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Korean Standards of Actuarial Practice(KSAPs)

KSAP 6(Enterprise Risk Management)

Enactment Date
2022-07-26
Latest Amendment Date
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■ Topic: Enterprise Risk Management


■ Purpose of enactment: To provide guidance to actuaries performing actuarial services related to ERM programs within the regulatory scope consistent with ICP8 and ICP16 and to provide public confidence in ERM practice.

○ Actuarial services are performed professionally and with significant 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 ERM framework, enterprise-level risk management, ORSA, etc.
(3) Communication: General principles, report disclosure, etc.

[IAK] Korean Standards of Actuarial Practice 6.pdf

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