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Compliance with Professional Standards – Wellington
Thursday, May 2 @ 12:00 pm - 1:00 pm
Professional standards are mandatory. Members are expected to comply with standards and disclose any deviations from the standard with reasons for non-compliance.
The sessional meeting is an opportunity for members to discuss the circumstances under which deviations form a professional standard are permissible.
Many overseas actuarial bodies insist that deviations from professional standards are restricted only to circumstances where the law prevents compliance. Do members agree with this position and if not why not?
Professional standards are designed to be principles based. There could be ambiguity requiring professional judgement. Ideally, the flexibility to exercise professional judgement should be within the framework of a professional standard (e.g. selecting a best estimate). If this is not the case, then the relevant Professional Standard needs to be amended.
Members who have any concerns about the adequacy of any professional standard to deal with specific circumstances can raise this with the Professional Standards Committee to investigate and if necessary remediate. Do members have any concerns with this process?
Sometimes credible and complete data may not be available. However, many standards already require members to comment on data adequacy. Are members comfortable with these provisions?
A question may arise whether it is better to prepare a partial report (where it would be impracticable to cover the entire scope mandated by a Professional Standard) rather than preparing no report at all.
Please note this is a members only event.