The aim of the Actuarial Control Cycle 1 and 2 is to provide students with an understanding of how the underlying actuarial principles can be applied to a range of real-world problems and issues in commercial and business environments. Applications will include various insurance practice areas and wider fields. Examples will be drawn from traditional and non-traditional areas to illustrate and establish the underlying actuarial principles in a problem-based learning approach, using case studies and business-based examples to cover contemporary issues. This subject, Actuarial Control Cycle 1, introduces the concept of the Actuarial Control Cycle and uses it as a framework to analyse the impact of issues such as legislative changes and technological changes on the firm.
|Faculty||Bond Business School|
1. Apply the Actuarial Control Cycle in a variety of practical commercial situations, including but not limited to insurance.
2. Analyse the major elements of the external environment (e.g., physical, political, legislative, social, economic, demographic and technological) in making medium- and long-term business decisions.
3. Critically evaluate the positive and negative impacts of regulations and government policies on commercial decisions.
4. Identify the principles of professionalism, recognise the issue of conflict of interests, and the code of professional conduct expected of actuaries.
5. Identify key features of the financial services market, including risks, distribution channels of various financial products and customer needs.
6. Explain the role of enterprise risk management in a company.
7. Apply a risk assessment framework to identify, assess, evaluate and design a risk management plan for commercial situations.
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
Assumed Prior Learning (or equivalent):
Must be admitted into Actuarial Science Honours or Actuarial Practice Programs.
This subject is not available as a general elective. To be eligible for enrolment, the subject must be specified in the students’ program structure.