consultant and strategic planning
    expert

78
Translating Strategy into Implementation
  • According to the Balanced Scorecard Collective,
    more than 70 of companies with strategic plans
    never successfully execute their plans.
  • How can you set yourself apart?

79
Group ExerciseThought Question
  • What are some of the strategic goals you have
    for your organization or business unit?
  • What actionable steps can you take to link your
    day-to-day actions and decisions to higher-level
    strategic goals?

80
Create a Strategy Road Map
  • Align day-to-day operations with strategic goals
  • Connect vision, values, and objectives with
    strategic actions required to achieve those
    objectives

81
Group ExerciseThought Question
  • What are some activities that help formulate a
    strategic roadmap?
  • How do these operating activities aid in the
    achievement of overall strategic goals?

82
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83
Address the Logistics of Strategic Implementation
  • Who is responsible for what action steps?
  • When will key steps be completed?
  • Where will these steps take place? Internally or
    externally?
  • Is everyone aware why this change needs to take
    place?
  • How will actionable steps be linked to the
    long-term strategic plan?

84
Monitor Implementation Balanced Scorecards, Key
Performance Indicators
  • About 50 of Fortune 500 Companies currently use
    balanced scorecards (BSCs)
  • BSCs combine financial and non-financial
    measures
  • Translate strategic plans from passive visions
    into specific actions
  • Key Performance Indicators (KPIs)
  • Can include targets such as 100 customer
    satisfaction, zero product defects, etc.

85
Develop an integrated implementation plan
  • Ensure employee participation
  • A successful strategic plan is supported at the
    organizational level as well as at the level of
    each individual employee

86
Group ExerciseThought Question
  • Is ensuring employee participation easier said
    than done?
  • How can you accomplish this in your organization?

87
Case Study
88
Day TwoSession Three
Thinking for Change
89
Thinking for Change
90
OverviewThis session will prepare you to
  • Build strategies that create new opportunities
    while steadily managing changes
  • Assure change is incorporated into the
    organization appropriately and effectively
  • Select the right leadership and management style
    to influence the effectiveness of change
  • Appraise major forces of change and catalysts to
    strategic reorientation

91
Create new opportunities while steadily managing
changes
  • Build strategies that create new opportunities
  • As the market changes, so will the opportunities
  • Even if you are on the right track, you will get
    run over if you just sit there.
  • Will Rogers, actor/comedian and social
    commentator

92
Group ExerciseThought Question
  • Why are strategies that emphasize new
    opportunities so critical in creating steady
    changes?
  • What role does management style play in this
    process?

93
Ensure that change is incorporated appropriately
and effectively
  • People dont resist change they resist being
    changed.
  • Peter Senge, MIT Sloan School of Management

94
Group ExerciseThought Question
  • What are the keys to incorporating change
    appropriately and effectively in your
    organization?

95
Group ExerciseThought Question
  • What are the characteristics you need to promote
    the effectiveness of change in your business
    unit, or in your organization as a whole?
  • What does each stakeholder need to
  • BE?
  • DO?
  • KNOW?
  • HAVE?
  • FEEL?

96
Appraise major forces of change and catalysts to
strategic reorientation
  • Catalysts or forces of change can include
  • People
  • Technology
  • Information

97
Group ExerciseThought Question
  • What are the most likely forces that will promote
    change in your organization?
  • How can you make the most out of these catalysts
    how can they be an advantage in the
    implementation of your strategic plan?

98
Case Study
99
Day TwoSession Four
  • Making Realistic and Sustainable
    Organizational Change a Reality

100
Making Realistic and Sustainable Organizational
Change a Reality
101
OverviewThis session will prepare you to
  • Facilitate acceptance of change by setting a
    clear purpose and joint commitment within the
    organization
  • Uncover the process of implementing, evaluating,
    and monitoring new business plans
  • Create buy-in within the organization by
    communicating the true value of change
  • Drive organizational change and know how your
    organization will adapt

102
Facilitate acceptance of change set a clear
purpose and get joint commitment
  • Five steps toward building commitment for change
  • Determine whose commitment is needed
  • Specify what level of commitment is needed
  • Estimate the critical mass
  • Who is currently receptive toward the change?
  • Get the commitment of the critical mass
  • Monitor level of commitment
  • Through status-checks

103
Group ExerciseThought Question
  • What are some ways of increasing communication
    within an organization to maximize buy-in?

