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 problems and issues in commercial and business environments. The Actuarial Control Cycle forms a 'bridge' between Part I, where students learn specific technical skills in a well-defined environment, and Part III, where students are taught to apply these skills in less well-defined business and commercial environments. During Part II students are expected to develop a holistic approach to practical problem solving, and develop a level of judgement and professional skills required to successfully apply actuarial principles to real-world problems. The Actuarial Control Cycle demonstrates a holistic approach to understanding how actuarial principles relate to actuarial practice in the financial services and other industries. It is presented in general terms to highlight its application beyond financial services. 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.
|Faculty||Bond Business School|
|Study abroad||Available to Study Abroad students|
1. Discuss and apply the actuarial control cycle in a variety of practical commercial situations.
2. Understand the environment and its bearing on medium and long term business decisions, including how economic conditions and social, demographic and technological changes impact commercial decisions.
3. Understand the need for and impact of regulation and government policy on commercial decisions.
4. Identify the principles of professionalism, the functions of the professional association, and the responsibilities of actuaries.
5. Understand the financial services market, including consumer needs, the main features and risks of financial products, and distribution channels.
6. Demonstrate an understanding of enterprise risk management and its role in organisational management.
7. Ability to apply a risk assessment framework to identify and assess risks in different commercial situations.
8. Discuss and apply the process of product design.
9. Select an appropriate model to solve client problems.
Admission into BN-10031 - Bachelor of Actuarial Science (Honours) OR Admission into BN-13120 - Master of Actuarial Practice
ACSC71-302 - Advanced Modelling OR ACSC13-302 - Advanced Modelling