Discussion Event: ASP PA-2 General Actuarial Practice (REPEAT EVENT)
Members are invited to attend this event to discuss the themes and application of the proposed ASP PA-2 General Actuarial Practice (see below). This is a two hour interactive session that will involve discussion in small groups. Members are asked to read the draft ASP PA-2 (attached) before attending this event. Members with all levels of experience, from students and recently qualified actuaries to senior members of the profession, are encouraged to attend.
Attendance at this event qualifies as Professionalism Skills CPD for the purposes of the Society’s CPD scheme.
As there is a limited number of places, booking is essential.
ASP PA-2, General Actuarial Practice
Council proposes to broaden the scope of our standards by introducing a new ASP called ASP PA-2, General Actuarial Practice in 2017, following consultation with members during 2016. ASP PA-2 is based on a model standard issued by the International Actuarial Association. It will apply to all members and will relate to all actuarial work (including work that is not necessarily performed solely or mainly by actuaries).
Discussion Event
We are conscious that introducing ASP PA-2 will bring some actuarial work into the scope of an ASP for the first time. Therefore, before we carry out a full member consultation (later in 2016), we are inviting members to participate in this event in order to consider and discuss some of the themes of ASP AP-2 and to ensure that the member consultation, and the implementation of the ASP, are constructive and effective.
Background
IAA
The Society is an active member of the International Actuarial Association (IAA).
The IAA has introduced International Standard of Actuarial Practice (ISAP) 1 on General Actuarial Practice. This is a model standard of actuarial practice. The IAA has strongly encouraged member associations to adopt it (or introduce a modified but consistent version), if they do not already have standards in place that are substantially consistent with it, and this is now happening around the world. We intend that ASP PA-2 will be similar (but not identical) to ISAP 1.
AAE
The Actuarial Association of Europe (AAE) has adopted European Standard of Actuarial Practice (ESAP) 1, which is identical to ISAP 1 except that references to the IAA are replaced by references to the AAE. The AAE is now working on Solvency II-related model standards, using ESAP 1 as a foundation. The Society is contributing to this work and we expect that the model standards will be useful to us as we develop our own Solvency II standards and information materials.
SAI
The Society is committed to developing the role and standing of the actuarial profession in Ireland and enhancing its reputation. The Society’s work in developing Actuarial Standards of Practice (ASPs) supports this goal, as members’ commitment to these standards gives the users of actuarial services confidence in the quality of work performed by members of the profession.
Currently, our ASPs relate primarily to regulated actuarial work. Mindful of international developments outlined above and to ensure that members’ work is, and is seen to be, consistent with internationally recognised standards, Council proposes to broaden the scope of our standards by introducing a new ASP called ASP PA-2, General Actuarial Practice.