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Understanding Actuarial Management The Actuarial Control Cycle 2nd Edition by Clare Bellis, Richard Lyon, Stuart A Klugman and John Shepherd ISBN 0858130742 9780858130746

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Understanding Actuarial Management The Actuarial Control Cycle 2nd Edition Clare Bellis Digital Instant Download

Author(s): Clare Bellis, Richard Lyon, Stuart A. Klugman and John Shepherd
ISBN(s): 9780858130746, 0858130742
Edition: 2
File Details: PDF, 54.92 MB
Year: 2010
Language: english
SKU: EB-22036084 Category: Tags: , ,

Understanding Actuarial Management The Actuarial Control Cycle 2nd Edition by Clare Bellis, Richard Lyon, Stuart A Klugman and John Shepherd – Ebook PDF Instant Download/Delivery: 0858130742, 9780858130746
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ISBN 10: 0858130742 
ISBN 13: 9780858130746
Author: Clare Bellis, Richard Lyon, Stuart A Klugman and John Shepherd

Understanding Actuarial Management: the actuarial control cycle is essential reading for actuarial students and other professionals seeking an insight into how actuaries manage future financial risk within dynamic economic and social systems.
In this book and CD-ROM, a number of prominent actuaries provide refreshing and practical insights into the application of actuarial theory to real-world problems. Actuaries combine skills from mathematics, statistics, economics and finance to forecast future financial outcomes. Whilst traditionally based in life insurance and retirement savings, actuaries now work across general insurance, investment management, health financing, banking, energy markets, and the environment.
The Actuarial Control Cycle is a framework which actuaries use to assess, evaluate and manage risk, where there is uncertainty of future events. Elements of the Cycle include: Assessing Risk, Valuing Liabilities, Managing Solvency and Capital, Product Design and Pricing, Constructing and Monitoring Investment Portfolios, and all in the context of Regulation and Professionalism.

Understanding Actuarial Management The Actuarial Control Cycle 2nd Table of contents:

  1. Introduction by the Editors

    • The Actuarial Control Cycle Framework
    • Structure of the Book
    • Illustration of the Actuarial Control Cycle
    • Fred’s Coffee Shop (an illustrative case study used throughout the book)
    • Applying the Control Cycle Framework
    • Communicating the Results of Actuarial Work

  2. Risk Management Frameworks

    • Introduction to Risk Management Frameworks (RMF)
    • Types of Risk (Financial, Non-financial, Hazard, Underwriting)
    • What is Risk Management?
    • Enterprise Risk Management (ERM)
    • Risk Management Process (Establish context, Identify, Analyze, Evaluate, Treat, Monitor, Review)
    • Communication and Consultation
    • Documentation and Reporting
    • Risk Management Interests, Responsibilities, and Governance (Shareholders, Board, Management, Customers, Regulators, etc.)
    • Capital and Risk Management
    • Critical Success Factors and Causes of ERM Failure
    • Practical Implications for Actuaries

  3. Being Professional

    • Characteristics of a Profession
    • Theory About Why Professions Exist
    • How the Concept of a Profession is Changing and Varies Globally
    • The Role of the Professional Body (International and National Levels, Professional Guidance, Monitoring Standards)
    • The Regulatory Role of the Actuary (Prudential Supervision, Customer Protection, Disclosure)
    • Professional Issues to Consider (Ethical Behavior, Conflicts of Interest, Stakeholders, Materiality, Reliance on Experts)
    • How to Do a Professional Job (Defining the Task, Collecting Information, Checking Reasonableness, Communicating Results)
    • Practical Implications for Actuaries

  4. The Need for Financial Products

    • Introduction to Financial Needs
    • Introduction to the Financial Life Cycle (Income, Expenses, Savings)
    • Risks and Volatility in the Life Cycle (Income, Expense, Savings Risks)
    • Business Needs (Equity, Managing Risks, Tax and Regulatory Arbitrage)
    • Products Designed to Meet Financial Needs (Monetary Products, Insurance, Long-term Savings, Retirement Income)
    • Other Sources of Financial Security (Families, Governments, Employers)

