Section 2 - Professionalism, Judgement and documentation

Question 1

Chap 2 - What are the 8 key considerations in the Actuarial work?

Answer 1

1 Acquire adequate knowledge of the circumstances of the assignment
2 Obtain sufficient and reliable data
3 Select appropriate assumptions and methodology
4 Understand the requirements regarding the use of other person’s work
5 Perform calculation and examine the reasonableness of their result
6 Formulate opinion and advice
7 Maintain sufficient documentation
8 Prepare reports and all other communication.

*** each of these activities involves professional judgment

Question 2

Chap 9 - What is a reasonable judgment based on Canadian standards

Answer 2

1. Spirit and intend of the standards
2. Precepts of ethical and professional conduct intended to guide the conduct of the actuary
3. common sense
4. constraints on time and ressources