By continuing to insist such a thing insults our intelligence. There's no use IFoA insisting actuaries are highly respected professionals then try and fob us off with unsubstantiated rubbish like this. If not disadvantaging current students is important then build the new system on that basis. These lawyers / spin doctors / whoever it is at the IFoA who are insisting such things should be reminded that one of the skills actuaries have is to make such assessments of what's equitable. Properly done it's allowing the data to lead to the conclusion, not the other way round. So you want to improve say the efficiency/speed of code in your actuarial model then what do you do - you test that the two models still come out with the same value before changing over and getting new version signed off. You don't accept the new code until it does. You don't tell your boss oh this code is way better- who cares the result is materially out, and expect auditors, regulators and so on would think that's OK down the line. Aren't actuaries under more and more of an obligation to document all that we do, yet our professional body can't show us their working when they've constructed their new system or made a mutual recognition agreement deal. Even worse, when they are found out they don't adjust or compensate but continue to make their discredited claims.
Last edited by a moderator: Nov 30, 2018
