Competency Details ( Actuarial Knowledge )

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Financial Skills Framework

Jadarat Dictionary

Actuarial Knowledge

Efficiency Technical Competency

The knowledge and understanding of future projections & forecasting, mathematical valuation methods, risk and capital adequacy modelling, as well as understanding risk management and methods for funding and profit testing.

Jadarat Code: T001

Level 1

Demonstrates basic knowledge of the set actuarial principles and practices used to conduct simple actuarial calculations. Has basic understanding of the various potential risks and funding and profit testing methods, and how to effectively apply risk management principles and practices within own area of responsibility.

Level 2

Demonstrates specialised understanding of the mathematical valuation methods and techniques and uses them to analyse a given data set. Demonstrates specialised knowledge of the risk analysis techniques and methods used for funding and profit testing, and initiates the analysis and testing process within the context of own and team job.

Level 3

Deeply understands the context and all aspects of future projections, core mathematical valuation methods, and risk and capital adequacy modelling, and uses this understanding to appropriately calculate risk-based amounts. Uses the knowledge of common actuarial models to determine the funding values and risk metrics for the financial, operational and strategic risks.

Level 4

Develops and oversees the organization’s mathematical valuation processes, risk and capital adequacy modelling methods, and the funding and profit testing methods. Provides expertise in monitoring and analysing the currently- performed actuarial processes. Recommends and justifies the need for new/improved methods of mathematical valuation, as well as the risk and capital adequacy modelling.

Level 5

Applies subject matter expertise of the mathematical valuation modelling and techniques, and the actuarial principles and practices, to define the relevant policies, procedures, and strategy for the organization. Evaluates the appropriateness of the currently-followed actuarial practices, and acts as the go-to person for risk analysis and funding/profit testing.