Actuarial Practice and Control II (ACTL40007)

Intended learning outcomes

  On successful completion of this subject, students will be able to:

• Discuss and apply an actuarial control cycle in a variety of practical commercial situations
• Apply the tests of professionalism
• Relate the main features within the general environment to medium and long term commercial decisions
• Examine the need for and impact of regulation and government policy on medium and long term commercial decisions
• Analyse the main features and risks of financial products and contracts, from the point of view of consumers and providers
• Demonstrate an understanding of enterprise risk management and its role in organisational management
• Apply a risk assessment framework to identify and assess the risks in a range of commercial situations
• Discuss and apply the process of product design
• Select an appropriate model to solve client problems
• Recognise the importance of capital
• Apply relevant approaches and techniques to the valuation of liabilities
• Apply appropriate techniques to the pricing of products and contracts
• Measure, report and manage solvency
• Measure and report emerging profits and/or costs
• Monitor and assess experience
• Manage the business and respond to the experience

Generic skills

• High level of development: written communication; collaborative learning; problem solving; team work; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information; evaluation of data and other information; accessing data and other information from a range of sources.