Recent regulatory developments and ASOP 56 have reinforced the need for robust governance over actuarial models, but there is no one-size-fits-all solution. Design and implementation of an efficient and sustainable model governance framework requires customizing various aspects (e.g., risk rating system, ownership and responsibilities, usage of testing and documentation templates) to fit each company's unique culture and organizational structure.
Attendees will be invited to consider multiple ways to achieve model governance objectives. The presenters will discuss practical considerations for optimizing a model governance framework, as well as lessons learned from an insurance company's model governance team.
At the conclusion of the session, attendees will be able to:
• Identify model governance requirements set forth by regulatory changes and ASOP 56
• Create a roadmap for building a customized model governance framework
• Understand the challenges and learn tricks and tips with implementing and maintaining an efficient and sustainable model governance framework
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