Actuarial modelers need to ensure that all the components of their model are right before they depend on model outputs for business decisions. This article provides tips and strategies to help modelers uncover potential errors within and avoid problems in the future.
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Good actuaries have many characteristics in common. This guest post by Jeff Samu, FSA, MAAA, gives his perspective on what makes a good actuary.
Actuaries investigating model differences (either compared to actual results or other models) need to understand whether those differences are due to timing. This article explains why timing is important and gives reminders of how to structure changes.
Ending a contract with an actuarial software vendor doesn't have to be so hard. Follow these 6 tips to keep focused on the good to come.
Let’s be honest, the next $100 million blockbuster isn’t going to be titled The Actuary, starring Liam Neeson as an experienced FSA looking to make sure that pricing, valuation, and forecasting are all on the same page with their best estimate mortality assumption. We’re not going to hear that famous Hollywood voice-over saying “The fate […]
What Is A Model? “All models are wrong, but some are useful.” —George E. P. Box This quote is very familiar to modelers, not just in the actuarial world but in statistics, biology, economics, and even politics. The essence of the quote comes from the need to simplify the “real world” in order to understand […]
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 […]