Actuarial standard setting
The CIA is dedicated to maintaining the highest standards of professionalism and integrity in the actuarial field. The actuarial standard-setting process is a collaborative and comprehensive effort that ensures the quality and relevance of the standards.
Why do actuarial standards matter?
- Actuarial standards provide a benchmark for excellence. They ensure that actuaries maintain the highest levels of professionalism and ethical conduct in their work.
- Clients, employers and the public trust actuaries to make critical financial decisions. Having high standards enhances this trust by demonstrating actuaries’ commitment to consistent, reliable and responsible practices.
- The actuarial profession is dynamic, with new challenges and opportunities arising regularly. Standard setting allows us to adapt and respond to the changing landscape, ensuring our members stay at the forefront of their field.
- Actuarial standards are a cornerstone of our profession’s credibility. By adhering to these standards, we collectively elevate the actuarial community’s reputation and influence.
Actuarial Standards Board
The Actuarial Standards Board (ASB) is responsible, under the oversight of the Actuarial Profession Oversight Board (APOB), to maintain and manage general and practice-specific actuarial standards. It ensures the standards remain current and accessible and that they are thorough, relevant and clear. The ASB also has a responsibility to be transparent in its operation and processes, collaborate with other parties including regulators and communicate any changes to the standards.
How does the ASB set standards?
- Gathering expert insights: The ASB engages with actuaries, stakeholders, academics and industry leaders to understand the latest developments and challenges in the profession.
- Developing sound standards: Using these inputs, the ASB carefully crafts and refines actuarial standards. These standards are designed to provide a solid framework for actuaries to follow in their practice.
- Transparent collaboration: Active collaboration with regulators, industry organizations and other stakeholders throughout the process ensures a shared understanding and broad acceptance of the standards within the actuarial community and consistency across jurisdictions.
- Communicating changes: As the actuarial landscape evolves, so do our standards. The CIA takes the responsibility of communicating any updates to the standards promptly. This way, our members are always up to date with the latest practices.