104
Create buy-in by communicating the true value of
change
  • Commitment and energy are fueled by values
  • Convince the organization
  • Sway employees through a short-term benefits
    analysis
  • Hold QA sessions to address employee issues
  • Generate feedback
  • Minimize conflict and stress

105
Drive organizational change and know how your
organization will adapt
  • Effectively communicate change
  • Engage the attention of all individuals within
    the organization

106
Case Study
107
ConclusionPutting It All Together
108
Conclusion Putting it All Together
  • Strategic planning efforts should be

109
Dynamic Approach to Strategic Planning
  • Uncertainty in the economy, society, politics
    has become so great as to render futile, if not
    counterproductive, the kind of planning most
    companies still practice forecasting based on
    probabilities.
  • - Peter Drucker, management consultant (Wall
    Street Journal, 92)

110
  • "As a general rule, adults are much more
  • likely to act their way into a new way of
  • thinking than to think their way into a
  • new way of acting"
  • From "Surfing the Edge of Chaos" by Pascale,
    Millemann and Gioja

111
Gallup Q-12
  • Overall Satisfaction How satisfied are you
    with ______ as a place to work?
  • 1. I know what is expected of me at work.
  • 2. I have the materials and equipment I need to
    do my work right.
  • 3. At work, I have the opportunity to do what I
    do best every day.
  • 4. In the last seven days, I have received
    recognition or praise for doing good work.
  • 5. My supervisor, or someone at work, seems to
    care about me as a person.
  • 6. There is someone at work who encourages my
    development.

112
  • 7. At work, my opinions seem to count.
  • 8. The mission/purpose of my company makes me
    feel my job is important.
  • 9. My associates (fellow employees) are committed
    to doing quality work.
  • 10. I have a best friend at work.
  • 11. In the last six months, someone at work has
    talked to me about my progress.
  • 12. This last year, I have had opportunities at
    work to learn and grow.

113
Performance and health can be viewed through
five frames.
  Performance imperative Health imperative
Aspire Where do we want to go? Develop a change vision and targets that are deeply meaningful to employees. Determine what healthy looks like for the organization in view of your change vision.
AssessHow ready are we to go there? Identify and diagnose your organizations ability to achieve its vision and targets. Uncover the root causes of mind-sets that support or undermine organizational health.
ArchitectWhat must we do to get there? Develop a concrete, balanced set of performance-improvement initiatives. Reshape the work environment to create healthy mind-sets.
ActHow do we manage the journey? Determine and execute the right scaling-up approach for each initiative in the portfolio. Ensure that energy for change is continually infused and unleashed.
AdvanceHow do we keep moving forward? Put in place a continuous-improvement infrastructure to take the company forward beyond one-time change. Equip leaders to lead from a core of self-mastery.

From Beyond Performance How Great
Organizations Build Ultimate Competitive
Advantage by Keller/Price
114
SOA Competency Framework
  • Board of Directors
  • March 16, 2009

Stacy Lin Deputy Executive Director and Chief
Financial Officer Mike Monar President, Monar
Consulting Ken Guthrie Education Managing
Director
115
Purpose
  • Introduce you to the competency framework
  • Process.
  • Findings.
  • Next steps.
  • Questions.
  • Advisory/Validation group Webinar on April 13th .

116
Framework Goals
  • Input for other strategic and operational goals.
  • Support to members as individuals.
  • Support to Sections.
  • Assist Education committees.
  • Support other volunteers.

117
Process
118
Provide me with opportunities to continually
evolve and leverage my skill set
  • Continually supply me with highly qualified
    experts relevant to my needs

Members
  • Preserve our trust and contribute to the common
    good

Employers/Clients
  • Transfer Knowledge
  • Offer a prestigious credential and maintain its
    value through leading- edge and relevant
    educational systems and programs
  • Leverage a variety of delivery channels to
    disseminate and facilitate knowledge transfer

Public
  • Promote Sections as knowledge communities and
    networking facilitators

119
Wide Participation
  • Over 2300 members.
  • Guidance from Advisory/Validation Groups, Section
    Leadership and Staff Leadership.
  • of 13,675

120
Stakeholder Input
  • Qualitative and quantitative data collection.
  • Stakeholder interviews.
  • Pulse survey.
  • Data Collection/Analysis.
  • Brainstorming, rating and structuring.
  • Consensus building

121
Brainstorming Focus Statement
  • "Looking 3 to 5 years into the future, to be
    valued for their professionalism, technical
    expertise and business acumen, actuaries must
    have or develop skills that include..."
  • Generated over 1500 responses across all practice
    areas
  • Narrowed to 100/practice

122
Structuring/SortingPoint Map
3
2
5
34
4
8
24
43
85
9
92
Each number corresponds to a knowledge/skill/abili
ty. The map shows the relationships among these.

