CH:19 Data Flashcards

1
Q

List seven examples of sensitive personal data

A
  • Racial or ethnic origin
  • Political opinions
  • Religious or other similar beliefs
  • Membership in a trade union
  • Physical or mental health
  • Sexual life
  • Convictions, proceedings and criminal acts
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2
Q

What risks are associated with the use of data? (9)

QUERIED

A
  • Data contains errors or omissions leading to incorrect conclusions being made
  • Insufficient credible data to provide credible results
  • There might be enough data to provide credible results but not enough to give a credible estimate of an adverse circumstance, i.e., what occurs in the tails of the distribution
  • External sources might not be relevant or appropriate for this circumstance
  • Historical data might not be a good representation of the future experience
    – Past abnormal event
    – Significant random fluctuations
    – Future trends not being reflected in past data
    – Change in the way data was recorded
    – Changes in homogenous groups
    – Past data is not up to date
  • Difficulties in creating homogenous groups due to
    – Groups being too small to be credible
    – Merging with other groups can cause it not to be homogenous anymore
  • Data might not be in the appropriate form
  • Data collected for a specific purpose, so it is not appropriate for this purpose
  • Lack of confidence in the available data reduce confidence in final conclusion

Q - Quantity (credibility)
U - Up-to-date
E - Errors
R - Relevance (heterogeneity)
I - Incomplete
E - Exceptionals
D - Detail and format

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3
Q

List six areas of actuarial work where data would be required

A
  • Setting provisions
  • Pricing/setting contributions
  • Investment management
  • Risk management
  • Management information / financial control
  • Accounts/ statutory or supervisory reporting
  • Experience statistics/analyses
  • Marketing
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4
Q

What are the 8 conditions of POPIA

A
  1. Accountability- party responsible for processing data is also responsible for compliance with POPIA
  2. Processing limitation- information must be processed in a fair, lawful and relevant manner
  3. Purpose specification - info collected for specific purpose, record keeping to be destroyed when no longer relevant
  4. Further processing limitation - further processing must be compatible with the initial collection purpose
  5. information quality - data completeness, accuracy and updates
  6. Openness - documentation to be miantained on all processing operations and maintaining transparency on data use
  7. Security safeguards - integrity and confidentiality of personal data must be secured
  8. Data subject participation - data subject may request confirmation of personal data help and request correction or deletion of any inaccurate, misleading or outdated info held
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5
Q

How can assertions be checked on as to the quality of data

11

A
  • reconciliation of members/policy numbers
  • reconciliation of benefits and premiums
  • movement data against accounts
  • validity of dates
  • consistency of contributions and benefit levels with accounts
  • consistency between average sum assured and premiums for each class
  • consistency of asset income data and accounts
  • reconciliation of benefial owner and custodian records
  • full deed audit for certain assets
  • consistency between start and end period shareholdings
  • records picked at random for spot checks
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