The Importance of Internal Actuarial Governance

In the ideal world everything works perfectly, all the timeā€¦

As much as we may long for such a Utopia, the reality is that we live in the real world. And in the real world, things sometimes go wrong. In fact, this is the very reason for the existence of the insurance industry; providing cover for those scenarios and circumstances.

In addition to having appropriate insurance cover in place, prudent business organisations also ensure that they have a sound governance structure in place that will mitigate the risks of costly errors in the first place. This is no different for actuaries. Although we may at times rely on our experience and judgement, we would be well advised to enhance our internal governance structures as well.

 

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