Actuarial Practice (CP1) Exam
Learn to apply actuarial principles to real business problems, from specifying the problem to managing the solution.
Learning Objectives
5 objectivesAdvise clients in a way that meets the needs of stakeholders, and understand the benefits and financial products actuaries advise on.
Explain the regulatory environment, external forces and investment environment that affect an organisation.
Apply the Actuarial Control Cycle
specify a problem, identify and measure risks, and manage data issues.
Develop a solution
use models, set assumptions, price products, value liabilities and relate assets to liabilities.
Manage an organisation's profitability, experience and surplus after the solution is in place.
Programme Outline
5 topicsActuarial Advice and Meeting the Needs of Stakeholders
The clients actuaries advise, the benefits and financial products they advise on, and ensuring advice meets stakeholders' needs.
General Business Environment
The regulatory environment, external forces on an organisation, and the impact of the investment environment.
Specifying the Problem
The Actuarial Control Cycle, organisational risk governance, risk identification and classification, measuring and monitoring risk, contract design, and working with data.
Developing the Solution
Models and assumptions, the cost and price of a financial product, investment management principles, valuing liabilities, the relationship between assets and liabilities, stakeholder responses to risk, and the importance of capital.
Living with the Solution
Managing and maintaining profitability, analysing performance and distributing surplus, and monitoring experience and managing risk.
Hands-On Resources
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