Chapter 1 - Actuarial Advice Flashcards
1
Q
Stakeholders
Private sector
A
Insurance companies - policyholders, directors, shareholders, creditors, auditors Benefit schemes - members, sponsors, trustees, auditors Employers Employees Investment fund managers Members of investment schemes Sponsors of capital projects Banks Account holders
2
Q
Stakeholders
Public sector
A
Government departments
Regulatory bodies
3
Q
Consideration of all stakeholders
A
Consider impact on those most vulnerable
4
Q
Information about client
A
Info in public domain Pre project meeting Attitude of client Conflicts of interest Circumstances and objectives
5
Q
Information about client
Results produces
A
Comprehensible and timely
Consider implications of stakeholders
6
Q
Advice and decisions
3 types
A
Indicative
Factual
Recommendations
7
Q
Advice and decisions
Should
A
Alternative solutions and implications
Assumptions made
8
Q
Professional framework
A
Code of professional conduct
Standards of actuetial practice (SAP)
Ethical and professional standards in faculty of actuaries standards Technical Actuarial Standards (TAS), set out by Financial Reporting Council (FRC)
9
Q
Professional Framework
4 main drivers
A
Methods
Communication
Actuaries
Environment
