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
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
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
4
Q
What are the 8 conditions of POPIA
A
- Accountability- party responsible for processing data is also responsible for compliance with POPIA
- Processing limitation- information must be processed in a fair, lawful and relevant manner
- Purpose specification - info collected for specific purpose, record keeping to be destroyed when no longer relevant
- Further processing limitation - further processing must be compatible with the initial collection purpose
- information quality - data completeness, accuracy and updates
- Openness - documentation to be miantained on all processing operations and maintaining transparency on data use
- Security safeguards - integrity and confidentiality of personal data must be secured
- 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
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