  5. The Context of Actuarial Work

    • Why Consider the Context?
    • Components of the Context (Government and Judicial, Physical Environment, Economic and Social Environment, Industry and Business Environment)
    • Government and Judicial Context (Taxation, Social Assistance, Judicial Decisions)
    • Physical Environment (Climate, Natural Perils, Pandemics, Man-made Disasters, Technological Developments)
    • Economic and Social Environment (Economic Conditions, Demographics, Work Patterns, Social Factors, Industrial Issues)
    • Industry and Business Environment (Product Range, Convergence, Distribution, Accounting Standards, Competition, Industry Associations, Stakeholders, Corporate Culture, Globalization)
    • Practical Implications for Actuaries

  6. Applying Risk Management

    • Identifying Risk
    • Risk Assessment (Quantitative vs. Qualitative, Experience Data)
    • Risk Treatment (Avoid, Retain, Reduce, Transfer, Exploit, Reinsurance)
    • Recent Lessons Learned (Systemic Connections, Misaligned Incentives, Extreme Events, Due Diligence)
    • Practical Implications for Actuaries

  7. Regulation

    • Why Regulate?
    • Who Regulates?
    • Forms of Regulation
    • Types of Regulated Entities
    • Regulatory Approaches
    • International Regulation and Harmonization
    • Practical Implications for Actuaries

  8. Product Design

    • Introduction to Product Design
    • Needs and Wants
    • Product Development Process
    • Pricing and Risk
    • Legal and Regulatory Issues
    • Marketing and Distribution
    • Monitoring and Review
    • Practical Implications for Actuaries

  9. Modeling

    • Introduction to Models
    • Types of Models
    • Model Development and Validation
    • Model Limitations
    • Commercial Modeling
    • Practical Implications for Actuaries

  10. Data and Assumptions

    • Importance of Data and Assumptions
    • Data Sources and Quality
    • Types of Assumptions
    • Developing Assumptions
    • Monitoring and Reviewing Assumptions
    • Practical Implications for Actuaries

  11. The Need for Capital

    • Why Capital is Needed
    • Types of Capital
    • Capital Measurement
    • Capital Management
    • Regulatory Capital
    • Economic Capital
    • Practical Implications for Actuaries

  12. Valuing Liabilities

    • Nature of Liabilities
    • Valuation Principles
    • Valuation Methodologies
    • Discounting
    • Assumptions for Valuation
    • Practical Implications for Actuaries

  13. Pricing

    • Pricing Objectives
    • Pricing Principles
    • Pricing Methodologies
    • Factors Affecting Pricing
    • Pricing in Different Product Lines
    • Practical Implications for Actuaries

  14. Assets

    • Types of Assets
    • Investment Strategy
    • Asset-Liability Management (ALM)
    • Investment Risk
    • Performance Measurement
    • Practical Implications for Actuaries

  15. Solvency

    • Concept of Solvency
    • Solvency Regulation
    • Solvency Assessment
    • Stress Testing
    • Practical Implications for Actuaries

  16. Profit

    • Understanding Profit
    • Sources of Profit
    • Profit Measurement
    • Profitability Analysis
    • Profit Sharing and Distribution
    • Practical Implications for Actuaries

  17. Monitoring Experience

    • Why Monitor Experience?
    • Types of Experience Data
    • Monitoring Techniques
    • Variance Analysis
    • Practical Implications for Actuaries

  18. Responding to Experience

    • Analyzing Deviations
    • Revising Assumptions
    • Product Modifications
    • Business Strategy Adjustments
    • Communication and Reporting
    • Practical Implications for Actuaries

  19. Applying the Actuarial Control Cycle

    • Integration of the Cycle Steps
    • Iterative Nature of the Cycle
    • Case Studies and Examples Applying the Full Cycle
    • Challenges and Future Directions
    • Practical Implications for Actuaries

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Tags: Clare Bellis, Richard Lyon, Stuart A Klugman and John Shepherd, Understanding, Actuarial