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Key characteristics of The Chief Actuary

October 2008 Rich Fein RIF Consulting, LLC. Key characteristics of The Chief Actuary. Key Characteristics of Chief Actuary. Clear line of sight to CEO/Audit Committee/Board Acceptance of and support for Authority over Actuarial Matters Credibility among Executive Management

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Key characteristics of The Chief Actuary

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  1. October 2008 Rich Fein RIF Consulting, LLC Key characteristics of The Chief Actuary

  2. Key Characteristics of Chief Actuary • Clear line of sight to CEO/Audit Committee/Board • Acceptance of and support for Authority over Actuarial Matters • Credibility among Executive Management • Experienced, qualified and communicative team with open 2-way communication at all levels • Assures team’s high level of active knowledge of firms businesses and operations RIF Consulting, LLC

  3. Key Characteristics of Chief Actuary • Identifies and shares risks and uncertainties of estimates with Executive Management • Has clear understanding of assumptions and bases for conclusions drawn by support team • Formalizes communications with key stakeholders: Senior Executive Management, Claims, Underwriting, Pricing, Reinsurance, Finance • Clear , well-documented presentation to management of support for methods, estimates and changes in methods and estimates RIF Consulting, LLC

  4. Key Characteristics of Chief Actuary • Assures stable and responsive methodologies, updated and supplemented by objective tests and special studies • Anticipates future areas requiring additional analyses/data • Assures a sound, high quality, relevant database to support methods • Assures clear professional and managerial direction to all staff • Assures controls and consistency of application of methods and assumptions across all teams RIF Consulting, LLC

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