The aim of the Actuarial Control Cycle is to provide students with an understanding of underlying actuarial principles that may be applied to a range of problems and issues in commercial and business environments.  Students are expected to develop a holistic approach to practical problem solving, and develop a level of judgement and professional skills required to successfully apply actuarial principles.  The syllabus relates to actuarial practice both in the financial services and in other industries. Examples will be drawn from traditional and non-traditional areas to illustrate and establish the underlying actuarial principles in a problem based learning approach, using case studies and business-based examples.

Upon successful completion of the requirements of this course, the student will be able to:

•  Discuss and apply an actuarial control cycle in a variety of practical commercial situations

• Relate the main features within the general environment to medium and long-term commercial decisions
• Analyse the main features of the financial services marketplace including products and distribution channels
• Examine the need for, and impact of, regulation and government policy on medium and long-term commercial decisions
• Recognise the importance of capital
• Understand and apply an enterprise risk management framework to identify and assess the risks in a range of situations
• Select and build an appropriate model to solve client problems
• Discuss and apply the process of product design
• Apply the tests of professionalism

• Examination: 70%
• Assignment 1: 10%
• Assignment 2: 20%

10 hours / week

STAT3038/STAT6045

See Course website