Morning with Meep – ASOP 56 – Modeling

Description:

I take a look at the Actuarial Standard of Practice 56: Modeling — in effect as of October 2020.

Links: Keep Up With the Standards: On ASOP 56, Modeling

https://www.soa.org/sections/modeling/modeling-newsletter/2021/april/mp-2021-04-campbell/

ASOP 56: Modeling

http://www.actuarialstandardsboard.org/asops/modeling-3/

Author(s): Mary Pat Campbell

Publication Date: 3 May 2021

Publication Site: Meep’s Math Matters at Youtube

Keep Up With the Standards: On ASOP 56, Modeling

Link: https://www.soa.org/sections/modeling/modeling-newsletter/2021/april/mp-2021-04-campbell/

Excerpt:


If nothing else, having a checklist to go through while working on modeling can help you make sure you don’t miss anything. Hey, ASB, make some handy-dandy sticky note checklists we can stick on our monitors to ask us:

3.1 Does our model meet the intended purpose?

3.2 Do we understand the model, especially any weaknesses and limitations?

3.3 Are we relying on data or other information supplied by others?

3.4 Are we relying on models developed by others?

3.5 Are we relying on experts in the development of the model?

3.6 Have we evaluated and mitigated model risk?

3.7 Have we appropriately documented the model?

Author(s): Mary Pat Campbell

Publication Date: April 2021

Publication Site: The Modeling Platform at the Society of Actuaries