The actuary September 2020 读书笔记
Rethink reporting 对精算报告的重新思考
- Invest time in reviewing existing reports. It may be that starting afresh would be more beneficial than carrying forward old reports.
- Internal peer-review processes should focus on communications, not just calculations – meaning adequate time must be set aside to decide how to report findings.
- Take inspiration from other departments – for example, Solvency and Financial Condition Reports involve several departments writing one document. Could a similar approach be adopted to help make reserving reports more commercial?
- Stakeholders will have differing needs, and so ‘one report fits all’ may not work.
- Aim for a ‘Russian-doll effect’ style of reporting, where layering of results is used when communicating information to stakeholders. For example, when presenting reserves, key findings should be used rather than the whole report, using component reports. This may reduce workload and allow different submission dates.
- Think like a board member, not like a reserving actuary. Move away from granular analysis and consider board interest and the key business decisions that depend on this information.
- When considering TAS compliance, ensure you’re meeting the ‘clear and comprehensible’ requirement, not simply the ‘comprehensive’ part.
- TAS是Technical Actuarial Standard
- Consider alternative communication methods – do tighter deadlines make the investment in automation of packs via software more appropriate?
- Present the executive summary of reports, allowing more time for looking at commercial impacts. Signpost the full detailed reports, working papers, deep dives etc that may be required as part of an audit trail.
- Consider the decision that is being made by reading the report. Is the reader able to find all the information needed to arrive at the decision?
- Accountability and transparency are essential – the board may be accountable in signing off strategic decisions, but as reserving actuaries we are responsible for ensuring that they have sufficient information to make informed decisions.
- Consider clear signposting of material assumptions and key limitations to help focus the attention of non-executive directors.