IAA Risk Book: Actuarial Function

By Stuart Wason · International Actuarial Association · 2023

Study guide: Exam 6I

A chapter of the IAA Risk Book on the actuarial function (AF), approved by the IAA's Insurance Regulation Committee (version 2.0, March 2023). It sets out some of the considerations when setting up, reorganizing and overseeing an AF: its unique role in risk oversight, its commercial and regulatory scope, expectations for its competencies, its position in the organization and internal structure, reliance on its competency, and the provision of effective actuarial oversight.

On the syllabus

• Exam 6I — objectives B3, E1, E4; the chapter (March 2023).

Introducing the IAA Risk Book

1 Overview

• 1.1 Background
• 1.2 Aim of chapter
• 1.3 Relevance to actuaries
• 1.4 Executive summary

2 Introduction: The Unique Role of the Actuary in Risk Oversight

3 Scope of the AF

• 3.1 Commercial scope
• 3.2 Regulatory scope

4 Setting Expectations for the Competencies of the AF

5 Structural Considerations of the AF

• 5.1 Position in organization
• 5.2 Internal structure of the AF

6 Reliance on the Competency of the AF

7 Provision of Effective Actuarial Oversight

Related readings

• IAA Risk Book - Professional Standards (Insurance Regulation Committee - 2023) — another chapter of the IAA Risk Book, assigned with this one for the same objectives
• IAA Risk Book - Governance of Models (IAA - 2023) — another chapter of the IAA Risk Book, assigned with this one for the same objectives

Sources

• IAA Risk Book: Actuarial Function (International Actuarial Association, March 2023) — the document: title page, version table (version 2.0, March 2023, author), table of contents and bookmarks, and sections 1.1–1.2 for the lead (sha256 04b54e707e2288aa…)
• CAS Exam 6I Content Outline, Fall 2026 — the citation ("IAA Risk Book", Actuarial Function, March 2023) and the assignment (objectives B3, E1, E4)