13
19
40
96
77
80
79
53
36
23
39
91
45
75
33
11
14
52
78
41
87
22
35
84
6
68
93
60
38
74
61
63
50
54
48
32
26
46
94
31
66
98
89
55
59
18
10
25
65
73
20
12
1
72
76
69
67
95
37
44
62
7
30
97
56
28
15
64
58
17
82
83
88
29
49
21
70
42
47
99
27
86
51
71
90
16
57
123
Cluster Point Map
3
2
5
34
4
Cluster analysis is used tostatistically group
skills into distinct groups or competencies.
8
24
43
85
9
92
13
19
40
96
77
80
79
53
36
23
39
91
45
75
33
11
14
52
78
41
87
22
35
84
6
68
93
60
38
74
61
63
50
54
48
32
26
46
94
31
66
98
89
55
59
18
10
25
65
73
20
12
1
72
76
69
67
95
37
44
62
7
30
97
56
28
15
64
58
17
82
83
88
29
49
21
70
42
47
99
27
86
51
71
90
16
57
124
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125
Rating Performance
1. Professional Values
2. Relationship Management and Interpersonal
Collaboration
6. Leadership
5 Strategic Insight and Integration
3. Communication
7. External Forces and Industry Knowledge
Color Value
4. Results-Oriented Solutions
3.93 to 4.17
3.68 to 3.92
3.43 to 3.67
8. Technical Skills and Analytical Problem Solving
3.18 to 3.42
2.93 to 3.17
126
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127
5. Strategic Insight and Integration 41.
Demonstrate sound business judgment/acumen. 35.
Recommend business decisions that are accurate,
timely, actionable, and relevant based on the
analysis results. 46. Make effective decisions
using available facts. 78. Demonstrate big
picture thinking incorporating economic,
political, and technological knowledge. 55.
Understand a companys risk tolerance and its
impact. 60. Anticipate downstream consequences to
business decisions. 38. Go beyond the technical
aspect of a problem. 84. Look beyond traditional
silos of knowledge to understand, and impact, the
bigger picture for a business 87. Demonstrate
knowledge of the clients core business model and
the potential risks that may prevent financial
success. 68. Align actuarial analysis and
findings with the broader goals of an
organization. 22. Develop strategies to add value
to the business and companys finances. 93.
Develop a broader view in order to understand the
actuarial issues of todays social problems and
not just focus on product sales or specific
client concerns.
6. Leadership 77. Develop future actuaries with
competencies of business leaders not just subject
matter experts. 40. Build relationship of trust
with the client by honoring commitments and
seeking to understand issues from the clients
perspective. 19. Work collaboratively and across
functions to solve complex financial
problems. 45. Demonstrate an understanding/knowled
ge of the clients environment and the issues the
client is facing. 9. Be a trusted advisor. 33.
Understand how the client looks at issues. 52.
Anticipate and answer high level questions that
impact business decisions. 80. Be flexible and
open to change. 13. Demonstrate thought
leadership - making things happen that are
outside the bounds of the "way weve always done
it". 43. Demonstrate leadership. 91. Expand the
scope in which actuaries can play an important
role. 85. Work co-operatively in a team
environment with professionals from other
disciplines. 36. Influence business
decisions. 39. Partner with management to provide
the vision to see a range of possibilities for
the future. 24. Be recognized and admired as a
forward-thinking thought leader, role model, and
strategic business partner both within the
industry and beyond. 96. Be more proactive and
visible so that the market will become more aware
of the contributions an actuary can make to the
normal business process. 75. Understand, at a
deep level, the client or the employers business
and how the actuarys work relates to it. 92.
Work collaboratively with actuaries and
non-actuaries in a business or regulatory
environment. 79. Work effectively with many other
professional groups that work in related areas
such as accountants, economists, demographers,
statisticians, computer specialists etc. 23.
Serve and be viewed as a bridge and a
multi-disciplinary facilitator to ensure
enterprise wide profitable growth, financial
integrity and shareholder/policy holder value. 8.
Demonstrate strong, dynamic leadership providing
inspiration, respect, and loyalty for others.
1. Professional Values 3. Demonstrate high
ethical standards to ensure the profession is
valued. 2. Display a high degree of honesty,
loyalty, and integrity. 5. Apply high ethical
standards in serving our clients and public. 4.
Tell the truth about risk even when it is
uncomfortable to do so. 34. Be professional,
reliable, unbiased, and focused in serving client
needs.
2. Relationship Management and Interpersonal
Collaboration 53. Present difficult messages
clearly despite pressure to withhold the
message. 11. Listen and understand a clients
needs before designing a solution. 14.
Demonstrate strong interpersonal skills in order
to interact effectively with non-actuaries.
1. Professional Values
3. Communication 1. Present complicated
information in an organized, logical, and
understandable manner. 10. Effectively
communicate and present ideas and findings so
that audiences such as clients, senior management
and other non-actuaries can understand and
utilize the information. 20. Communicate complex
financial models to senior management in a way
that enables them to understand risks and
opportunities. 15. Condense complex actuarial
calculations and risk analyses and present them
to management so that they understand the
impacts. 50. Clearly communicate opinions and
solutions using language appropriate to the
audience. 48. Communicate effectively with all
levels of management. 63. Understand and explain
business issues and alternative solutions to
constituents in a way that results in informed
decision making. 26. Effectively communicate
