There is one dimension of your actuarial modeling system that’s often viewed as a point of contention. This is the range of options for allowing model changes. Here we’re going to call that the Flexibility vs. Control Spectrum (FVCS). The basic point is this: either your actuarial system can be totally locked-down (Controlled), or it […]
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Model Governance? Sounds boring. Why do I need that? Well, in short, it’s about managing risk. Specifically model risk – the risk of adverse consequences resulting from reliance on a model that does not adequately represent that which is being modeled or that is misused or misinterpreted. That covers a fair amount of ground. If […]