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International Standards of Actuarial Practice (ISAPs)

ISAP 1A — Governance of Models (Expected Completion April 2017)

Presentation of Exposure Draft

Webcast on ISAP 1A and ISAP 5 Exposure Drafts (27 January 2016) – Moderated by: Alf Gohdes, Tom Karp, Panelists were: Al Beer, Godfrey Perrott

Exposure Draft and Comments Received

NOTE: The ASC originally planned to extend ISAP 1 rather than drafting a separate ISAP (and discussed this approach with the Executive Committee).  Model governance crosses all actuarial practice areas so it would naturally fit into ISAP 1.  However we heard from several member associations (both before and during the IAA Zurich meetings) that modifying ISAP 1 would cause problems with their work on adopting ISAP 1 (which is ongoing).  Accordingly, we propose to write a new ISAP (ISAP 1A) that will cover model governance and be referenced by most other ISAPs.  We also expect (but do not commit) to look for a graceful way to combine ISAP 1 and ISAP 1A at some future date.  We would propose doing this only if it would not create problems for member associations and other standard-setters.

SOI Process

Draft SOI