information to several different audience levels
and recognize the level of the audience in each
situation. 6. Influence and persuade
non-technical audiences. 72. Express complex
ideas in simple terms. 32. Effectively
communicate both the problem and solution to an
audience. 66. Communicate effectively with
different audiences employees, employers (HR,
finance), other professionals (accountants,
lawyers). 73. Effectively communicate complex
actuarial concepts to a diverse audience
including business professionals and politicians
not well versed in mathematical concepts. 81.
Clearly, concisely, and passionately communicate
ideas in a language that is meaningful to
business leaders. 74. Communicate persuasively
and concisely. 59. Deliver simple, summary level,
financial models that effectively communicate
business issues and risks. 65. Communicate
technical findings to management and the public,
both verbally and in writing. 61. Prioritize and
communicate key issues in a timely manner and
understandable fashion. 54. Write in a form that
is grammatically correct, well organized, well
reasoned, concise, and to the point. 12. Prepare
structured reports covering technical topics for
a non-technical audience.
2. Relationship Management and Interpersonal
Collaboration
6. Leadership
7. External Forces and Industry Knowledge 7.
Look at issues from an overall business
framework, rather than only from a technical
framework. 25. Understand bottom line impact of
business decisions. 44. Understand the impacts to
an organization from a variety of sources, not
just the standard mortality, morbidity and
interest rate impacts. 17. Being able to take new
information (such as changes in standards or
legislation) and applying it to client
situations. 30. Translate complex actuarial
issues/findings into business action. 76.
Appropriately balance theoretical "correctness"
with practical business realities. 58. Sort
through a business problem and determine the
underlying basic issue that needs to be addressed
or resolved. 56. Strike a balance between
actuarial exactness and reality. 28. Understand
financial statements and drivers of product
profitability. 62. Challenge basic assumptions,
continually look for new and better ways of doing
things instead of doing things the same old
way. 89. Step outside actuarial core competencies
and develop a broader business acumen. 64. Make
the link between technical actuarial detail and
the bottom line. 98. Understand the big picture
of how businesses make money and the actuaries
role in that picture. 18. Demonstrate general
business skills to complement technical
expertise. 95. Demonstrate creative problem
solving that goes beyond traditional
analysis. 37. Be able to access a situation from
a high level, yet know when it is prudent to dive
deeper. 94. Creatively apply technical and
business skills to situations and issues beyond
the traditional roles of an actuary. 88. Provide
timely analysis to reach a recommendation,
sometimes with incomplete data. 82. Develop
non-traditional solutions to current
challenges 97. Integrate complex actuarial
concepts with other related technical disciplines.
5. Strategic Insight and Integration
3. Communication
7. External Forces and Industry Knowledge
4. Results-Oriented Solutions
8. Technical Skills and Analytical Problem Solving
8. Technical Skills and Analytical Problem
Solving 16. Demonstrate superior analytical
skills the ability to take large amounts of
complex information and synthesize it into
something meaningful. 21. Understand and manage
new risks as technology and/or society
develops. 47. Demonstrate ability to answer the
question "why?" - demonstrating a grasp of the
underlying drivers of the given results. 86.
Calculate risk in complex, ambiguous, or risky
situations and understand the trade offs. 51.
Keep abreast with the technical developments in
the field of expertise, beyond the exam syllabus
once studied. 42. Demonstrate practical problem
solving skills. 57. Identify, set, and defend the
key assumptions that go into an actuarial
analysis. 71. Learn new methodologies (for
example, reserving/capital) and understand the
risks inherent in moving to these new
methodologies. 27. Understand and interpret
regulations governing the practice area and
correctly apply them. 70. Be current with
regulatory issues and development. 83.
Demonstrate innovative and creative skills in
problem solving taking into account broad issues
beyond the specific subject matter at hand. 100.
Demonstrate a complete and thorough understanding
of the subject matter that constitutes an area of
practice. 90. Produce financial analyses that
take into consideration the distribution of risks
appropriately associated with the current
financial engagement. 49. Decipher complex, and
often ambiguous, government regulations and
distill the knowledge into clear and useful
advice to clients. 99. Quickly and simply
approximate an answer, without detailed analysis
(a return to "back of the envelope").
4. Results-Oriented Solutions 29. Demonstrate
superior analytical skills that are combined (but
not overshadowed) by the ability to communicate
technical concepts to a non-technical
audience. 67. Distill the results of complicated
models and formulas into actionable
recommendations (i.e. dont just point out there
is a problem--suggest a solution). 69. Explain
the immediate ramifications of a decision and the
potential long-term impact of the decision. 31.
Provide creative business solutions and
communicate them clearly to non-actuaries.
128
Overall Findings
129
Key Insights Overall
  • Many commonalities across areas of practice.
  • Technical is core.
  • Non-technical and business management
    competencies are differentiators.
  • Career paths are NOT one size fits all.
  • Ability to support different paths.

