Description: Actuarial models may seem like toy-tools, yet they are not all created equal when it comes to delivering results. All models are wrong, according to George Box, yet some are useful. Dealing effectively with operational risk, undue product complexity, and the eternal search for the right answer are keys to success.

Description: While Model Efficiency and Model Governance may seem like completely separate topics, there is an intersection of them that should be of growing interest to modeling actuaries. This column from the Modeling Section Chair explores this area, asking how we will govern the increasing use of innovative modeling efficiency techniques.