An Actuary’s Toolbox for Model Risk Management

Date

July 26, 2016

  • External Forces & Industry Knowledge

Presented by

Joint Risk Management Section (CAS, CIA, SOA) and the Modeling Section

Description
Presenters for this webcast will focus on tools and techniques to build an effective model risk management framework. They will share their experiences, successes and learnings on the following topics

  • Definition of model
  • Model risk definition
  • Potential sources of model risk (what can happen and what can go wrong in actuarial models) 
  • Model inventory
  • Model governance framework
  • Model risk policy
  • Model controls
  • Model validation and testing
  • Model risk quantification 
  • Change management frameworks
  • Successes and lessons learnings on above 

Note: The recording available for purchase is intended for individual viewing.

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Communication

Demonstrating the listening, writing and speaking skills required to effectively address diverse technical and nontechnical audiences in both formal and informal settings.

Professional Values

Adhering to standards of professional conduct and practice where all business interactions are based on a foundation of integrity, honesty and impartiality.

External Forces & Industry Knowledge

Identifying and incorporating the implications of economic, social, regulatory, geo-political and business changes into the design and delivery of actuarial solutions.

Leadership

Initiating, innovating, inspiring, creating or otherwise acting to influence others regardless of level or role toward a common goal.

Relationship Management & Interpersonal Collaboration

Creating mutually beneficial relationships and work processes toward a common goal.

Technical Skills & Analytical Problem Solving

Applying the actuarial knowledge, skills and judgment required to provide value-added services.

Strategic Insight & Integration

Anticipating trends and strategically aligning actuarial practice with broader organizational business goals.

Results-Oriented Solutions

Providing effective problem solving that addresses relevant interests and needs.