130
Key Insights Professional Development
  • Focus on life-long learning, not paperwork.
  • Keep new FSAs engaged via professional
    development.
  • Promote benefits of non-technical and business
    management competence.

131
Key Insights Professional Development Offerings
  • Provide deeper/current technical content.
  • Engage experienced/expert presenters.
  • Develop/deliver varied offerings.
  • Partner with other organizations.

132
Key Insights Key Topic Areas
  • ERM.
  • Business acumen, management, leadership,
    communication, interpersonal skills.
  • Repackage ASA and FSA education for professional
    development audience.

133
Key Insights Instructional Design
  • Create engaging learner experiences.
  • Integrate non-technical and business management
    skills.
  • Provide interactive and case-driven experiences.
  • Integrate education and career development.

134
Deliverables
135
Overall Framework
  1. Personal and Professional Values.
  2. Relationship Management and Interpersonal
    Collaboration.
  3. Communication.
  4. Results Oriented Solutions.
  5. Strategic Insight/Opportunity.
  6. Leadership.
  7. External Forces and Industry Knowledge.
  8. Technical and Analytical Problem Solving.

136
Self-Assessment Instrument
  • Excel-based and downloadable from SOA Web site.
  • Assess current and desired performance.
  • Identify gaps.
  • Create development plan.

137
Career Journey Stories
  • Matrix for each practice
  • Searchable, downloadable PDF.
  • Individual stories focused on
  • trigger for entering the field
  • mentors
  • turning points
  • key learning experiences

138
User Guide for Sections and Staff
  • Searchable PDF with Excel data file.
  • Provide information as input for those who
    design, develop and deliver continuing education.
  • Includes tips for all delivery modalities,
    including
  • meeting sessions, Webinars, e-Learning modules,
    seminars, workshops, etc.).  
  • Users include, but are not limited to, SOA staff
    and Section leadership.

139
Next Steps
140
CE Redesign Initiative
BOARD
Competency Framework Advisory Group
CE
TKT
Staff
141
Transfer Knowledge Team
  • Kickoff April 6.
  • Deliverable review April.
  • Planning April to May.
  • BOD input June.
  • BOD approval of the plan October.

142
Key Recommendations for TKT Consideration
  • Finalize and release tools for members, Sections
    and staff.
  • Communicate, promote, market.
  • Implement design and development methodology.
  • Design a curriculum.
  • Partner with other organizations.

143
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