■ Topic: Insurer Enterprise Risk Models
■ Purpose of enactment: To provide guidelines to actuaries performing ERM-related actuarial services and to provide public confidence in ERM practices.
○ Actuarial services are performed professionally and with signifiacnt attention.
○ The results meet the user's needs and are presented and completed in a clear and easy-to-understand manner.
○ Assumptions and methodologies (including models and modeling techniques) used are appropriately disclosed.
■ Main contents
(1) General: Purpose, scope, relationship with KSAP1, etc.
(2) Appropriate Practices: Understanding risks, setting assumptions, stress testing, evaluating consistency between models, etc.
(3) Communication: General principles, report disclosure, etc.
■ Purpose of enactment: To provide guidelines to actuaries performing ERM-related actuarial services and to provide public confidence in ERM practices.
○ Actuarial services are performed professionally and with signifiacnt attention.
○ The results meet the user's needs and are presented and completed in a clear and easy-to-understand manner.
○ Assumptions and methodologies (including models and modeling techniques) used are appropriately disclosed.
■ Main contents
(1) General: Purpose, scope, relationship with KSAP1, etc.
(2) Appropriate Practices: Understanding risks, setting assumptions, stress testing, evaluating consistency between models, etc.
(3) Communication: General principles, report disclosure, etc.
[IAK] Korean Standards of Actuarial Practice 5.pdf
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