Actuarial processes and controls - best practice

Actuaries in life and general insurance companies have already been involved in dealing with the consequences of SOX (the Sarbanes-Oxley Act) and new FSA requirements for internal controls around financial reporting.  They are likely to be further exposed to a closer focus on quality of documentation and controls over systems, models and processes, through varying forms of internal/ external peer review. 

Scheme actuaries will be subject to compliance monitoring from April 2007.

This presentation will be of interest to both groups of actuaries.  It will address:

• Background to SOX (and FSA) requirements
• Key risks associated with the production of actuarial reported figures
• Best practice from other disciplines e.g. accounting, I.T
• Challenges and implications for actuaries working in insurance and pensions

The objective is to bring out the benefits of work done to date by actuaries to satisfy SOX (and other) requirements and to highlight good practice in the area of actuarial processes and controls.  An awareness of these practices should assist actuaries in reducing the risk of material misstatements in the actuarial aspects of financial reporting and in preparing for the introduction of compliance monitoring.