The Actuarial Capabilities Framework provides explicit statements of the core skills members need to practise successfully as an actuary. It is the cornerstone upon which we build our education and continuing professional development programs and ensures their currency to existing and emerging areas of practice.
Contribution to Business Strategy
The understanding of context and need for reassessment, followed by the generation and assessment of ideas, strategy and modelling, through to the explanation, promotion and selling of the strategy to ensure implementation.
The demonstration of leadership in deriving some or all of self,
others, business or thinking at a high strategic level.
Actuarial Approach to Problem Solving
The employment of an holistic approach utilising technical knowledge, skills and judgment to enable valued advice and authoritative comment to be provided to stakeholders.
Valuing Uncertain Future Cash Flow
The provision of reasoned, relevant and justifiable projected
cash flows and the application of professional judgment in
analysis, communication, reporting, monitoring and
The application of a broad, proactive approach to the development and improvement of a client's risk culture, ensuring the strong engagement of the Board and senior management. This also includes the systematic development, implementation and promotion of policies, processes and support at all levels for the defined risk framework.
The adoption of professional approaches and practices required to provide Prescribed Actuarial Advice, while maintaining currency of own capability and contributing to the development of the profession.
Product Development, Management and Pricing
The demonstration of product management, development and pricing which incorporates and balances stakeholdersneeds, commercial realities, the external market, sales and marketing consistency, financial objectives and risk management.
Investment Advice and Governance
The provision of documented, demonstrated advice on management and development of investment portfolios, including consideration of investment objectives, market knowledge, asset liability modelling, Strategic Asset Allocation and communication with stakeholders.